investigate whether Australian hedge fund managers have the ability to outguess the market. Specifically, we test the market … timing and volatility timing skills of fund managers. Our findings show that Australian hedge fund managers do not possess … managers do not have market volatility timing skills, their US counterparts do exhibit such skills. …

direct incentives from incentive fees and managers' personal stakes in the fund. Combining direct and indirect incentives …

managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …

managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …