scholarly journals The Long-Term Effects of Hedge Fund Activism

2013 ◽  
Author(s):  
Lucian A. Bebchuk ◽  
Alon P. Brav ◽  
Wei Jiang
Keyword(s):  
Hedge Fund ◽  
Long Term Effects ◽  
Hedge Fund Activism

scholarly journals The Long-Term Effects of Hedge Fund Activism

2015 ◽  
Author(s):  
Lucian Bebchuk ◽  
Alon Brav ◽  
Wei Jiang
Keyword(s):  
Hedge Fund ◽  
Long Term Effects ◽  
Hedge Fund Activism

scholarly journals Institutional Investors and Hedge Fund Activism

2020 ◽  
Author(s):  
Simi Kedia ◽  
Laura Starks ◽  
Xianjue Wang
Keyword(s):  
Stock Returns ◽  
Institutional Investors ◽  
Operating Performance ◽  
Hedge Fund ◽  
Target Firms ◽  
Hedge Fund Activism ◽  
Institutional Shareholders

Abstract Hedge fund activists have ambiguous relationships with the institutional shareholders in their target firms. While some support their activities, others counter their actions. Due to their relatively small holdings in target firms, activists typically need the cooperation of other institutional shareholders that are willing to influence the activists’ campaign success. We find the presence of “activism-friendly” institutions as owners is associated with an increased probability of being a target, higher long-term stock returns, and higher operating performance. Overall, we provide evidence suggesting the composition of a firm’s ownership has significant effects on hedge fund activists’ decisions and outcomes.

Innovative Enterprise Solves the Agency Problem

2019 ◽  
pp. 156-191
Author(s):  
William Lazonick ◽  
Jang-Sup Shin
Keyword(s):  
Agency Theory ◽  
Hedge Fund ◽  
Innovation Theory ◽  
Long Term Effects ◽  
Business Corporation ◽  
Innovative Enterprise ◽  
And Performance ◽  
Short Termism ◽  
The U.S

This chapter uses innovation theory to provide both a general theoretical critique and a selective empirical critique of the use of agency theory to rationalize the looting of the U.S. business corporation as enhancing economic efficiency. It focuses on three empirical works, Bebchuk and Fried, Pay Without Performance (2004); Bebchuk, Brav, and Jiang, “The Long-Term Effects of Hedge-Fund Activism” (2015); and Fried and Wang, “Short-Termism and Capital Flows” (2017). The chapter contends that MSV ideology as promulgated by agency theorists has contributed to inferior corporate and economic performance. It then argues that, for analyzing the operation and performance of the economy, innovation theory should replace agency theory.

Hedge Fund Activism and Corporate Innovation

2021 ◽  
pp. 380-390
Author(s):  
Roberto S. Santos ◽  
Sunny Li Sun
Keyword(s):  
Hedge Funds ◽  
Hedge Fund ◽  
Innovation Performance ◽  
Future Research ◽  
Term Survival ◽  
Long Term Survival ◽  
Corporate Innovation ◽  
Hedge Fund Activism

While the jury is out on whether hedge fund activism encourages corporate innovation, there is mounting evidence to suggest that this is the case. A firm’s ability to innovate is crucial for its long-term survival. Through multiple mechanisms, activist hedge fund interventions can “shake things up” and stir corporations out of their myopic innovation investments. By bringing an end to the squandering of precious R&D resources, hedge fund activism stimulates and reshapes corporate competitiveness and enhances innovation performance. This chapter explores the strategies and mechanisms that activist hedge funds employ to influence corporate innovation and also offers avenues for future research.

Hedge Fund Activism and Long-Term Firm Value

2015 ◽  
Author(s):  
Martijn Cremers ◽  
Erasmo Giambona ◽  
Simone M. Sepe ◽  
Ye Wang
Keyword(s):  
Firm Value ◽  
Hedge Fund ◽  
Hedge Fund Activism

The Long-Term Real Effects of Hedge Fund Activism

2011 ◽  
Author(s):  
Alon P. Brav ◽  
Wei Jiang ◽  
Hyunseob Kim
Keyword(s):  
Hedge Fund ◽  
Real Effects ◽  
Hedge Fund Activism

Ovarian Dysfunction in Fetally Irradiated Beagles

1977 ◽  
Vol 35 ◽  
pp. 658-659
Author(s):  
T. M. Seed ◽  
M. H. Sanderson ◽  
D. L. Gutzeit ◽  
T. E. Fritz ◽  
D. V. Tolle ◽  
...  
Keyword(s):  
Gamma Rays ◽  
Low Dose ◽  
Long Term Effects ◽  
Ovarian Dysfunction ◽  
Dose Rates ◽  
Highly Sensitive ◽  
Microscopic Evaluation ◽  
Ovarian Pathology ◽  
Normal Offspring

The developing mammalian fetus is thought to be highly sensitive to ionizing radiation. However, dose, dose-rate relationships are not well established, especially the long term effects of protracted, low-dose exposure. A previous report (1) has indicated that bred beagle bitches exposed to daily doses of 5 to 35 R 60Co gamma rays throughout gestation can produce viable, seemingly normal offspring. Puppies irradiated in utero are distinguishable from controls only by their smaller size, dental abnormalities, and, in adulthood, by their inability to bear young.We report here our preliminary microscopic evaluation of ovarian pathology in young pups continuously irradiated throughout gestation at daily (22 h/day) dose rates of either 0.4, 1.0, 2.5, or 5.0 R/day of gamma rays from an attenuated 60Co source. Pups from non-irradiated bitches served as controls. Experimental animals were evaluated clinically and hematologically (control + 5.0 R/day pups) at regular intervals.

Ultrastructural investigations of MDL 19,660-induced effects on the canine platelet and megakaryocyte

1990 ◽  
Vol 48 (3) ◽  
pp. 374-375
Author(s):  
D.E. Loudy ◽  
J. Sprinkle-Cavallo ◽  
J.T. Yarrington ◽  
F.Y. Thompson ◽  
J.P. Gibson
Keyword(s):  
Antidepressant Drug ◽  
Beagle Dogs ◽  
Long Term Effects ◽  
Short Term ◽  
Platelet Counts ◽  
Toxicological Studies ◽  
Induced Aggregation ◽  
Internal Architecture

Previous short term toxicological studies of one to two weeks duration have demonstrated that MDL 19,660 (5-(4-chlorophenyl)-2,4-dihydro-2,4-dimethyl-3Hl, 2,4-triazole-3-thione), an antidepressant drug, causes a dose-related thrombocytopenia in dogs. Platelet counts started to decline after two days of dosing with 30 mg/kg/day and continued to decrease to their lowest levels by 5-7 days. The loss in platelets was primarily of the small discoid subpopulation. In vitro studies have also indicated that MDL 19,660: does not spontaneously aggregate canine platelets and has moderate antiaggregating properties by inhibiting ADP-induced aggregation. The objectives of the present investigation of MDL 19,660 were to evaluate ultrastructurally long term effects on platelet internal architecture and changes in subpopulations of platelets and megakaryocytes.Nine male and nine female beagle dogs were divided equally into three groups and were administered orally 0, 15, or 30 mg/kg/day of MDL 19,660 for three months. Compared to a control platelet range of 353,000- 452,000/μl, a doserelated thrombocytopenia reached a maximum severity of an average of 135,000/μl for the 15 mg/kg/day dogs after two weeks and 81,000/μl for the 30 mg/kg/day dogs after one week.

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