Hedge-Fund Activism Wins Plaudits, But the Focus Is Really on Firms' Cash.

Focuses on the cash holdings of corporations and hedge funds' influence on management to use the money. Indication of hedge funds holding management at some companies accountable for its actions; Statistics indicating that companies are sitting on piles of cash; Reasons why hedge funds want companies to use the cash; Long-term debt-to-equity levels for 2004, indicating that companies don't have enough debt; Comments from B. Espen Eckbo, the founding director of the Center for Corporate Governance at the University of Dartmouth's Tuck School of Business, regarding the impact of risk exposure on CEOs.