學(xué)術(shù)講座：HEDGE FUND ACTIVISM, FIRM VALUATION AND STOCK RETURNS

講座題目：HEDGE FUND ACTIVISM, FIRM VALUATION AND STOCK RETURNS

主講人：王葉

時(shí)間：5月31日 12:20-13:20

地點(diǎn)：博學(xué)925

主講人簡(jiǎn)介：

王葉，現(xiàn)為上海財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院常任規(guī)助理教授。博士階段就讀于意大利米蘭博科尼大學(xué)商學(xué)院。在此之前分別在復(fù)旦大學(xué)數(shù)學(xué)科學(xué)學(xué)院和德國(guó)弗萊堡大學(xué)經(jīng)濟(jì)系獲得本科與碩士學(xué)位。博士階段在荷蘭阿姆斯特丹大學(xué)與美國(guó)邁阿密大學(xué)進(jìn)行訪問(wèn)交流。本人研究興趣包括：實(shí)證金融，對(duì)沖基金激進(jìn)主義，風(fēng)險(xiǎn)管理等。講授課程包括《財(cái)務(wù)分析與估值》與《財(cái)務(wù)報(bào)表分析》。多篇論文參加WFA，CICF等重要會(huì)議，在Review of Financial Studies, Journal of Business Finance & Accounting等雜志有R&R論文。

講座摘要：

This paper studies the association between hedge fund activism and firm value, using matching procedures to incorporate the nonrandom selection of target firms by activist hedge funds. We find that targets improve less in value (Q) subsequent to activism starts than ex-ante similarly poorly performing control firms that are not subject to activist campaigns. Further, long-term abnormal stock returns of both target and control firms are similarly positive and significant. However, activist hedge funds have strong stock selection as well as strong trading skills that allow them to outperform.