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Measuring Institutional Investors’ Skill from Their Investments in Private Equity

Cavagnaro, Daniel R. - 2016

Using a large sample of institutional investors' private equity investments in venture and buyout funds, we estimate the extent to which investors' skill affects returns from private equity investments. We first consider whether investors have differential skill by comparing the distribution of...

Persistent link: https://www.econbiz.de/10012456132

Skin or Skim? Inside Investment and Hedge Fund Performance

Gupta, Arpit - 2019

Hedge fund managers contribute substantial personal capital, or "skin in the game," into their funds. While these … allocations may better align incentives, managers may also strategically allocate their private capital in ways that negatively …

Persistent link: https://www.econbiz.de/10012480059

Hedge Funds : A Dynamic Industry In Transition

Getmansky, Mila - 2015

The hedge-fund industry has grown rapidly over the past two decades, offering investors unique investment opportunities that often reflect more complex risk exposures than those of traditional investments. In this article we present a selective review of the recent academic literature on hedge...

Persistent link: https://www.econbiz.de/10012457219

The Long-Term Effects of Hedge Fund Activism

Bebchuk, Lucian A. - 2015

We test the empirical validity of a claim that has been playing a central role in debates on corporate governance--the claim that interventions by activist hedge funds have a negative effect on the long-term shareholder value and corporate performance. We subject this claim to a comprehensive...

Persistent link: https://www.econbiz.de/10012457440

The Cost of Capital for Alternative Investments

Jurek, Jakub W. - 2013

We document that the risks and pre-fee returns of broad hedge fund indices can be accurately matched with simple equity index put writing strategies, which provide monthly liquidity and complete transparency over their state-contingent payoff profiles. This nonlinear risk exposure combines with...

Persistent link: https://www.econbiz.de/10012459019

Exchange Rates and Wages

Goldberg, Linda - 2001

The effects of exchange rate fluctuations across the population is an important issue for increasingly globalized economies. Previous studies using industry aggregate data have found differences across industries in the labor market implications of exchange rates, reporting that industry wages...

Persistent link: https://www.econbiz.de/10012470592

Behavioral Finance in Corporate Governance - Independent Directors, Non-Executive Chairs, and the Importance of the Devil's Advocate

Morck, Randall - 2004

The Common Law, parliamentary democracy, and academia all institutionalize dissent to check undue obedience to authority; and corporate governance reformers advocate the same in boardrooms. Many corporate governance disasters could often be averted if directors asked hard questions, demanded...

Persistent link: https://www.econbiz.de/10012468049

Investor Behavior and the Purchase of Company Stock in 401(k) Plans - The Importance of Plan Design

Liang, Nellie - 2002

Using panel data for nearly 1,000 companies during 1991 to 2000, this paper documents that the average share of participant's discretionary 401(k) contributions in company stock was almost 20 percent, and then relates this share to plan design features and firm financial characteristics. We find...

Persistent link: https://www.econbiz.de/10012469580

Voting Choice

Malenko, Andrey; Malenko, Nadya - National Bureau of Economic Research - 2023

Traditionally, fund managers cast votes on behalf of investors whose capital they manage. Recently, this system has … come under intense debate given the growing concentration of voting power among a few asset managers and disagreements over … environmental and social issues. Major fund managers now offer their investors a choice: delegate their votes to the fund or cast …

Persistent link: https://www.econbiz.de/10014337868

Robust global mood influences in equity pricing

Dowling, Michael; Lucey, Brian M. - In: Journal of multinational financial management 18 (2008) 2, pp. 145-164

Persistent link: https://www.econbiz.de/10003710618