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

Informed Trading Volume and Asset Prices: The Role for Aggressive Investors

November 15, 2017

Working Paper

We examine the trading behavior of particularly aggressive investors, those who contribute the most to daily trading volume, and provide new evidence that is consistent with the presence of informational advantages. More

Who We Are

Alon Brav

Peterjohn-Richards Professor of Finance, Duke University Fuqua School

More

Randy Cohen

Senior Lecturer, Harvard Business School

More

Arpit Gupta

Assistant Professor, NYU Stern School of Business

More

Wei Jiang

Burns Professor of Free and Competitive Enterprise, Columbia Business School

More

Russell Wermers

Bank of America Professor of Finance & Director, Center for Financial Policy, University of Maryland

More

Christian Lundblad

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

More

Christopher Polk

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

More

Adam Reed

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

More