We investigate hedge fund activism in the corporate bond market. The empirical setting we use is the active enforcement of bondholders' rights during 2003-07 triggered by issuers' violation of a standard bond covenant requiring timely financial reporting. Specifically, we examine differences in...

This paper utilizes a rich literature on institutional investors' governance roles and develops simple measures of institutional discontent expressed through holding, trading and voice channels to predict hedge fund activism target selection. Discontent expressed through all three channels leads...