This paper shows that financial constraints of corporate activist investors are negatively perceived by the market. By conducting an event study on a sample of 561 Schedule 13(D) filings disclosed by US corporations in the years 1996–2016, abnormal share price reactions in the [−10, $$+$$+3] event window are about 10.8% lower for targets of financially constrained corporate investors. The average abnormal return for all targets is equal to 13.4%. This positive market response suggests that activism results in actual value improvement for the target. Yet, our analyses show that value improvements crucially depend on the investor’s access to external financing.

中文翻译：

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企业激进投资者的财务限制是否被视为负面？

本文表明，企业激进投资者的财务约束被市场负面感知。通过对 1996-2016 年美国公司披露的 561 份附表 13(D) 文件的样本进行事件研究，[−10, $$+$$+3] 事件窗口中的异常股价反应约为 10.8对于财务受限的企业投资者的目标，百分比降低。所有标的的平均超额收益等于 13.4%。这种积极的市场反应表明，激进主义会导致目标的实际价值提高。然而，我们的分析表明，价值提升在很大程度上取决于投资者获得外部融资的机会。