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Disappearing Discounts: Hedge Fund Activism in Conglomerates

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  • Kim, Sehoon

Abstract

Hedge fund activism removes the diversification discount in targeted conglomerate firms. Targeted conglomerates increase investment in segments with better growth opportunities, while reducing each division's over-reliance on their own cash flow relative to their reliance on cash flows from other segments. These improvements are stronger when firms are ex-ante financially constrained, when CEOs are subsequently replaced by outsiders, and when payout is subsequently increased. Refocusing is no more valuable than increasing internal efficiency. The results are not driven by mean reversion. The results are consistent with hedge funds' skill in unlocking the value of internal capital markets in diversified firms.

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  • Kim, Sehoon, 2020. "Disappearing Discounts: Hedge Fund Activism in Conglomerates," MPRA Paper 100876, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:100876
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    Keywords

    Conglomerates; Corporate Governance; Diversification; Hedge Fund Activism; Internal Capital Markets; Resource Allocation;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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