Hedge Funds as Investors of Last Resort?

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David J. Brophy; Paige P. Ouimet; Clemens Sialm;
  • Journal: The Review of Financial Studies,volume 22,issue 2 2,pages541-574
  • Related identifiers: doi: 10.1093/rfs/hhl045

Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by re... View more
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