G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9409
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
URLhttps://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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