This study focuses on activist funds during the second wave of activism after the implementation of the Stewardship and Corporate Governance Codes in Japan. Based on reports of large-scale shareholdings (acquisitions of 5% shares or more) submitted by activist funds between 2014 and 2019, this study finds that the stock returns of target firms react positively to the intervention of activist funds. The positive correlation intensifies for funds classified as hostile or domestic. Unlike in the first wave of activism, activist funds do not necessarily target low-margin or undervalued firms in the second wave of activism. Comparing financial indicators of the targets of the pre- and post-acquisition periods of large blocks of shares by activist funds, return on assets tends to decline more than that of their matching peer control firms, while the dividend payout ratio tends to rise more. This study contributes to the related research in three ways. First, this study adds empirical evidence on hedge fund activism outside the U.S., which is still somewhat scant. Second, this study is the first in the English or Japanese language literature to focus on the second wave of activism in Japan. Third, this study presents empirical results that are distinct from those in prior studies focusing on the first wave, perhaps because institutional changes forced activist funds to focus more on engagement rather than selecting cheap firms.

本研究侧重于日本实施管理和公司治理准则后第二波激进主义浪潮期间的激进主义基金。本研究基于2014年至2019年维权基金提交的大规模持股（收购5%或以上股份）报告，发现目标公司的股票收益对维权基金的干预反应积极。对于归类为敌对或国内的基金，正相关性会增强。与第一波激进主义不同，激进主义基金在第二波激进主义浪潮中不一定针对低利润或被低估的公司。比较维权基金大宗股票收购前后各期标的的财务指标，资产回报率下降幅度往往大于与之匹配的同业控股公司，而派息率则趋于上升。本研究从三个方面对相关研究作出贡献。首先，这项研究增加了美国以外的对冲基金激进主义的经验证据，这仍然有些缺乏。其次，这项研究是英语或日语文献中第一个关注日本第二波激进主义浪潮的研究。第三，本研究呈现的实证结果与之前关注第一波研究的实证结果不同，这可能是因为制度变化迫使激进基金更多地关注参与而不是选择廉价公司。这项研究是英语或日语文献中第一个关注日本第二波激进主义浪潮的研究。第三，本研究呈现的实证结果与之前关注第一波研究的实证结果不同，这可能是因为制度变化迫使激进基金更多地关注参与而不是选择廉价公司。这项研究是英语或日语文献中第一个关注日本第二波激进主义浪潮的研究。第三，本研究呈现的实证结果与之前关注第一波研究的实证结果不同，这可能是因为制度变化迫使激进基金更多地关注参与而不是选择廉价公司。