{"title":"COVID-19 and hedge fund equity ownership","authors":"Laleh Samarbakhsh, Amanjot Singh","doi":"10.1111/irfi.12370","DOIUrl":null,"url":null,"abstract":"<p>This study investigates hedge funds equity ownership in light of the COVID-19 pandemic. Using the merged dataset of Lipper TASS hedge funds and the corresponding 13F filings, we find that with the start of the pandemic, hedge funds increased their equity ownership toward firms with less financial constraints, such as larger firms, firms with lower leverage, and more profitability. Moreover, hedge funds increased their ownership in firms which had higher overall risk (political and non-political), and lower overall sentiment. Hedge funds also care about firms' exposure/sensitivity toward different political issues such as health care, technology & infrastructure, and security & defense. This suggests that hedge funds seek equity ownership in riskier stocks as a result of pandemic uncertainties.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 2","pages":"356-364"},"PeriodicalIF":1.8000,"publicationDate":"2021-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12370","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Finance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/irfi.12370","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 1
Abstract
This study investigates hedge funds equity ownership in light of the COVID-19 pandemic. Using the merged dataset of Lipper TASS hedge funds and the corresponding 13F filings, we find that with the start of the pandemic, hedge funds increased their equity ownership toward firms with less financial constraints, such as larger firms, firms with lower leverage, and more profitability. Moreover, hedge funds increased their ownership in firms which had higher overall risk (political and non-political), and lower overall sentiment. Hedge funds also care about firms' exposure/sensitivity toward different political issues such as health care, technology & infrastructure, and security & defense. This suggests that hedge funds seek equity ownership in riskier stocks as a result of pandemic uncertainties.
期刊介绍：
The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.
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