Hedge Funds and Public Information Acquisition

The authors thank conference participants at the Q Group, the AIM Investment Conference, the American Finance Association, the Northern Finance Association, the Midwest Finance Association, and the Luxembourg Asset Management Summit. The authors thank seminar participants at the University of Delaware, the University of Houston, Rice University, the University of Texas at San Antonio, Virginia Tech, AQR Capital, Blackstone Alternative Asset Management, BMO Asset Management, Cubist Group, Fidelity, Geode Capital, Laurion Capital, Man Numeric, PanAgora Asset Management, Quantitative Management Associates, and Qt Fund. The authors also thank Vikas Agarwal (American Finance Association discussant), Alberto Rossi (AIM discussant), David Schumacher (Northern Finance Association discussant), Denitsa Stefanova (Luxembourg Asset Management Sumit discussant), Wei Wu (Midwest Finance Association discussant), Brian Akins, Yong Chen, Jung-Ho Choi, Patricia Naranjo, Leila Peyravan, K. Ramesh, Brian Rountree, William Rutledge, and James Weston. The authors are grateful to K. Ramesh for providing internet registry data.