一、主题：Does Experience Matter for Hedge Fund Managers? Effects of Industry Expertise on Hedge Fund Activism
二、主讲人：陈宇子，南洋理工大学南洋商学院金融学博士生。她在南开大学经济学院和英国伯明翰大学经济系取得硕士学位，本科就读于南开大学经济学院。她的研究领域包括实证公司金融、公司治理和机构投资者，工作论文曾入选多个国际金融会议，包括Conference on Pacific Basin Finance, Economics, Accounting, and Management (新泽西)、Conference on Asia-Pacific Financial Markets (首尔)，并受邀于纽约市立大学巴鲁克分校、坦普尔大学、香港城市大学、高丽大学等高校进行宣讲。
ABSTRACT: In this paper, we examine whether hedge fund managers’ experience affects their activism. We find that hedge fund managers are more likely to choose a target that operates in an industry in which they have previous executive and/or outside director experience. Compared to target firms in which hedge fund managers do not have target industry experience, those in which hedge fund managers have target industry experience realize higher abnormal announcement returns and these managers are more likely to serve as a director on the target’s board. We further find a significant improvement in target post-acquisition operating performance when hedge fund managers have executive experience in the target industry. These findings suggest that a hedge fund manager’s industry expertise is an important source of value gains in hedge fund activism.