1 The Road Less Traveled : Strategy Distinctiveness and Hedge Fund Performance

@inproceedings{Sun20091TR,
  title={1 The Road Less Traveled : Strategy Distinctiveness and Hedge Fund Performance},
  author={Zheng Sun and Ashley Wang and Lu Zheng},
  year={2009}
}
Basic economic principles suggest that a well-known trading strategy offers little economic profit. In this paper, 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. Specifically, we examine the extent to which a fund’s returns differ from those of its peer funds. We call the measure the… CONTINUE READING
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