SSRN-The Behavior of Hedge Funds During Liquidity Crises by Itzhak Ben-David, Francesco Franzoni, Rabih Moussawi

SSRN-The Behavior of Hedge Funds During Liquidity Crises by Itzhak Ben-David, Francesco Franzoni, Rabih Moussawi:From teh Abstract:"On average at the time of a crisis, hedge funds reduce their equity holdings by 9% to 11% per quarter (around 0.3% of total market capitalization). This effect results from large selling by up to a quarter of hedge funds and is not offset by other hedge funds