Investor Protection and Capital Fragility: Evidence from Hedge Funds around the World
研究发现，在投资者保护较弱的国家，对冲基金业绩差时资本流出更敏感，且基金经理更可能操纵回报，这对跨境投资者和监管者有参考价值。
Abstract We find that capital flows to hedge funds in different countries are influenced by the strength and the enforcement of investor protection laws. Hedge funds located in weak investor protection countries exhibit greater sensitivity of investor outflow to poor performance, relative to funds in countries with strong protection. Furthermore, weak investor protection is associated with fund managers engaging in greater returns management. Our findings suggest that in countries with weaker investor protection, poor fund performance exposes investors to a greater risk of fraud and legal jeopardy, thus triggering a larger outflow of capital.