• Publications
  • Influence
Hedge Fund Activism, Corporate Governance, and Firm Performance
Using a large hand-collected data set from 2001 to 2006, we find that activist hedge funds in the United States propose strategic, operational, and financial remedies and attain success or partialExpand
  • 1,062
  • 167
  • PDF
Price Informativeness and Investment Sensitivity to Stock Price
Stock prices and real investments are highly correlated. Previous literature has offered two main explanations for this high correlation. The first explanation relies on price being informative aboutExpand
  • 917
  • 91
  • PDF
Payoff complementarities and financial fragility: Evidence from mutual fund outflows $
The paper provides empirical evidence that strategic complementarities among investors generate fragility in financial markets. Analyzing mutual fund data, we find that, consistent with a theoreticalExpand
  • 378
  • 40
  • PDF
Analysts' Weighting of Private and Public Information
Using both a linear regression method and a probability-based method, we find that on average, analysts place larger than efficient weights on (i.e., they overweight) their private information whenExpand
  • 244
  • 38
  • PDF
Hedge Fund Activism: A Review
This monograph reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of targetExpand
  • 168
  • 28
  • PDF
The Long-Term Effects of Hedge Fund Activism
We test the empirical validity of a claim that has been playing a central role in debates on corporate governance — the claim that interventions by activist hedge funds have a detrimental effect onExpand
  • 188
  • 27
  • PDF
The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes
This paper studies the long-term effect of hedge fund activism on firm productivity using plant-level information from the U.S. Census Bureau. A typical target firm improves production efficiency inExpand
  • 151
  • 21
  • PDF
When Shareholders are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Noncommercial-Banking Institutions
This article provides a comprehensive analysis of a new and increasingly important phenomenon: the simultaneous holding of both equity and debt claims of the same company by non-commercial bankingExpand
  • 110
  • 19
  • PDF
A nonparametric test of market timing
In this paper, we propose a nonparametric test for market timing ability and apply the analysis to a large sample of mutual funds that have different benchmark indices. The test statistic is formedExpand
  • 125
  • 16
  • PDF
Self-Selection and the Forecasting Abilities of Female Equity Analysts
This paper investigates whether there are systematic differences between the forecasting style and abilities of female and male analysts, and whether market participants recognize these differences.Expand
  • 67
  • 15
  • PDF