Interplay Between Competition Networks, Strategy Uniqueness, and Hedge Fund Performance
研究对冲基金经理之间的竞争网络如何影响策略独特性和基金绩效，发现网络中心性越高，异常绩效越低，部分原因是策略独特性下降。
ABSTRACT This study investigates the effect of competition networks among hedge fund managers on strategy distinctiveness and fund performance. Using a sample of 2711 US‐based hedge funds from the Lipper TASS database between 1994 and 2018, we construct a hedge fund competition network (HFCN) based on alumni and employment ties derived from LinkedIn profiles. We find that greater centrality in the HFCN, indicating closer proximity to peer competitors, is associated with lower abnormal performance. This effect is partially mediated by a decline in strategy distinctiveness, measured by the Strategy Distinctiveness Index (SDI). Funds with stronger network ties tend to exhibit greater return similarity with peers, suggesting that social proximity encourages strategic conformity. The results are robust across performance metrics, style classifications, and subsamples and are particularly pronounced among managers with strong cognitive profiles.