The Role of Activist Hedge Funds in Financially Distressed Firms
研究了维权对冲基金在469家财务困境公司重组中的作用，发现其参与能提高预包装重组成功率、加快重组进程并增加债务削减，有助于解决合同问题。
Abstract In this paper I investigate the role of activist hedge funds in the restructuring of a sample of 469 firms that attempted to resolve distress either out of court, in conventional Chapter 11, or via prepackaged restructuring. Activist hedge funds strategically gain a position of influence in the restructuring of economically viable firms with contracting problems that prevent efficient restructuring without outside intervention. I find that hedge fund involvement is associated with a higher probability of completing prepackaged restructurings, faster restructurings, and greater debt reduction. Overall, the evidence in this article suggests that activist hedge funds can create value by enabling more efficient contracting.