The good news: shares in the target firm outperform the market over various periods, including by 5-7% in a 20-day window around the start of the activism.

• 好消息是：目标企业的股票在不同时候都要优于市场整体水平，包括对冲基金开始发作的那20来天里收益率都要比大盘高5-7%25。