Hedge Fund Boards and the Market for Independent Directors
首次研究对冲基金董事会及其独立董事，发现忙碌的独立董事因声誉资本而成为可信的监督者，能向投资者证明基金质量，且与低欺诈、低流动性滥用和低风险转移相关。
We provide the first examination of hedge fund boards and their directors. The majority of directorships are held by extremely busy independent directors. These directors are sought by funds because they have more reputational capital at stake, making them independent and credible monitors whose presence can certify fund quality to investors. Busy independent directors are more likely to be hired by high-quality funds, and their departure from the board is associated with investor withdrawals. Moreover, funds with busy independent directors are less likely to commit fraud, abuse discretionary liquidity restrictions, or engage in performance-based risk shifting.