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Downside Risk Effect of Hedge Fund Activism

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Downside Risk Effect of Hedge Fund Activism

Côté, François (2018) Downside Risk Effect of Hedge Fund Activism. Masters thesis, Concordia University.

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Abstract

Building on the literature reporting on the effectiveness of hedge fund activism to create value for shareholders, this thesis investigates the effect of hedge fund activists on the targeted firm's downside risk. We conduct our analysis on a sample of hedge fund activism ownership data from 1994 to 2015 provided by Alon Brav, which we compare to a matched sample of similar non-targeted firms that we constructed. We find statistical evidence that supports the hypothesis that hedge fund activism reduces the downside risk of the target firm, and that they are more likely to target firms exhibiting higher level of downside risk.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:Côté, François
Institution:Concordia University
Degree Name:M. Sc.
Program:Finance
Date:September 2018
Thesis Supervisor(s):Schweizer, Denis
ID Code:984445
Deposited By: Francois Côté
Deposited On:16 Nov 2018 16:58
Last Modified:16 Nov 2018 16:58

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  • Downside Risk Effect of Hedge Fund Activism. (deposited 16 Nov 2018 16:58) [Currently Displayed]
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