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SUMMARY:The Real Effects of Hedge Fund Activism: Productivity\, Asset Allo
 cation\, and Industry Concentration
DTSTART:20140905T103000
DTEND:20140905T120000
DTSTAMP:20260924T170351Z
UID:89d4a26bbf1517d830bec52b3d43003f6206f8a7420d563d740cdbd0
CATEGORIES:Conferences - Seminars
DESCRIPTION:Alon BRAV (Duke University)\nThis paper studies the long-term 
 effect of hedge fund activism on the productivity of target firms using pl
 ant-level information from the U.S. Census Bureau. A typical target firm i
 mproves its production efficiency within three years after the interventio
 n\, and this improvement is more pronounced in industries with low concent
 ration. By following plants that were sold post-intervention we also find 
 that efficient capital redeployment is an important channel via which acti
 vists create value. We further find that employees of target firms experie
 nce a reduction in work hours and stagnation in wages despite an increase 
 in labor productivity. Additional tests refute alternative explanations th
 at attribute the improvement to management’s voluntary reforms\, industr
 y consolidation shocks\, or hedge funds’ stock picking abilities. The ov
 erall evidence is consistent with a real long-term effect of hedge fund in
 tervention on target firms’ fundamentals.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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