Active Management

Active Management Research Alliance


As capital markets have continued to evolve the role of active asset management has changed. Increasingly investment decisions are made across a range of liquid, semi-liquid, and illiquid investment vehicles that span public and private markets. The Active Management Research Alliance seeks to better understand how the investment management process is impacted by the increased adoption of “alternative investments.”

The primary area of focus currently is the intersection of public and private markets and the role of hedge funds in the financial intermediation process. The Hedge Fund industry has grown to over 3 trillion USD in assets under management yet research on investment strategies and portfolio benefits related to hedge funds has lagged this growth. The deficit is largely due to low-quality data on funds because of limited public disclosure requirements. AMRA works with industry partners to expand the breadth and depth of hedge fund data available to academic researchers.

Latest Active Management Research

Activism and Empire Building

March 22, 2018

Working Paper

We focus on the role of activists in the market for corporate control and provide evidence that activists curb incentives to engage in empire building acquisitions, limiting the scope of one of the most destructive forces in public companies. More

Governance under the Gun: Spillover Effects of Hedge Fund Activism

December 19, 2017

Working Paper

Hedge fund activism is an important monitoring mechanism associated with substantial improvements in the governance and performance of targets. More

Short Selling Risk

November 15, 2017

Working Paper

Short sellers face unique risks, such as the risk that stock loans become expensive and the risk that stock loans are recalled. More

Who We Are

Alon Brav

Peterjohn-Richards Professor of Finance, Duke University Fuqua School

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Randy Cohen

Senior Lecturer, Harvard Business School

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Arpit Gupta

Assistant Professor, NYU Stern School of Business

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Wei Jiang

Burns Professor of Free and Competitive Enterprise, Columbia Business School

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Bryan Kelly

Professor of Finance, Yale School of Management

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Christian Lundblad

Director, Senior Fellow, IPC; Edward M. O’Herron Distinguished Scholar and Professor of Finance, University of North Carolina, Kenan-Flagler Business School

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Christopher Polk

Professor of Finance, Head of Department at London School of Economics

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Adam Reed

Julian Price Scholar in Finance and Associate Professor of Finance, University of North Carolina, Kenan-Flagler Business School

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