Hedge Fund Activism and Corporate M&A Decisions
| العنوان: | Hedge Fund Activism and Corporate M&A Decisions |
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| المؤلفون: | Szu-Yin Wu, Kee H. Chung |
| المصدر: | Management Science. 68:1378-1403 |
| بيانات النشر: | Institute for Operations Research and the Management Sciences (INFORMS), 2022. |
| سنة النشر: | 2022 |
| مصطلحات موضوعية: | Selection bias, 050208 finance, business.industry, Strategy and Management, media_common.quotation_subject, Corporate governance, 05 social sciences, Event study, Financial system, Management Science and Operations Research, Hedge fund, 0502 economics and business, Mergers and acquisitions, Business, 050207 economics, Stock (geology), media_common |
| الوصف: | This paper shows that hedge fund activism is associated with a decrease in mergers and acquisitions (M&A) and offer premiums and an increase in stock and operating performance. Activist hedge funds improve target firms’ M&A performance by reducing poor M&A, diversifying M&A, and the M&A of firms with multiple business segments. Activist hedge funds improve target firms’ M&A decisions by influencing their governance practices. We show that our results are unlikely driven by selection bias. Overall, activist hedge funds play an important role in the market for corporate control by increasing the efficiency of target firms’ M&A activities through interventions. This paper was accepted by Gustavo Manso, finance. |
| تدمد: | 1526-5501 0025-1909 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_________::26d8f32383eb00724cbe39656dcc79d0 https://doi.org/10.1287/mnsc.2020.3934 |
| رقم الأكسشن: | edsair.doi...........26d8f32383eb00724cbe39656dcc79d0 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 15265501 00251909 |
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