| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9409 |
| DP9409 Why is hedge fund activism procyclical? | |
| Mike Burkart; Amil Dasgupta | |
| 发表日期 | 2013-03-31 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We provide a theoretical model to explain the procyclicality of hedge fund activism. In our model, hedge funds which compete to retain investor flows excessively increase the net leverage of target firms in order to deliver high short-term payouts and signal their ability. Such excessive leverage leads to debt overhang in economic downturns, thereby destroying incentives for activism and engendering procyclicality. Our model thus provides a theoretical explanation that links the procyclicality of hedge fund activism with increases in the leverage or payouts ratios of target firms. In addition, the model generates several new testable implications and reconciles seemingly contradictory evidence on the wealth effects of activism for shareholders and bondholders. |
| 主题 | Financial Economics |
| 关键词 | Career concerns Corporate governance Hedge funds Shareholder activism |
| URL | https://cepr.org/publications/dp9409 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538245 |
| 推荐引用方式 GB/T 7714 | Mike Burkart,Amil Dasgupta. DP9409 Why is hedge fund activism procyclical?. 2013. |
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