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Data on Hedge Fund Activism
Characteristics of Target Companies
Does Hedge Fund Activism
Returns to Hedge Fund Activism
activism creates value activist events activist funds activist hedge funds agenda announcement of activism assets attrition average abnormal return Becht Boyson and Mooradian Brav Brav et al buy-and-hold return capital structure cash flow closed-end funds coefficient Column Compustat corporate governance debt dummy variable effect of hedge equity evidence ex post excess returns exit free cash flow full sample fund activism creates fund activism events fund’s Greenwood and Schor hedge fund activism hedge fund activists hedge fund databases hedge funds target higher hostile instrumental variable inverse Mill’s ratio investment leverage long-term measure Mooradian 2007 non-hostile operating performance ownership Panel portfolio positive abnormal returns positive market potential proxy Schedule 13D filings Section selection bias shareholder activism shareholder value significantly positive statistically significant Steel Partners strategy subsample Table tactics target companies target firms trading liquidity turnover Uchida and Xu undervalued value for shareholders