Wei Jiang

TL;DR: This paper studied the long-term effect of hedge fund activism on the productivity of target firms using plant-level information from the U.S. Census Bureau and found that workers experienced a reduction in work hours and stagnation in wages despite an increase in labor productivity.

TL;DR: The authors found that on average, analysts place larger than efficient weights on (i.e., they overweight) their private information when they forecast corporate earnings, and that the deviation from efficient weighting increases when the benefits from doing so are high or when the costs of doing so were low.

TL;DR: This paper studied how hedge fund activism reshapes corporate innovation and found that firms targeted by hedge fund activists experience an improvement in innovation efficiency during the five-year period following the intervention, despite a tightening in R&D expenditures.

TL;DR: In this paper, the long-term effect of hedge fund activism on firm productivity using plant-level information from the U.S. Census Bureau is studied, showing that plants sold after hedge fund intervention improve productivity significantly under new ownership, suggesting that capital redeployment is an important channel for value creation.

TL;DR: In this paper, the authors studied the "confidential holdings" of institutional investors, especially hedge funds, where the quarter end equity holdings are disclosed with a delay through amendments to Form 13F and are usually excluded from the standard databases.