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Table 5 Benchmark-adjusted buy-and-hold returns

From: Hedge funds versus private equity funds as shareholder activists in Germany — differences in value creation

  150-Day Holding Period 200-Day Holding Period 250-Day Holding Period
Entire Sample BHARs      
 Mean 1.44% 1.92% −0.51%
 Median −4.71%*** −8.04%*** −9.58%***
Private Equity Subsample BHARs      
 Mean 4.11% 4.10% 3.25%
 Median −0.61%** 1.15% −2.47%**
Hedge Fund Subsample BHARs      
 Mean −0.2% 3.50% −1.02%
 Median −11.95% −14.61% −21.46%***
Test for Differences of the Private Equity and Hedge Fund Subsample BHARs …
 …Mean −0.546 0.032 −0.371
 …Median −1.217 −1.367 −1.732**
  1. This table reports the benchmark-adjusted buy-and-hold returns (BHARs) for 150-, 200-, and 250-day holding periods (CDAX® is the corresponding benchmark). The entire sample includes all hedge fund and private equity events (n = 226); the private equity subsample covers private equity events without affiliated companies (n = 108); and the hedge fund subsample covers hedge fund events (n = 67). The mean (t-test) and median (Wilcoxon rank sum test) BHARs for all holding periods are tested versus difference from zero. The test for differences analyzes differences between the mean and median BHARs of the private equity and hedge fund subsamples.
  2. ***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively.