Recent models and the popular press suggest that large groups of hedge funds follow
similar strategies resulting in crowded equity positions that destabilize markets. Inconsistent …

Our paper analyzes the geographical preferences of hedge fund investors and the
implication of these preferences for hedge fund performance. We find that funds of hedge …

Proliferation of traded derivatives that relate to the same underlying--such as stocks, bonds,
and credit default swaps (CDS) all tied to the value of an underlying firm--raises questions …

We find that the tail risk of a firm's stock returns is positively affected by the tail risk of other
firms held by the same common institutional blockholder (CIB). The CIB peer effect on tail …

A large literature explores whether asset returns comove in excess of what can be explained
by fundamentals, thus suggesting the existence of frictions or behavioral biases. However …

We analyze shareholder activism by “quasi-insiders”: founders, former executives, and other
individuals tangentially connected to a firm. These individuals seek control in their …

A widely held view concerning hedge funds is that they act as a negative disruptive force in
financial markets due to “contagion.” Hedge funds are often viewed as culprits in both the …

This study considers the 'contagion versus interdependence'controversy between hedge
funds and equity markets. We find that contagion effects break down the established …

This thesis investigates the impact of institutional ownership on idiosyncratic volatility in
Scandinavian stocks. The study applies CAPM regression analysis to estimate idiosyncratic …

This thesis is made up of three independent chapters on hedge fund investment and
portfolio management. This thesis aims to shed light on the investment skills of hedge fund …