活動起日：2016-12-14 發佈日期：2016-12-14 瀏覽數：755 2017-02-12 更新
本系擬於 12/15 (四) 邀請 Dr. Szu-Yin Wu 至本所進行專題演講，相關訊息如下：
時間: 12/15 (四) 12:30-14:00
講者: Dr. Szu-Yin Wu
講題: Hedge Fund Activism and Corporate M&A Decisions
This paper analyzes the effect of hedge fund activism on corporate mergers and acquisitions (M&A) and shareholder wealth. Using Schedule 13D filings by hedge funds and M&A announcements made by US companies from 1993 to 2015, we show that hedge fund activism leads to lower M&A activities, more favorable market reactions to M&A announcements, and better operating performance. Overall, our study provides robust evidence that hedge fund activism increases shareholder wealth by forcing firms to make fewer but better acquisitions (e.g., reducing acquisitions outside the core business area). We conduct various tests to explore other possible explanations of our results.