Hedge funds have started to play an important role in financial
markets during the last decade. They have affected important
aspects of financial intermediation such as asset allocation
decisions and corporate governance. Julian Holler provides an
excellent theoretical and empirical analysis of these issues. His
analysis offers strong support that hedge funds enable investors to
improve asset allocation decisions. Consequently, hedge funds are
an interesting alternative asset class for institutional investors.
In contrast to results for the U.S. capital market his research
provides evidence that hedge fund activism does not persistently
increase the value of firms in Germany. This result suggests that
the institutional environment has a strong influence on the
effectiveness of corporate governance mechanisms.
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