Does hedge fund managers’ industry experience matter for hedge fund activism?
研究对冲基金经理的行业经验是否影响激进主义效果，发现行业专家经理的目标公司公告回报和运营表现更好，尤其在行业专长对目标公司更有价值时。
Abstract We study whether fund managers’ industry experience is an important source of value creation in hedge fund activism. We find that the targets of industry‐expert fund managers realize higher activism announcement returns and better operating performance, particularly when fund managers’ industry expertise is more valuable for targets. These targets also engage in more focused acquisition and divestiture activities in industries where fund managers have experience, allocate more employees to these industries, and cut investments more in the postacquisition period. The superior performance of targets of industry‐expert fund managers is robust to controlling for the endogeneity concern and the attrition bias.