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The Role Of Time Horizons In Shaping The Antecedents And Consequences Of Hedge Fund Activism, Anna Obedkova

Management Dissertations

While the general stream of shareholder activism literature examines the antecedents and consequences of hedge fund activism, this dissertation investigates this phenomenon from a different angle. I examine the impact of time-related antecedents on the choice of campaigns initiated by hedge fund activists and the consequences of such interventions. To be specific, I study the impact of the shareholder mix, i.e. long-term (dedicated) vs. short-term (transient) ownership, and firm investment horizon on the choice of two most common hedge fund demands: governance changes and business strategy-related changes. Building on prior research, I argue that governance changes are associated with long-term …