| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17517 |
| 来源ID | Working Paper 17517 |
| The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes | |
| Alon Brav; Wei Jiang; Hyunseob Kim | |
| 发表日期 | 2011-10-14 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper studies the long-term effect of hedge fund activism on the productivity of target firms using plant-level information from the U.S. Census Bureau. A typical target firm improves its production efficiency in the three years after an activist intervention, and the improvements are most pronounced in those interventions specifically targeting the firm’s business strategy. We also find that plants sold post-intervention exhibit a significant improvement in productivity under new ownership, consistent with the view that efficient capital redeployment is an important channel via which activists create value. We further find that employees of target firms experience a reduction in work hours and stagnation in wages despite an increase in labor productivity. Additional tests refute alternative explanations that attribute the improvement to mean reversion, management’s voluntary reforms, industry consolidation shocks, or hedge funds’ stock picking abilities. The overall evidence is consistent with hedge fund intervention having a real and long-term effect on the fundamental values of target firms. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w17517 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575192 |
| 推荐引用方式 GB/T 7714 | Alon Brav,Wei Jiang,Hyunseob Kim. The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17517.pdf（379KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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