This paper studies the "confidential holdings" of institutional investors, especially hedge funds, where the quarter-end equity holdings are disclosed with a delay through amendments to the Form 13F and are usually excluded from the standard databases. Evidence supports private information as...

In the rapidly changing business world, only a small percentage of firms are able to survive and prosper despite recessions, industrial evolutions and economic changes. An often-asked question is: What determines a firm’s sustainable competitive advantage? One of the most popular competitive...