Using a large set of hedge fund 13D filing and news data for the period of 2000 to 2019, we document that firms with more negative media sentiment are more likely to be targeted by hedge funds. The media sentiment of target firms reverts to normal level after the 13D filing dates. Our analysis...

Using hedge funds' holdings of IPO stocks, we find that stocks with abnormally high hedge fund holdings, based on stock and deal characteristics, yield abnormal returns. Moreover, hedge funds are able to sell IPO stocks in a timely fashion before long-run underperforming periods start,...

We examine, for various educational characteristics of hedge fund managers, the performance profile of hedge fund portfolios along their managers' professional experience path. We find that during the initial years following their graduation, hedge fund managers who majored in business or...