Hedge Fund Activism and Debt Maturity Structure
研究发现，对冲基金激进主义显著影响目标公司的债务选择，导致长期债务比例上升，且这种变化与治理改革相关，目标公司更倾向于发行债券而非贷款。
ABSTRACT We provide evidence that activist hedge funds significantly influence target firms’ debt choices. After hedge fund activism (HFA), the proportion of long‐term debt significantly increases in target firms. This debt maturity increase is correlated to post‐HFA governance reforms. Post HFA, target firms issue more bonds than loans; such preference for bonds explains the increase in targets’ debt maturity. Our findings indicate that target firms substitute their short‐term creditor‐driven governance with a governance mechanism influenced by activist hedge funds.