Short Campaigns by Hedge Funds
研究发现过去二十年对冲基金做空活动大幅增加，近80%由激进对冲基金发起，做空导致约-7%的负异常回报，且公开沟通是关键但非操纵性手段。
Abstract The number of short campaigns by hedge funds has dramatically increased over the last two decades. Nearly 80% of campaigns are undertaken by activist hedge funds, particularly those that employ hostile tactics in their long campaigns. Short campaigns are associated with negative abnormal returns of –7%, with aggregate valuation effects similar in magnitude to the gains from long activism campaigns. In contrast to long campaigns, public communication is a critical component of short campaigns. We do not find evidence that such communication is manipulative. Overall, our analysis highlights the importance of short campaigns for understanding the economic impact of activist hedge funds.