-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using … return on equity (ROE) to economic value added (EVA) when evaluating SOE performance. This EVA policy adopts a one …-specific costs of capital. We show that SOEs did respond to the performance evaluation reform by altering their investment decisions …

We examine the performance of the offshore hedge fund industry over the period 1989 through 1995 using a database that … little evidence of differential manager skill. We develop endogenous style categories for relative fund performance measures …