liquidating in this category increases. We interpret this finding as a result of competition among hedge funds in a category. As … competition increases, marginal funds are more likely to be liquidated than funds that deliver superior risk-adjusted returns. We …, competition, market impact, and favorable category positioning that are modeled in the paper. Hedge funds in capacity constrained …

exogenous shock to product market competition around the 9/11 terrorist attacks support this finding. Managers with larger bets … superior innovators, and more actively avoid competition within their portfolio. My findings show how managers with a superior …

exogenous shock to productmarket competition around the 9/11 terrorist attacks support this finding. Managers withlarger bets on … innovators, and more actively avoid competition within their portfolio. My findings show how managers with a superior …