Why do investors entrust active mutual fund managers with large sums of money while receiving negative excess returns … on average? Our explanation is that investors have a coarser information set than fund managers which leads them to … systematically misinterpret managers' skill. When investors are unable to correctly quantify risk because they have no knowledge of …

-skill managers outperform their low-skill peers in the following month in terms of raw returns and alphas. This outperformance is …

managers' strategies, we expect the hedge fund performance is negatively influenced by the EU regulation. Based upon the common …

We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers …. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently …

Dieses Papier untersucht vier Themenbereiche: Erstens werden die Determinanten der Netto-Zuflüsse in Hedgefonds … untersucht. Zweitens betrachten wir die Anreize für das Management von Hedgefonds. Drittens untersuchen wir das Verhalten von …