Do Hedge Funds Strategically Misreport Their Holdings? Evidence from 13F Restatements

The authors are grateful for helpful suggestions and comments from Editor Kay Giesecke, the associate editor, and two anonymous reviewers. The authors have also benefited from discussions with Vikas Agarwal, Jeffrey Burks (discussant), Shuaiyu Chen (discussant), Peter Easton (discussant), Slava Fos (discussant), Will Gerken, Michael Hertzel (discussant), Byoung Kang, Jonathan Karpoff, Tanja Kirmse (discussant), Juhani Linnainmaa, Quoc Nguyen, Veronica Pool, Stephan Siegel, Yuehua Tang, and Florian Weigert (discussant) and comments and suggestions from participants in seminars and conferences at the 2023 Securities and Exchange Commission (SEC) Conference on Financial Market Regulation, the 2023 Lapland Investment Fund Summit, the 2022 Conference on Financial Economics and Accounting, the 2022 Eastern Finance Association Meeting, the 2022 Financial Accounting and Reporting Section (FARS) Midyear Meeting, the 2022 Northern Finance Association meetings, the Texas A&M Young Scholars Finance Consortium, Aalto University, the Central University of Finance and Economics, DePaul University, Johns Hopkins University, Louisiana State University, the University of Notre Dame, the University of South Carolina, the University of Washington, and the University of Wisconsin–Milwaukee. The usual disclaimer applies.