G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10507
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
URLhttps://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.
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