The role of derivatives in hedge fund activism
研究1994至2014年间对冲基金激进主义中衍生品的使用，发现未使用衍生品的对冲基金所瞄准的目标公司，在披露期附近有更高的异常收益和更低的特质波动，且被收购概率更大。
Using a hand-collected sample of hedge fund activist engagements from 1994 to 2014, this study analysed the role of derivatives in the hedge fund activism. Evidence shows abnormal returns of targets of hedge fund activists who did not use derivatives exceeded the abnormal returns of targets of hedge fund activists who employed derivatives around the activist engagement disclosure period. We also find that idiosyncratic volatility of the targets of hedge fund activists who did not use derivatives was more reduced than that of the targets of hedge fund activists who used derivatives. Finally, the probability of takeovers increases for hedge fund activists who did not use derivatives.