Returns to Hedge Fund Activism: An International Study
Returns to Hedge Fund Activism: An International Study
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对冲基金激进主义的回报：一项国际研究
DOI：
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
Hannes F. Wagner
中科院分区：
文献类型：
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作者：
Marco Becht;J. Franks;Jeremy A. Grant;Hannes F. Wagner
本文提供的证据表明，对冲基金的积极性回报是由参与结果驱动的。我们使用了来自23个国家的1,740名活动家的样本来评估北美，欧洲和亚洲的活动表现。各国在参与结果方面存在显著差异。正是这些差异解释了行动主义表现的差异。虽然有证据表明，激进分子让公司发挥作用，但这些收购通常是在重大和有利可图的治理变化之前进行的。虽然美国的激进主义模式被外国激进主义者模仿，但非美国激进主义者在国内市场的表现优于美国激进主义者。
This paper provides evidence that returns to hedge fund activism are driven by engagement outcomes. We use a sample of 1,740 activist engagements from 23 countries to estimate performance of activism across North America, Europe and Asia. Striking differences emerge across countries in outcomes of the engagements. It is these differences that explain the variation in performance of activism. Although there is evidence that activists put companies into play, frequently those takeovers are preceded by significant and profitable governance changes. While the U.S. model of activism has been copied by foreign activists, non-U.S. activists outperform U.S. activists in their domestic markets.