Stefanova, Denitsa; Siegmann, Arjen; Zamojski, Marcin - Luxembourg School of Finance, Faculté de droit, … - 2014
We study first-mover advantages in the hedge fund industry by clustering hedge funds based on the type of assets and … higher excess returns, longer survival, higher incentive fees and lower management fees compared to funds that arrive later … management fees. Cross-sectional regressions show that the outperformance of innovating funds are declining with age. The results …