中文摘要
针对银行的对冲基金积极主义使抵押贷款批准率的种族差异下降四个百分点。目标银行的抵押贷款专员更替率上升, 并且在抵押贷款批准率种族差异更大的地区开设新的银行分支机构。我们证明, 这些结果源于对冲基金积极主义者为提高盈利能力以及遵守《社区再投资法》而付出的努力。我们的结果表明, 对冲基金最大化股东价值的激励并不必然对其他利益相关者产生负面影响。
Abstract
The racial disparity in mortgage approval rates decreases by four percentage points as a result of hedge fund activism targeting banks. Target banks experience a higher turnover of mortgage officers and open new bank branches in areas with greater racial disparities in mortgage approval rates. We show that the results are driven by hedge fund activists’ efforts to increase profitability and comply with the community reinvestment act. Our results suggest that hedge funds’ incentives to maximize shareholder value do not necessarily lead to a negative impact on other stakeholders.