Do you know what extension he's on? http://wwwxxx.in.net/ xxxx Perhaps even better, using a classic Capital Asset Pricing Model to estimate out-performance, the study found that firms which were the target of an intervention actually outperformed by a small but significant amount during both the three and five years after the month of the SEC filing. That compares to a CAPM underperformance during the three years before. The study also found no evidence that activist investors were pumping and dumping, as returns tended to stay positive after partial sales of the hedge funds' stakes.