Change You Can Believe In? Hedge Fund Data Revisions
研究对冲基金自愿披露的财务信息可靠性，发现历史业绩数据经常被修订，且修订可预测，修订基金表现更差，为投资者提供有用信息。
ABSTRACT We analyze the reliability of voluntary disclosures of financial information, focusing on widely‐employed publicly‐available hedge fund databases. Tracking changes to statements of historical performance recorded between 2007 and 2011, we find that historical returns are routinely revised. These revisions are not merely random or corrections of earlier mistakes; they are partly forecastable by fund characteristics. Funds that revise their performance histories significantly and predictably underperform those that have never revised, suggesting that unreliable disclosures constitute a valuable source of information for investors. These results speak to current debates about mandatory disclosures by financial institutions to market regulators.