This paper examines the value of hedge fund activism from the perspective of activist hedge funds' investors. On average, an activist hedge fund's equity holdings of intervention targets do not perform differently from its own non-target holdings. However, its target holdings outperform its...

Hundreds of papers and hundreds of factors attempt to explain the cross-section of expected returns. Given this extensive data mining, it does not make any economic or statistical sense to use the usual significance criteria for a newly discovered factor, e.g., a t-ratio greater than 2.0....

Hundreds of papers and hundreds of factors attempt to explain the cross-section of expected returns. Given this extensive data mining, it does not make any economic or statistical sense to use the usual significance criteria for a newly discovered factor, e.g., a t-ratio greater than 2.0....