How does hedge fund activism reshape corporate innovation?

被引：350

作者：

Brav, Alon ^{[1
,2
]}

Jiang, Wei ^{[2
,3
]}

Ma, Song ^{[4
]}

Tian, Xuan ^{[5
]}

机构：

[1] Duke Univ, Fuqua Sch Business, Durham, NC 27706 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Columbia Univ, Columbia Business Sch, New York, NY 10027 USA

[4] Yale Univ, Yale Sch Management, New Haven, CT 06520 USA

[5] Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R China

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2018年 / 130卷 / 02期

关键词：

Hedge fund activism; Innovation; Resource allocation; Human capital redeployment; RESEARCH-AND-DEVELOPMENT; MOTIVATING INNOVATION; FIRM PERFORMANCE; CAPITAL-MARKETS; VALUE CREATION; AGENCY COSTS; INVESTMENT; TAKEOVERS; RETURNS; MERGERS;

D O I：

10.1016/j.jfineco.2018.06.012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies how hedge fund activism impacts corporate innovation. Firms targeted by activists improve their innovation efficiency over the five-year period following hedge fund intervention. Despite a tightening in research and development (R&D) expenditures, target firms increase innovation output, as measured by both patent counts and citations, with stronger effects among firms with more diversified innovation portfolios. Reallocation of innovative resources, redeployment of human capital, and change to board-level expertise all contribute to improve target firms' innovation. Additional tests help isolate the effect of intervention from alternative explanations, including mean reversion, sample attrition, voluntary reforms, or activist stock-picking. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：237 / 264

页数：28

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