Hedge fund teams with heterogeneous educational backgrounds, academic specializations, work experiences, genders, and races, outperform homogeneous teams after adjusting for risk and fund characteristics. An event study of manager team transitions, instrumental variable regressions, and an analysis of managers who simultaneously operate solo- and team-managed funds address endogeneity concerns. Diverse teams deliver superior returns by arbitraging more stock anomalies, avoiding behavioral biases, and minimizing downside risks. Moreover, diversity allows hedge funds to circumvent capacity constraints and generate persistent performance. Our results suggest that diversity adds value in asset management.

中文翻译：

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多元化的对冲基金

具有异质教育背景、学术专业、工作经验、性别和种族的对冲基金团队在调整风险和基金特征后表现优于同质团队。对经理团队转变的事件研究、工具变量回归以及对同时运营单独和团队管理基金的经理的分析解决了内生性问题。多元化的团队通过套利更多的股票异常、避免行为偏差并最大限度地降低下行风险来提供卓越的回报。此外，多样性使对冲基金能够规避能力限制并产生持久的业绩。我们的结果表明，多元化可以增加资产管理的价值。