Brav, Alon, Wei Jiang, Song Ma, and Xuan Tian, 2017. How does hedge fund activism reshape corporate innovation? Journal of Financial Economics, forthcoming.Brav, A., Jiang, W., Ma, S. & Tian, X. (2015). How Does Hedge Fund Activism Reshape Corporate Innovation?. Working Paper...
when a firm’s CS is high, increasing ES would result in lower stock returns, such that a firm both high in CS and ES underperform a firm with high CS and low ES, but the converse does not hold. This is consistent with our prediction on how investors...
The introduction of electronic trading platforms in the 1990s vastly changed the forex market, making it more accessible, efficient, and liquid. Regulatory milestones, such as the European Monetary Union’s creation and the euro launch in 1999, reshaped the currency landscape. Economic crises, like...
where defendants have the right to a jury trial. The court's majority opinion has reshaped the SEC's enforcement strategies, potentially impacting the efficiency and scope of its actions against securities law violators.
Our goal is to inform the debate by analyzing how hedge fund activism reshapes corporate innovation—arguably the most important long-term investment that firms make, but also the most susceptible to short-termism.4 A priori, neither the direction nor the magnitude of activists’ impact on overal...