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Fang, Jieyan; Kempf, Alexander; Trapp, Monika - Institut für Finanzmarktforschung, Wirtschafts- und … - 2012

We show that fund families allocate their fund managers to different market segments such that their skill is rewarded best. Whether a fund manager's skill is rewarded by higher alpha depends on the efficiency of the market segment in which she works. Even skilled managers can generate alpha...

Persistent link: https://www.econbiz.de/10010957171

On the relative performance of multi-strategy and funds of hedge funds

Agarwal, Vikas; Kale, Jayant R. - Institut für Finanzmarktforschung, Wirtschafts- und … - 2007

. The superior performance of MS funds continues to hold even when we control for fund characteristics such as size … MS funds and FOFs can co-exist in equilibrium in view of the significant differential in performance? We suggest that … ability in MS funds may be the driving force behind their superior performance relative to FOFs. …

Persistent link: https://www.econbiz.de/10010957220

Fund manager allocation

Fang, Jieyan; Kempf, Alexander; Trapp, Monika - Institut für Finanzmarktforschung, Wirtschafts- und … - 2010

We study whether fund families efficiently allocate their fund managers to different market segments. Whether a fund manager can generate alpha simultaneously depends on her skills, and on the efficiency of the market segment in which she is employed. We show that in the more efficient...

Persistent link: https://www.econbiz.de/10008684958

Volatility of aggregate volatility and hedge funds returns

Agarwal, Vikas; Arisoy, Y. Eser; Naik, Narayan Y. - Institut für Finanzmarktforschung, Wirtschafts- und … - 2015

the performance of hedge funds both in the cross-section and over time. We measure uncertainty via volatility of aggregate …

Persistent link: https://www.econbiz.de/10011193684

The impact of work group diversity on performance: Large sample evidence from the mutual fund industry

Bär, Michaela; Niessen, Alexandra; Ruenzi, Stefan - Institut für Finanzmarktforschung, Wirtschafts- und … - 2007

This paper investigates the impact of work group diversity on performance. Analyzing a uniquely large sample of … management teams from the U.S. mutual fund industry we find that the influence of diversity on performance depends on the … dimension of diversity that is analyzed. Informational diversity has a positive impact on performance, which is driven by tenure …

Persistent link: https://www.econbiz.de/10010984845