Careers and Survival: competition and risk in the hedge fund and CTA industry

David Hsieh for his encouragement with the project, Carl Ackerman, Jennifer Carpenter, Ian Domowitz and Steven Heston for their helpful comments, and both Markus Karr and Jeremy Staum for able assistance programming and in preparation of the data. In addition, we acknowledge the contributions of participants at presentations at a December 1997 CBOT conference, the 1999 American Finance Association meetings, the 1999 Asia Pacific Finance Conference, and at seminars given at the University of Colorado Burridge Center, Carnegie Mellon University, International University of Japan, University of Notre Dame, New York Federal Reserve Bank, and Pennsylvania State University. All errors are the sole responsibility of the authors. Careers and Survival: competition and risk in the hedge fund and CTA industry