This paper provides the first study on how the management structure of hedge funds affects their performance and risk. We show that hedge funds managed by a solo manager (SMHs) earn higher abnormal returns compared to those managed by a team of managers (TMHs), even though SMHs have higher...

Through a novel design to link climate risk and the U.S. firm patents related to climate change mitigation technologies (CCMTs), we find that CCMT innovations generate significant economic value and are effective in mitigating firms’ carbon risk, especially when such risk is high and investor...