Cao, Charles; Liang, Bing; Lo, Andrew W.; Petrasek, Lubomir - Federal Reserve Board (Board of Governors of the … - 2014
improvements in the informational efficiency of equity prices. The contribution of hedge funds to price efficiency is greater than … the contributions of other types of institutional investors, such as mutual funds or banks. However, stocks held by hedge … funds experienced extreme declines in price efficiency during liquidity crises, most notably in the last quarter of 2008 …