They may be, but the stock price benefits of the activism persist after they leave. [0] The shareholders (many of whom are employees) do benefit from their activity.<p>For every case of an out-of-touch activist damaging a great company, I see many more companies where the management is looting the value at the expense of the owners.<p>[0] <a href="http:&#x2F;&#x2F;www.columbia.edu&#x2F;~wj2006&#x2F;HF_LTEffects.pdf" rel="nofollow">http:&#x2F;&#x2F;www.columbia.edu&#x2F;~wj2006&#x2F;HF_LTEffects.pdf</a>