Diverse Hedge Funds
研究发现，教育背景、专业、工作经验、性别和种族多元化的对冲基金团队，在调整风险后业绩优于同质化团队，通过套利更多股票异象、避免行为偏差和降低下行风险实现超额收益。
Abstract Hedge fund teams with heterogeneous educational backgrounds, academic specializations, work experiences, genders, and races, outperform homogeneous teams after adjusting for risk and fund characteristics. An event study of manager team transitions, instrumental variable regressions, and an analysis of managers who simultaneously operate solo- and team-managed funds address endogeneity concerns. Diverse teams deliver superior returns by arbitraging more stock anomalies, avoiding behavioral biases, and minimizing downside risks. Moreover, diversity allows hedge funds to circumvent capacity constraints and generate persistent performance. Our results suggest that diversity adds value in asset management. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online