The Returns to Hedge Fund Activism

被引：26
|
作者：
Brav, Alon [1 ]
Jiang, Wei [2 ]
Partnoy, Frank [3 ]
Thomas, Randall S. [4 ]
机构：
[1] Duke Univ, Fuqua Sch Business, Durham, NC 27706 USA
[2] Columbia Univ, Columbia Business Sch, New York, NY USA
[3] Univ San Diego, Sch Law, San Diego, CA 92110 USA
[4] Vanderbilt Univ, Sch Law, Nashville, TN 37240 USA
来源：
FINANCIAL ANALYSTS JOURNAL | 2008年 / 64卷 / 06期
关键词：
D O I：
10.2469/faj.v64.n6.7
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Hedge fired activism is a new form of investment strategy. Using a large hand-collected dataset from 2001 to 2006, we find that activist hedge funds in the United States propose strategic, operational, and financial remedies and attain. success or partial success in two-thirds of the cases. The abnormal stock return upon announcement of activism is approximately 7 percent, with no reversal during the subsequent year. Target firms experience increases in payout and operating performance and higher CEO turnover after activism. We find large positive abnormal return to hedge fund activists, which is higher than the return to other equity-oriented hedge funds.
引用
收藏
页码：45 / 61
页数：17
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