Skill and Luck in Hedge Fund "Diversification

    2008.

    Cited by: 0|Bibtex|Views0|
    Keywords:
    first orderhedge fundsagency costsweed controlagency theory

    Abstract:

    We propose that when existing firms must raise capital to fund a new venture ("diversify"), they are more likely to diversify when they are both lucky and skillful. Firms consider diversifying when they experience extraordinarily strong performance because investors are more willing to invest in a firm's new venture when the firm has perf...More

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