# Professor Emeritus Stephen Brown's research on hedge funds is referenced

1 Faculty News May 20, 2016 ![Wall Street Journal logo](/sites/default/files/styles/246w/public/assets/images/wsjlogo.jpg?itok=5Qt0z3WX)>

Excerpt from [The Wall Street Journal](http://www.wsj.com/articles/should-you-follow-berkshire-hathaway-into-apple-stock-1463749685) -- "Academics have previously found a more significant two-day effect \[of hedge fund investments on stocks\], but that is for fast-moving day traders, not investors. Over a month, a study a few years ago by [Stephen Brown](http://www.stern.nyu.edu/faculty/bio/stephen-brown) of New York’s Stern School of Business and Christopher Schwarz of the University of California found no impact from 1999 to 2008."

[Read more](http://www.wsj.com/articles/should-you-follow-berkshire-hathaway-into-apple-stock-1463749685)