Immigrants in Finance: Evidence from Hedge Funds

The authors are especially grateful to Lukas Schmid (the department editor), an anonymous associate editor, and two anonymous referees, whose constructive comments and suggestions significantly improved the paper. They also thank Vikas Agarwal, John Bai (discussant), Hendrik Bessembinder, Alon Brav, Stephen Brown (discussant), Stephen Dimmock, Amar Gande, Jiekun Huang, Chotibhak Jotikasthira, Byoung Uk Kang (discussant), Olga Kolokolova, Will Liu, James O’Donovan, Clemens Otto, Yaxuan Qi, Antoinette Schoar, Tao Shu (discussant), Clemens Sialm, Sara Ain Tommar (discussant), Kumar Venkataraman, Florian Weigert (discussant), Xueping Wu, Zhengyang Xu, and Alan Zhang (discussant) as well as seminar participants at the City University of Hong Kong, Singapore Management University, Southern Methodist University, the 2022 Financial Management Association Meetings in Atlanta, the 14th Annual Hedge Fund Conference in Paris, the 2023 Finance Down Under Conference in Melbourne, the 2023 Midwest Finance Association Meetings in Chicago, the 2023 Swiss Society for Financial Market Research Conference in Zurich, the 2023 Financial Intermediation Research Society Conference in Vancouver, and the 2023 China International Conference in Finance in Shanghai for helpful conversations and commentary. An early draft of the paper was titled “Immigrants in Finance.”