Long Short Equity Hedged position sizing

Hi all,

As a bit of background, I am a soon to be qualified (chartered) accountant in the UK working primarily in audit.

In my spare time I run an equity hedged long short strategy. So far it is successful based on the factors I wish to exploit, but I am always on the lookout for additional strategies and improvements to my current strategies.

That being said, I would like to discuss position sizing.

In particular, I currently use dollar neutral position sizing. I am not interested in beta neutral position sizing as I am not convinced it works, nor that it would accurately eliminate market exposure.

Instead I have done lots of reading recently that uses exponentially weighted moving average of volatility to set position sizes, for example to standardise risk across a basket of commodity positions. How does this work in equities, does anyone have any experience? Is it likely to improve risk adjusted returns? Are there any research papers on the subject? I can certainly see the benefits of ensuring I am not overweighting extremely volatile stocks, but also I see that it would reduce exposure after large moves which tends to be a good thing, especially on short side trades.

Thanks