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| Tekijä: | Greenwood, R. Schor, M. |
| Otsikko: | Investor activism and takeovers |
| Lehti: | Journal of Financial Economics
2009 : JUN, VOL 92:3, p. 362-375 |
| Asiasana: | investors event studies hedging funds |
| Kieli: | eng |
| Tiivistelmä: | Recent studies indicate that the announcement of activist intentions of a hedge fund regarding a publicly listed company generates positive abnormal returns. This article explains the returns by the ability of activists to force takeovers. Data are gathered from portfolio investors between 1993 and 2006. The results suggest that for target firms that are ultimately acquired, the announcement returns and long-term abnormal returns are high, whereas for firms that remain independent, the returns are negligible. It is also found that during time periods of low market wide interest in takeovers, the activist investors' portfolios tend to perform poorly. |
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