The Impact of Hedge Fund Activism on the Target Firm's Existing Bondholders
研究发现对冲基金积极主义显著减少债券持有人财富，平均超额债券回报在13D文件提交时为-3.9%，随后一年再降-4.5%，且与现金和资产减少、总债务增加相关。
In contrast to previous studies documenting positive abnormal returns to target shareholders, we find that hedge fund activism significantly reduces bondholders' wealth. The average excess bond return is - 3.9% around the initial 13D filing, and is an additional - 4.5% over the remaining year. Excess bond returns are related inversely to subsequent changes in cash and assets (loss of collateral effects) and directly to changes in total debt. Confrontational campaigns and the acquisition of at least one seat on the target's board elicit more negative bond returns. We also find an expropriation of wealth from the bondholder to the shareholder. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.