The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Hedge Fund Activism, Corporate Governance, and Firm Performance
Open accessAbstract
Using a large hand‐collected data set 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. Hedge funds seldom seek control and in most cases are nonconfrontational. The abnormal return around the announcement of activism is approximately 7%, with no reversal during the subsequent year. Target firms experience increases in payout, operating performance, and higher CEO turnover after activism. Our analysis provides important new evidence on the mechanisms and effects of informed shareholder monitoring.
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Citations
Cites
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Cited by
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
McCAHERY, J. A., SAUTNER, Z., & STARKS, L. T. (2016) · The Journal of Finance · doi:10.1111/jofi.12393 · Cited by 1,494
Dimson, E., Karakaş, O., & Li, X. (2015) · Review of Financial Studies · doi:10.1093/rfs/hhv044 · Cited by 1,242
Anticompetitive Effects of Common Ownership
AZAR, J., SCHMALZ, M. C., & TECU, I. (2018) · The Journal of Finance · doi:10.1111/jofi.12698 · Cited by 980
“Bresnahan and Salop (1986) introduce the MHHI as a way to quantify the competitive effects of horizontal joint ventures. O’Brien and Salop (2000) develop a more general version of the MHHI that also applies to the case in which shareholders invest in several natural competitors, and which we use in this paper.”
BackgroundPassive investors, not passive owners
Appel, I. R., Gormley, T. A., & Keim, D. B. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.03.003 · Cited by 965
Institutional investor stability and crash risk: Monitoring versus short-termism?
Callen, J. L., & Fang, X. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.02.018 · Cited by 734
Metadata
- Authors
- BRAV, A., JIANG, W., PARTNOY, F., & THOMAS, R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2008-07-19
- Volume
- 63
- Issue
- 4
- Pages
- 1729-1775
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3121479022
- Cited by
- 1,507
- References
- 1
- FWCI
- 239.13
- Type
- journal article
- Language
- en
- Open access
- gold
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- BRAV, A., JIANG, W., PARTNOY, F., & THOMAS, R. (2008). Hedge Fund Activism, Corporate Governance, and Firm Performance. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2008.01373.x
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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.
