REVIEW OF FINANCIAL STUDIES·DOI: https://doi.org/10.1093/rfs/hhx048·Published: 20 June 2017
对冲基金积极主义的收益：一个国际性的研究
作者：Marco Becht (Solvay Brussels School of Economics and Management; European Corporate Governance Institute; Centre for Economic Policy Research), Julian Franks (London Business School; Centre for Economic Policy Researc; European Corporate Governance Institute), Jeremy Gran (Berenberg), Hannes F. Wagner (Bocconi University - Department of Finance; Bocconi University - IGIER - Innocenzo Gasparini Institute for Economic Research)
摘要：本文提供了各国活动家参与的发生率、特征和表现的证据。我们发现，机构投资者持股率高的公司，其激进主义的发生率最高，特别是在美国。我们使用了23个国家1740个活动家参与的样本，发现几乎四分之一的参与是由多个活动家参与同一个目标公司。这些活动比单独的活动家参与表现得更好。诸如董事会变更和收购之类的参与结果因国家而异，但都显著提升了激进主义的回报。日本是一个例外，初期的期望很高，但结果很低。
Returns to Hedge Fund Activism: An International Study
Marco Becht (Solvay Brussels School of Economics and Management; European Corporate Governance Institute; Centre for Economic Policy Research), Julian Franks (London Business School; Centre for Economic Policy Researc; European Corporate Governance Institute), Jeremy Gran (Berenberg), Hannes F. Wagner (Bocconi University - Department of Finance; Bocconi University - IGIER - Innocenzo Gasparini Institute for Economic Research)
ABSTRACT
This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence of activism is greatest with high institutional ownership, particularly for U.S. institutions. We use a sample of 1,740 activist engagements across 23 countries and find that almost one-quarter of engagements are by multi-activists engaging the same target. These engagements perform strikingly better than single activist engagements. Engagement outcomes, such as board changes and takeovers, vary across countries and significantly contribute to the returns to activism. Japan is an exception, with high initial expectations and low outcomes.
原文链接：
https://academic.oup.com/rfs/article-abstract/doi/10.1093/rfs/hhx048/3852480/Returns-to-Hedge-Fund-Activism-An-International?redirectedFrom=fulltext
翻译：何杉
