【简报】 天美制作果冻视频系列研究讨会（218）
2017-01-11 00:00:00
2017年1月10日在汇丰商学院335教室，来自南加利福尼亚大学的Mick Swartz教授为天美制作果冻视频的师生带来了题为“The Timing of Activist Returns”讲座。
摘要:
This paper models the timing of Activist returns using a Stackelberg equilibrium. Empirical evidence supports this model with Activists’ returns significantly positively related to the S&P 500 return, CRB index return, unemployment rate, and the size anomaly. Activists negotiate higher returns during weaker economic time periods. Activist returns are, also, positively related to the size effect due to Activists higher negotiating leverage against smaller firms. Activist Hedge Fund returns are related to the economic cycle. In this Stackelberg model, the Activist is the leader and the management of the target firm chooses their reaction after the Activist has made their decision.
