The Strategic Listing Decisions of Hedge Funds
研究发现对冲基金策略性地将小型、业绩最好的基金立即在多个数据库上市，而保留其他基金后续上市的选择权；投资者总体上能理性应对这些上市决策。
Abstract The voluntary nature of hedge fund database reporting creates strategic listing opportunities for hedge funds. However, little is known about how managers list funds across multiple databases or whether investors are fooled by funds’ listing decisions. In this paper, we find that hedge funds strategically list their small, best-performing funds in multiple outlets immediately while preserving the option to list their other funds in additional databases later. We generally find that investors react rationally to these fund listings based on the predictability of performance. Finally, our results lead to specific guidelines on handling backfilled returns to minimize biases.