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The Life Cycle of Hedge Funds : Fund Flows, Size, Competition, and Performance
Getmansky Sherman, Mila - 2012
liquidating in this category increases. We interpret this finding as a result of competition among hedge funds in a category. As … competition increases, marginal funds are more likely to be liquidated than funds that deliver superior risk-adjusted returns. We …, competition, market impact, and favorable category positioning that are modeled in the paper. Hedge funds in capacity constrained …
Persistent link: https://www.econbiz.de/10013105104
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The Performance Life Cycle of Hedge Funds : Can Investors Achieve Lasting Performance?
Gao, Chao - 2019
We examine the performance life cycle of hedge funds. Performance declines with age are pervasive, not just for the average fund, but also for past winners and for funds with characteristics that predict cross-sectional returns. Fund growth and decreasing performance incentives appear to...
Persistent link: https://www.econbiz.de/10012899455
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Hedge fund alphas : do they reflect managerial skills or mere compensation for liquidity risk bearing?
Gibson, Rajna; Wang, Songtao - 2008
This article analyzes the effect of liquidity risk on the performance of various hedge fund portfolio strategies. Similarly to Avramov et al. (2007), we find that, before accounting for the effect of liquidity risk, hedge fund portfolios that incorporate predictability in managerial skills...
Persistent link: https://www.econbiz.de/10003966170
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Institutional Investors and Hedge Fund Activism
Kedia, Simi - 2020
Hedge fund activists have ambiguous relationships with the institutional shareholders in their target firms. While some support their activities, others counter their actions. Due to their relatively small holdings in target firms, the activists typically need the cooperation of other...
Persistent link: https://www.econbiz.de/10012838812
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Hedge Fund Activism in the Corporate Bond Market : Evidence from Bondholders’ Responses to Delay in Financial Reporting
Gao, Yu - 2018
We investigate hedge fund activism in the corporate bond market. The empirical setting we use is the active enforcement of bondholders' rights during 2003-07 triggered by issuers' violation of a standard bond covenant requiring timely financial reporting. Specifically, we examine differences in...
Persistent link: https://www.econbiz.de/10012921248
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Dissatisfied Investors and Hedge Fund Activism
He, Yazhou - 2018
This paper utilizes a rich literature on institutional investors' governance roles and develops simple measures of institutional discontent expressed through holding, trading and voice channels to predict hedge fund activism target selection. Discontent expressed through all three channels leads...
Persistent link: https://www.econbiz.de/10012932808
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Disagreement between Hedge Funds and Other Institutional Investors and the Cross-Section of Expected Stock Returns
Caglayan, Mustafa Onur; Celiker, Umut; Sonaer, Gokhan - 2021
We find that strong disagreements between hedge funds and other institutions in their common stock trades are twice as likely as agreements. The overall success of hedge funds’ trades is confined to disagreement stocks. While hedge funds are on average positive feedback traders, albeit weaker...
Persistent link: https://www.econbiz.de/10013246743
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Institutional investors and hedge fund activism
Kedia, Simi; Starks, Laura T.; Wang, Xianjue - In: The review of corporate finance studies : RCFS 10 (2021) 1, pp. 1-43
Persistent link: https://www.econbiz.de/10012504480
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Estimating hedge fund leverage
McGuire, Patrick M.; Tsatsaronis, Kostas - 2008
Persistent link: https://www.econbiz.de/10003773562
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Hedge fund stock trading in the financial crisis of 2007 - 2009
Ben-David, Itzhak; Franzoni, Francesco; Moussawi, Rabih - 2011 - Revision: August 2011
Persistent link: https://www.econbiz.de/10003936388