The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performance
研究对冲基金经理是否因采用独特投资策略而获得更好业绩，提出策略独特性指数（SDI），发现高SDI基金次年风险调整后收益比低SDI基金高3.5%。
We investigate whether skilled hedge fund managers are more likely to pursue unique investment strategies that result in superior performance. We propose a measure of the distinctiveness of a fund's investment strategy based on historical fund return data. We call the measure the "Strategy Distinctiveness Index" (SDI). We document substantial cross-sectional variations as well as strong persistence in SDI. Our main result indicates that, on average, a higher SDI is associated with better subsequent performance. After adjusting for risk, funds in the highest SDI quintile outperform funds in the lowest quintile by 3.5% in the subsequent year. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.