Hedge Funds

Working Paper

27 July 2020

Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19

Institutional investors played a crucial role in the COVID-19 market crash. U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and domestic institutions -- performed worse. An...

Simon Glossner | Pedro Matos | Stefano Ramelli | Alexander Wagner
01 May 2017

Costs and Benefits of Financial Conglomerate Affiliation: Evidence from Hedge Funds

This paper explores how affiliation to financial conglomerates affects asset managers’ access to capital, trading behavior, and performance. Focusing on a sample of hedge funds, we find that financial-conglomerate-affiliated...

Mariassunta Giannetti | Francesco Franzoni
01 February 2014

Agency Theory in Practice: A Qualitative Study of Hedge Fund Activism in Japan

We look at the reaction to hedge fund activism of managers and shareholders in Japanese firms and explore the implications of our findings for agency theory. We use a qualitative research design which treats the standard...

John Buchanan | Dominic Heesang Chai | Simon Deakin
01 March 2015

Returns to Hedge Fund Activism: An International Study

This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence of activism is greatest with high institutional ownership, particularly for U.S....

Marco Becht | Julian Franks | Jeremy Grant | Hannes Wagner