Competition Scale and Hedge Fund Performance : Evidence from Merger Arbitrage

The study explores the impact of sector and individual fund's size on performance. We demonstrate that alpha is related to demand for arbitrage capital as much as to its supply. Sector size affects alpha via price impact channel: larger scale depresses merger arbitrage spreads, thus lowering alpha. While we find that fund size has no impact on alpha, managerial skill has an economically significant impact of funds' performance

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Year of publication:	2019
Authors:	Rzakhanov, Zaur
Other Persons:	Jetley, Gaurav (contributor)
Publisher:	[2019]: [S.l.] : SSRN
Subject:	Hedgefonds \| Hedge fund \| Fusion \| Merger \| Arbitrage \| Übernahme \| Takeover \| Performance-Messung \| Performance measurement

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Extent:	1 Online-Ressource (15 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Journal of Economics and Business, No. 105, 2019 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 2019 erstellt
Classification:	G11 - Portfolio Choice ; G23 - Pension Funds; Other Private Financial Institutions
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012861860