Showing 1 - 10 of 119
We study the long-run outcomes associated with hedge funds' compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual rate (i.e., around 50% instead of 20%). Overall, investors collected 36 cents for every dollar earned on...
Persistent link: https://www.econbiz.de/10012481649
We examine whether hot hands exist among hedge fund managers. In measuring performance persistence, we use hedge fund style benchmarks. This allows us to identify managers with valuable skills, and also to control for option-like features inherent in returns from hedge fund strategies. We take...
Persistent link: https://www.econbiz.de/10012466656
We build a model of online behavioral manipulation driven by AI advances. A platform dynamically offers one of n … behavioral manipulation. We establish that AI benefits consumers when glossiness is short-lived. In contrast, when glossiness is … long-lived, users suffer because of behavioral manipulation. Finally, as the number of products increases, the platform can …
Persistent link: https://www.econbiz.de/10014437003
Insiders can artificially deflect the market prices of financial instruments from their full-information or inside value' by issuing deceptive accounting reports. Incentive support for disinformational activity comes through forms of compensation that allow corporate insiders to profit...
Persistent link: https://www.econbiz.de/10012469064
We propose a novel, risk-based transmission mechanism for the effects of currency manipulation: policies that …
Persistent link: https://www.econbiz.de/10012455890
dataset of buyout and venture funds, we test for the presence of reported return manipulation. We find evidence that some … unlikely to raise a next fund, suggesting that investors see through much of the manipulation. In contrast, we find that top …
Persistent link: https://www.econbiz.de/10012456184
We examine the long-term consequences of teacher discretion in grading of high-stakes tests. Bunching in Swedish math test score distributions reveal that teachers inflate students who have "a bad test day," but do not to discriminate based on immigrant status or gender. By developing a new...
Persistent link: https://www.econbiz.de/10012456468
- the Regents Examinations - led to the systematic manipulation of test sores just below important proficiency cutoffs. Our … manipulation in aggregate due to the greater density of these students near the proficiency cutoffs. Exploiting a series of reforms … that eliminated score manipulation, we find that inflating a student's score to fall just above a cutoff increases his or …
Persistent link: https://www.econbiz.de/10012456510
survey-based experiment obtained during a period of government manipulation of inflation statistics in Argentina (2006 …
Persistent link: https://www.econbiz.de/10012456571
We study whether actions are justified by beliefs, as is usually assumed, or whether beliefs are justified by actions. In our experiment, subjects participate in a trust game, after which they have an opportunity to state their beliefs about their opponent's actions. Subsequently, subjects...
Persistent link: https://www.econbiz.de/10012458016