Institutional Trading and Hedge Fund Activism

Published Online:https://doi.org/10.1287/mnsc.2016.2654

References

  • Acharya VV, Pedersen LH (2005) Asset pricing with liquidity risk. J. Financial Econom. 77(2):375–410.CrossrefGoogle Scholar
  • Allison P (2010) Survival Analysis Using SAS: A Practical Guide, 2nd ed. (SAS Institute, Cary, NC).Google Scholar
  • Anand A, Irvine P, Puckett A, Venkataraman K (2012) Performance of institutional trading desks: An analysis of persistence in trading costs. Rev. Financial Stud. 25(2):557–598.CrossrefGoogle Scholar
  • Arellano M, Bond S (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Rev. Econom. Stud. 58(2):277–297.CrossrefGoogle Scholar
  • Attari M, Banerjee S, Noe T (2006) Crushed by a rational stampede: Strategic share dumping and shareholder insurrections. J. Financial Econom. 79(1):181–222.CrossrefGoogle Scholar
  • Back K, Li T, Ljungqvist A (2015) Liquidity and governance. Unpublished working paper, Rice University, Houston.Google Scholar
  • Becht M, Franks J, Mayer C, Rossi S (2008) Returns to shareholder activism: Evidence from a clinical study of the Hermes UK Focus Fund. Rev. Financial Stud. 22(3):3093–3129.Google Scholar
  • Bhide A (1993) The hidden costs of stock market liquidity. J. Financial Econom. 34(1):31–51.CrossrefGoogle Scholar
  • Brav A, Jiang W, Kim H (2010) Hedge fund activism: A review. Foundations and Trends in Finance 4(3):185–246.CrossrefGoogle Scholar
  • Brav A, Jiang W, Kim H (2015) The real effects of hedge fund activism: Productivity, asset allocation, and labor outcomes. Rev. Financial Stud. 28(10):2723–2769.CrossrefGoogle Scholar
  • Brav A, Jiang W, Partnoy F, Thomas R (2008) Hedge fund activism, corporate governance, and firm performance. J. Finance 63(4):1729–1773.CrossrefGoogle Scholar
  • Burkart M, Dasgupta A (2015) Activist funds, leverage, and procyclicality. Unpublished working paper, Stockholm School of Economics, Stockholm, Sweden.Google Scholar
  • Campbell JY, Ramadorai T, Schwartz A (2009) Caught on tape: Institutional trading, stock returns, and earnings announcements. J. Financial Econom. 92(1):66–91.CrossrefGoogle Scholar
  • Chen J, Hanson S, Hong H, Stein JC (2008) Do hedge funds profit from mutual-fund distress? NBER Working Paper 13786, National Bureau of Economic Research, Cambridge, MA.CrossrefGoogle Scholar
  • Clifford C (2008) Value creation or destruction? Hedge funds as shareholder activists. J. Corporate Finance 14(4):323–336.CrossrefGoogle Scholar
  • Coffee JC (1991) Liquidity versus control: The institutional investors as corporate monitor. Columbia Law Rev. 91(6):1277–1367.CrossrefGoogle Scholar
  • Collin-Dufresne P, Fos V (2015) Do prices reveal the presence of informed trading? J. Finance 70(4):1555–1582.CrossrefGoogle Scholar
  • Coval J, Stafford E (2007) Asset fire sales (and purchases) in equity markets. J. Financial Econom. 86(2):479–512.CrossrefGoogle Scholar
  • Edmans A, Fang V, Zur E (2013) The effect of liquidity on governance. Rev. Financial Stud. 26(6):1443–1482.CrossrefGoogle Scholar
  • Edmans A, Goldstein I, Jiang W (2012) The real effects of financial markets: The impact of prices on takeovers. J. Finance 67(3):933–971.CrossrefGoogle Scholar
  • Faure-Grimaud A, Gromb D (2004) Public trading and private incentives. Rev. Financial Stud. 17(4):985–1014.CrossrefGoogle Scholar
  • Gantchev N (2013) The costs of shareholder activism: Evidence from a sequential decision model. J. Financial Econom. 107(3):610–631.CrossrefGoogle Scholar
  • Gillan S, Starks L (2007) The evolution of shareholder activism in the United States. J. Appl. Corporate Finance 19(1):55–73.CrossrefGoogle Scholar
  • Jotikasthira C, Lundblad C, Ramadorai T (2012) Asset fire sales and purchases and the international transmission of funding shocks. J. Finance 67(6):2015–2050.CrossrefGoogle Scholar
  • Kahan M, Rock E (2007) Hedge funds in corporate governance and corporate control. Univ. Pennsylvania Law Rev. 155(5):1021–1093.Google Scholar
  • Kahn C, Winton A (1998) Ownership structure, speculation, and shareholder intervention. J. Finance 53(1):99–129.CrossrefGoogle Scholar
  • Karpoff J (2001) The impact of shareholder activism on target companies: A survey of empirical findings. Unpublished working paper, University of Washington, Seattle.Google Scholar
  • Klein A, Zur E (2009) Entrepreneurial shareholder activism: Hedge funds and other private investors. J. Finance 63(1):187–229.CrossrefGoogle Scholar
  • Kyle A, Vila J (1991) Noise trading and takeovers. RAND J. Econom. 22(1):54–71.CrossrefGoogle Scholar
  • Maug E (1998) Large shareholders as monitors: Is there a trade-off between liquidity and control? J. Finance 53(1):65–98.CrossrefGoogle Scholar
  • Nagel S (2012) Evaporating liquidity. Rev. Financial Stud. 25(7):2005–2039.CrossrefGoogle Scholar
  • Norli O, Ostergaard C, Schindele I (2014) Liquidity and shareholder activism. Rev. Financial Stud. 28(2):486–520.CrossrefGoogle Scholar
  • Puckett A, Yan XS (2011) The interim trading skills of institutional investors. J. Finance 66(2):601–633.CrossrefGoogle Scholar
  • Rabe-Hesketh S, Skrondal A (2008) Multilevel and Longitudinal Modeling Using Stata, 2nd ed. (STATA Press, College Station, TX).Google Scholar
  • Shive S, Yun H (2013) Are mutual funds sitting ducks? J. Financial Econom. 107(1):220–237.CrossrefGoogle Scholar
  • Sias R, Whidbee D (2010) Insider trades and demand by institutional and individual investors. Rev. Financial Stud. 23(4):1544–1595.CrossrefGoogle Scholar
  • Stock J, Yogo M (2005) Asymptotic distributions of instrumental variables statistics with many weak instruments. Andrews DWK, Stock JH, eds. Identification and Inference for Econometric Models: Essays in Honor of Thomas Rothenberg (Cambridge University Press, Cambridge, UK), 109–120.CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.