In the interest of consumer financial protection, most households do not have access to the hedge fund market. We show that this creates an inequality of investment opportunities. Wealthy households can access this market, and while these retail investors behave very differently from...

We provide causal evidence that mandatory portfolio disclosure helps investors evaluate and select hedge fund managers. Using a staggered difference-in-differences analysis, we demonstrate that investor capital flows better predict fund performance among funds that publicly disclose their...