Masterarbeit, 2006
59 Seiten, Note: A- (German: Sehr Gut 1,5)
This paper investigates activist investing by institutional investors and hedge funds, exploring its impact on decision-making and corporate governance. It examines the growing acceptance of this strategy despite ongoing debates about its benefits to firm performance. Furthermore, it analyzes the objectives driving hedge funds' use of this strategy, particularly in the context of their financial size and resources.
Chapter 1: Introduction: This chapter introduces the burgeoning hedge fund industry, highlighting its rapid growth and exceeding $1 trillion in assets under management in 2005. It contrasts this success with the near-collapse of Long-Term Capital Management (LTCM) a decade prior, analyzing the contributing factors like excessive leverage, lack of transparency, and systemic risk. The chapter also points to a gap in academic literature defining hedge fund operations, focusing instead on performance analysis.
Chapter 2: The history of hedge funds: This chapter traces the history of hedge funds, from their origins with Alfred Winslow Jones's straightforward long/short strategy to their subsequent evolution and periods of revival. It delves into the defining characteristics of hedge funds and their repeated cycles of growth and challenges, setting the stage for a deeper understanding of their current landscape and practices. The chapter provides a concise overview of the historical context influencing the hedge fund industry.
Chapter 3: The evolution of the hedge fund industry: This chapter explores the changing profile of hedge fund investors, the diversification of investment strategies (including long/short equity, global macro, equity market neutral, event-driven, convertible arbitrage, fixed income arbitrage, and managed futures), and the increasingly close relationship between hedge funds and major investment banks. It analyzes how these factors have contributed to the industry's growth and its increasing influence on global financial markets.
Chapter 4: Shareholder activism and corporate governance issues: This chapter investigates the history and impact of shareholder activism, focusing on the role of hedge funds. It examines several case studies (Deutsche Börse, McDonald's, Medidep SA), illustrating how activist investing influences corporate governance and decision-making. The chapter also looks towards the future, considering the potential challenges to shareholder activism and the evolving strategies of hedge funds, including the emergence of "King Cong" funds aiming to build conglomerate industrial groups.
Hedge funds, shareholder activism, corporate governance, investment strategies, activist investing, Long-Term Capital Management (LTCM), leverage, risk management, King Cong funds, investment banks.
This document provides a comprehensive preview of a research paper investigating activist investing by hedge funds and its impact on corporate governance and decision-making. It covers the history and evolution of the hedge fund industry, various investment strategies, and the role of hedge funds in shaping corporate structures. Case studies are included to illustrate the impact of activist investing.
The table of contents includes an introduction, a chapter on the history of hedge funds, a chapter on the evolution of the hedge fund industry, and a chapter focusing on shareholder activism and corporate governance issues. The latter chapter features case studies of Deutsche Börse, McDonald's, and Medidep SA, and discusses the emergence of "King Cong" funds.
The paper investigates activist investing by institutional investors and hedge funds, exploring its impact on decision-making and corporate governance. It examines the growing acceptance of this strategy, analyzes the objectives driving hedge funds' use of this strategy, and considers the relationship between hedge funds and investment banks.
Chapter 1 (Introduction): Introduces the hedge fund industry, its rapid growth, and contrasts this with the near-collapse of Long-Term Capital Management (LTCM). It highlights a gap in academic literature regarding hedge fund operations. Chapter 2 (History of Hedge Funds): Traces the history of hedge funds from their origins to their evolution and periods of revival, focusing on defining characteristics and cycles of growth and challenges. Chapter 3 (Evolution of the Hedge Fund Industry): Explores the changing investor profile, diversification of investment strategies, and the relationship between hedge funds and investment banks. Chapter 4 (Shareholder Activism and Corporate Governance): Investigates the history and impact of shareholder activism by hedge funds, using case studies to illustrate its influence on corporate governance and decision-making. It also looks at the future of shareholder activism and the rise of "King Cong" funds.
The paper includes case studies of Deutsche Börse, McDonald's, and Medidep SA to illustrate the impact of hedge fund shareholder activism on corporate governance and decision-making.
The paper mentions Eddie Lampert's ESL, Kennith Griffith's Citadel, and Stephen F. Feinberg's Cerberus as examples of "King Cong" funds aiming to build conglomerate industrial groups.
Key words include: Hedge funds, shareholder activism, corporate governance, investment strategies, activist investing, Long-Term Capital Management (LTCM), leverage, risk management, King Cong funds, and investment banks.
The near-collapse of LTCM is used as a contrasting example to the overall success of the hedge fund industry, highlighting factors like excessive leverage, lack of transparency, and systemic risk.
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