Sensation Seeking and Hedge Funds
研究发现，追求感觉刺激的对冲基金经理（如拥有跑车者）承担更多投资风险，但并未获得更高回报，导致夏普比率、信息比率和阿尔法值更低；同时，感觉寻求型投资者也助长了对这类经理的需求。
ABSTRACT We show that, motivated by sensation seeking, hedge fund managers who own powerful sports cars take on more investment risk but do not deliver higher returns, resulting in lower Sharpe ratios, information ratios, and alphas. Moreover, sensation‐seeking managers trade more frequently, actively, and unconventionally, and prefer lottery‐like stocks. We show further that some investors are themselves susceptible to sensation seeking and that sensation‐seeking investors fuel the demand for sensation‐seeking managers. While investors perceive sensation seekers to be less competent, they do not fully appreciate the superior investment skills of sensation‐avoiding fund managers.