Hedge Funds and the Technology Bubble
发现对冲基金在科技泡沫期间并未纠正股价，反而重仓科技股，并在下跌前减仓，质疑了理性投机者稳定价格的观点。
ABSTRACT This paper documents that hedge funds did not exert a correcting force on stock prices during the technology bubble. Instead, they were heavily invested in technology stocks. This does not seem to be the result of unawareness of the bubble: Hedge funds captured the upturn, but, by reducing their positions in stocks that were about to decline, avoided much of the downturn. Our findings question the efficient markets notion that rational speculators always stabilize prices. They are consistent with models in which rational investors may prefer to ride bubbles because of predictable investor sentiment and limits to arbitrage.