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The Long-Term Effects of Hedge Fund Activism

Bebchuk, Lucian A. - 2015

We test the empirical validity of a claim that has been playing a central role in debates on corporate governance--the claim that interventions by activist hedge funds have a negative effect on the long-term shareholder value and corporate performance. We subject this claim to a comprehensive...

Persistent link: https://www.econbiz.de/10012457440

Managing Public Investment Funds : Best Practices and New Challenges

Mitchell, Olivia S. - 2008

Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and...

Persistent link: https://www.econbiz.de/10012464569

The Effect of Liquidity on Governance

Edmans, Alex - 2011

This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge funds as they are unconstrained by legal restrictions and business ties, and thus have all governance channels at their disposal. Since the threat of governance, not just actual...

Persistent link: https://www.econbiz.de/10012461091

Skin or Skim? Inside Investment and Hedge Fund Performance

Gupta, Arpit - 2019

Hedge fund managers contribute substantial personal capital, or "skin in the game," into their funds. While these allocations may better align incentives, managers may also strategically allocate their private capital in ways that negatively affect investors. We find that funds with more inside...

Persistent link: https://www.econbiz.de/10012480059

Hedge Funds : A Dynamic Industry In Transition

Getmansky, Mila - 2015

The hedge-fund industry has grown rapidly over the past two decades, offering investors unique investment opportunities that often reflect more complex risk exposures than those of traditional investments. In this article we present a selective review of the recent academic literature on hedge...

Persistent link: https://www.econbiz.de/10012457219

The Cost of Capital for Alternative Investments

Jurek, Jakub W. - 2013

We document that the risks and pre-fee returns of broad hedge fund indices can be accurately matched with simple equity index put writing strategies, which provide monthly liquidity and complete transparency over their state-contingent payoff profiles. This nonlinear risk exposure combines with...

Persistent link: https://www.econbiz.de/10012459019

Do Foreigners Invest Less in Poorly Governed Firms?

Leuz, Christian - 2006

As domestic sources of outside finance are limited in many countries around the world, it is important to understand the factors that influence whether foreign outside investors provide capital to a country's firms. This study examines whether and why investor concern about corporate governance...

Persistent link: https://www.econbiz.de/10012466446

Behavioral Finance in Corporate Governance - Independent Directors, Non-Executive Chairs, and the Importance of the Devil's Advocate

Morck, Randall - 2004

The Common Law, parliamentary democracy, and academia all institutionalize dissent to check undue obedience to authority; and corporate governance reformers advocate the same in boardrooms. Many corporate governance disasters could often be averted if directors asked hard questions, demanded...

Persistent link: https://www.econbiz.de/10012468049

Blockholders and Corporate Governance

Edmans, Alex - 2013

This paper reviews the theoretical and empirical literature on the different channels through which blockholders (large shareholders) engage in corporate governance. In classical models, blockholders exert governance through direct intervention in a firm's operations, otherwise known as "voice."...

Persistent link: https://www.econbiz.de/10012459088

How Does Hedge Fund Activism Reshape Corporate Innovation?

Brav, Alon - 2016

This paper studies how hedge fund activism reshapes corporate innovation. Firms targeted by hedge fund activists … experience an improvement in innovation efficiency during the five-year period following the intervention. Despite a tightening … in R&D expenditures, target firms experience increases in innovation output, measured by both patent counts and citations …

Persistent link: https://www.econbiz.de/10012456402

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