Strategic (Inconsistent) Disclosures and Sophisticated Investors: Evidence from Hedge Funds
ABSTRACT Recent SEC regulations require that qualified hedge fund advisers provide their investors with narrative disclosures of their business and operations. We find that 40% of these disclosures omit or de‐emphasize information regarding advisers' operational and investment risks when compared to other sources of public information. Funds with such “
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Erik Steinmetz +3 more
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