The Yale Law Journal

Reilly S. Steel


Barbarians Inside the Gates: Raiders, Activists, and the Risk of Mistargeting

Zohar Goshen & Reilly S. Steel

This Article argues that the conventional wisdom about corporate raiders and activist hedge funds—lambasting raiders and praising activists—is wrong. The authors explain how activists are more likely than raiders to engage in mistargeting, implying they are also more likely to destroy value and, ult…