Hong, Xin - In: Journal of Banking & Finance 49 (2014) C, pp. 82-99
Nearly one in five hedge funds change their share restrictions (e.g., lockup) from 2007 to 2012. Using a large panel … changes. We find that funds with high asset liquidity and low liquidity risk are more likely to decrease share restrictions … and funds with good performance are more likely to increase share restrictions. A hazard model indicates that funds who …