Institutional Investors and Hedge Fund Activism

被引：26

作者：

Kedia, Simi ^{[1
]}

Starks, Laura T. ^{[2
]}

Wang, Xianjue ^{[3
]}

机构：

[1] Rutgers State Univ, Rutgers Business Sch, Newark, NJ USA

[2] Univ Texas Austin, McCombs Sch Business, Austin, TX 78712 USA

[3] Southwestern Univ Finance & Econ, Sch Accounting, Chengdu, Peoples R China

来源：

REVIEW OF CORPORATE FINANCE STUDIES | 2021年 / 10卷 / 01期

关键词：

SHAREHOLDER ACTIVISM; CORPORATE GOVERNANCE; VALUE CREATION; LIQUIDITY; OWNERSHIP; RETURNS; COSTS;

D O I：

10.1093/rcfs/cfaa027

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Hedge fund activists have ambiguous relationships with the institutional shareholders in their target firms. While some support their activities, others counter their actions. Due to their relatively small holdings in target firms, activists typically need the cooperation of other institutional shareholders that are willing to influence the activists' campaign success. We find the presence of "activism-friendly" institutions as owners is associated with an increased probability of being a target, higher long-term stock returns, and higher operating performance. Overall, we provide evidence suggesting the composition of a firm's ownership has significant effects on hedge fund activists' decisions and outcomes.

引用

页码：1 / 43

页数：43

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