Hedge Funds as Investors of Last Resort?
研究发现对冲基金倾向于为基本面差、信息不对称严重的公司提供私募股权融资，但这类公司后续两年表现显著差于其他融资公司，表明对冲基金扮演了最后贷款人角色。
Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that obtain financing from other investors during the following two years. We argue that hedge funds are investors of last resort and provide funding for companies that are otherwise constrained from raising equity capital. Hedge funds have recently become an important source of funding for pub-lic companies raising equity privately. Financing young companies with severe information asymmetries is an important investment strategy for some hedge funds. Since 1995, hedge funds have participated in more than 50 % of the private placements of equity securities and have contributed