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Cited by 391

The DOI matches its Crossref record; 49 of the 49 references it cites were found in a registry or an index.

The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes

Open access
Brav, Alon, Jiang, Wei, Kim, Hyunseob·2015·Review of Financial Studies
DOI 10.1093/rfs/hhv037
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Abstract

This paper studies the long-term effect of hedge fund activism on firm productivity using plant-level information from the U.S. Census Bureau. A typical target firm improves production efficiency in the 3 years after intervention, with stronger improvements in business strategy-oriented interventions. Plants sold after intervention improve productivity significantly under new ownership, suggesting that capital redeployment is an important channel for value creation. Employees of target firms experience stagnation in work hours and wages despite an increase in labor productivity. Additional tests refute alternative explanations attributing the improvement to mean reversion, management's voluntary reforms, industry consolidation shocks, or activists' stock-picking abilities.

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Metadata

Authors
Brav, A., Jiang, W., & Kim, H.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2015-06-27
Volume
28
Issue
10
Pages
2723-2769
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhv037
OpenAlex
W3122000986
Cited by
391
References
49
FWCI
116.41
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes. https://app.cochat.ai/papers/10.1093/rfs/hhv037
The paper
Brav, A., Jiang, W., & Kim, H. (2015). The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes. Review of Financial Studies. https://doi.org/10.1093/rfs/hhv037

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.