一、主題：Does Experience Matter for Hedge Fund Managers? Effects of Industry Expertise on Hedge Fund Activism

二、主講人：陳宇子，南洋理工大學南洋商學院金融學博士生。他在南開大學經濟學院和英國伯明翰大學經濟系取得碩士學位，本科就讀于南開大學經濟學院。她的研究領域包括實證公司金融、公司治理和機構投資者，工作論文曾入選多個國際金融會議，包括Conference on Pacific Basin Finance, Economics, Accounting, and Management (新澤西)、Conference on Asia-Pacific Financial Markets (首爾)，并受邀于紐約市立大學巴魯克分校、坦普爾大學、香港城市大學、高麗大學等高校進行宣講。

三、時間：2019年3月13日 （周三），12:30-13:30

四、地點：學院南路校區主樓913會議室

五、主持人：黃志剛，bevictor伟德官网教授

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.