| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10507 |
| DP10507 The Returns to Hedge Fund Activism: An International Study | |
| Julian Franks; Marco Becht; Hannes Wagner | |
| 发表日期 | 2015-03-22 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper provides evidence that returns to hedge fund activism are driven by engagement outcomes. We use a sample of 1,740 activist engagements from 23 countries to estimate performance of activism across North America, Europe and Asia. Striking differences emerge across countries in outcomes of the engagements. It is these differences that explain the variation in performance of activism. Although there is evidence that activists put companies into play, frequently those takeovers are preceded by significant and profitable governance changes. While the U.S. model of activism has been copied by foreign activists, non-U.S. activists outperform U.S. activists in their domestic markets. |
| 主题 | Financial Economics |
| 关键词 | Active ownership Hedge funds Institutional investors Shareholder activism |
| URL | https://cepr.org/publications/dp10507 |
| 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/539338 |
| 推荐引用方式 GB/T 7714 | Julian Franks,Marco Becht,Hannes Wagner. DP10507 The Returns to Hedge Fund Activism: An International Study. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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