This paper analyses the impact of activist hedge funds (AHFs) on post-merger workforce downsizing and operating performance. AHFs have been widely criticized for achieving short-term gains at the expense of other stakeholders, such as employees. The results show that AHF ownership and presence in acquiring firms is a significant determinant of post-merger employment reductions. There is little evidence that these mergers and acquisitions have better operating performance relative to other takeovers. However, there is a negative effect of AHF ownership on labour productivity. Overall, the results are consistent with the view that AHF involvement in takeovers does not lead to sustained gains in performance.

中文翻译：

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激进对冲基金和收购：它们对就业和绩效的影响

本文分析了激进对冲基金 (AHF) 对合并后劳动力缩减和经营业绩的影响。AHF 因牺牲其他利益相关者（例如员工）的利益而获得短期收益而受到广泛批评。结果表明，AHF 的所有权和在收购公司中的存在是合并后就业减少的重要决定因素。几乎没有证据表明这些并购相对于其他收购具有更好的经营业绩。然而，AHF 所有权对劳动生产率有负面影响。总体而言，结果与 AHF 参与收购不会导致业绩持续增长的观点一致。