Information advantage in a global economy : geography, social networks and hedge fund returns
Abstract/Contents
- Abstract
- Recent research finds that information advantage--access to accurate, timely and relevant information--is a key resource in the knowledge economy. Despite this, academics have reached no consensus on the sources of information advantage, proposing various mechanisms ranging from the local (e.g. agglomeration, local social networks) to the global (e.g. fields, pipelines, world cities). Academics have only begun to examine when each of these mechanisms are relevant, which is just as important as how they function. This dissertation addresses this gap, investigating how different mechanisms generate different types of information advantage, and when each is relevant. Although this theory should apply across many different knowledge industries, the dissertation focuses on a manageable empirical scope: the hedge fund industry. This empirical focus matches the theoretical framework, as there are few propositions so universally agreed upon and so little studied as "information flows drive global financial markets". Hedge funds are interesting for both theoretical and substantive reasons. Not only are they extremely sensitive to information advantage, but they also drive a large proportion of securities trading volume worldwide, and relate to systemic financial risks. This dissertation analyzes data from the BarclaysHedge database and the Directory of Corporate Affiliations using hierarchical linear models. The results suggest that specific geographic areas, field-level networks and a "global social capital network" provide different types of information advantage, which are relevant to different types of hedge funds. Overall, this dissertation identifies the hedge funds having information-based competitive advantages, and explains where these advantages come from. These finding not only have theoretical implications, but substantive ones as well.
Description
| Type of resource | text |
|---|---|
| Form | electronic; electronic resource; remote |
| Extent | 1 online resource. |
| Publication date | 2010 |
| Issuance | monographic |
| Language | English |
Creators/Contributors
| Associated with | Choi, Joon Nak |
|---|---|
| Associated with | Stanford University, Department of Sociology. |
| Primary advisor | Granovetter, Mark S |
| Primary advisor | Shin, Gi-Wook |
| Thesis advisor | Granovetter, Mark S |
| Thesis advisor | Shin, Gi-Wook |
| Thesis advisor | Powell, Walter W |
| Advisor | Powell, Walter W |
Subjects
| Genre | Theses |
|---|
Bibliographic information
| Statement of responsibility | Joon Nak Choi. |
|---|---|
| Note | Submitted to the Department of Sociology. |
| Thesis | Ph. D. Stanford University 2010 |
| Location | electronic resource |
Access conditions
- Copyright
- © 2010 by Joon Nak Choi
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