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Risking or Derisking: How Management Fees Affect Hedge Fund Risk-Taking Choices.
Publication Type: Academic Journal
Source(s): Review of Financial Studies. Mar2023, Vol. 36 Issue 3, p904-944. 41p.
Abstract: Hedge fund managers' risk-taking choices are influenced by their compensation structure. We differ from most studies that focus on incentive fees and the high-water mark by examining how management fees affect managers' risk-taking. Our simple model sh...
Blockholder Disclosure Thresholds and Hedge Fund Activism.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Nov2022, Vol. 57 Issue 7, p2834-2859. 26p.
Abstract: Blockholder disclosure thresholds shape incentives for hedge fund activism, which are jointly determined with real investment and managerial behavior. Uninformed investors value lower thresholds (greater transparency) when the cost of trading against a...
Finding Fortune: How Do Institutional Investors Pick Asset Managers?
Publication Type: Academic Journal
Source(s): Review of Financial Studies; Aug2023, Vol. 36 Issue 8, p3071-3121, 51p
Abstract: Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users m...
Where Do Shareholder Gains in Hedge Fund Activism Come From? Evidence From Employee Pension Plans.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Sep2022, Vol. 57 Issue 6, p2140-2176. 37p.
Abstract: We find that defined benefit employee pension plans of firms that are targets of hedge fund activism experience underfunding and their defined contribution plans experience reductions in employer contributions. Pension underfunding occurs due to reduce...
Do Hedge Funds Undertake Activism in the Bond Market? Evidence from Bondholders' Responses to Delay in Financial Reporting*.
Publication Type: Academic Journal
Source(s): Contemporary Accounting Research. Sep2022, Vol. 39 Issue 3, p1542-1582. 41p.
Abstract: RÉSUMÉ: Les fonds spéculatifs pratiquent‐ils de l'activisme sur le marché obligataire? Observations relatives aux réactions des détenteurs d'obligations face au retard dans la communication de l'information financière Les auteurs cherchent à savoir si ...
Do Sell‐Side Analysts Play a Role in Hedge Fund Activism? Evidence from Textual Analysis*.
Publication Type: Academic Journal
Source(s): Contemporary Accounting Research. Sep2022, Vol. 39 Issue 3, p1583-1614. 32p.
Abstract: RÉSUMÉ: Les analystes sell‐side jouent‐ils un rôle dans l'activisme des fonds spéculatifs? Observations tirées d'une analyse textuelle Les auteurs étudient la variation de la production d'informations par les analystes sell‐side et son rôle potentiel d...
Do Prime Brokers Matter in the Search for Informed Hedge Fund Managers?
Publication Type: Academic Journal
Source(s): Management Science. Aug2023, Vol. 69 Issue 8, p4932-4952. 21p.
Abstract: Using the setting of funds of hedge funds (FoFs), we show that prime brokers (PBs) facilitate investors' search for informed hedge fund managers. We find that FoFs exhibit PB bias, a disproportionate preference for hedge funds serviced by their connect...
How Does Past Experience Impact Hedge Fund Activism?
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Jun2022, Vol. 57 Issue 4, p1279-1312. 34p.
Abstract: Hedge fund activists transfer relevant prior work experience to their activism campaigns. Categorizing activists based on past employment at investment banks (generalists), private equity or special situations partnerships (specialists), or other firms...
WHY SHOULD HEDGE FUNDS BE REGULATED AT THE INTERNATIONAL LEVEL AS WELL AS THE NATIONAL LEVEL?
Publication Type: Academic Journal
Source(s): University of Western Australia Law Review. Jan2023, Vol. 50 Issue 1, p247-283. 37p.
Crowded Trades and Tail Risk.
Publication Type: Academic Journal
Source(s): Review of Financial Studies. Jul2022, Vol. 35 Issue 7, p3231-3271. 41p.
Abstract: Hedge fund positions are an important component of crowded trades. These vehicles are particularly active, take highly concentrated positions, and utilize leverage and short sales. Using a database of hedge fund holdings, we measure the degree of secur...