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Offshore Hedge Funds : Survival and Performance 1989-1995
Brown, Stephen J. - 2010
We examine the performance of the offshore hedge fund industry over the period 1989 through 1995 using a database that includes defunct as well as currently operating funds. The industry is characterized by high attrition rates of funds and little evidence of differential manager skill. We...
Persistent link: https://www.econbiz.de/10012763669
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Do Hot Hands Exist Among Hedge Fund Managers? An Empirical Evaluation
Jagannathan, Ravi - 2009
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/10012767433
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The Performance of Hedge Fund Performance Fees
Ben-David, Itzhak; Birru, Justin; Rossi, Andrea - 2022
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/10013309584
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Classification, Detection and Consequences of Data Error : Evidence from the Human Development Index
Wolff, Hendrik - 2010
We measure and examine data error in health, education and income statistics used to construct the Human Development Index. We identify three sources of data error which are due to (i) data updating, (ii) formula revisions and (iii) thresholds to classify a country's development status. We...
Persistent link: https://www.econbiz.de/10013135405
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Trying to Understand the Ppps in Icp2011 : Why are the Results so Different?
Deaton, Angus - 2014
academics in studies of economic growth, particularly through the Penn World Table, and in some cases, to allocate resources … extrapolation of the previous round, ICP 2005. These discrepancies will eventually have important implications for the Penn World … Table, and for international comparisons of living standards. The world according to ICP 2011 looks markedly more equal than …
Persistent link: https://www.econbiz.de/10013052137
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Indirect Incentives of Hedge Fund Managers
Lim, Jongha - 2013
Indirect incentives exist in the money management industry when good current performance increases future inflows of new capital, leading to higher future fees. We quantify the magnitude of indirect performance incentives for hedge fund managers. Flows respond quickly and strongly to performance;...
Persistent link: https://www.econbiz.de/10013084738
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Home Bias and Local Contagion : Evidence from Funds of Hedge Funds
Sialm, Clemens - 2013
This paper analyzes the geographical preferences of hedge fund investors and the implication of these preferences for hedge fund performance. We find that funds of hedge funds overweight their investments in hedge funds located in the same geographical areas and that funds of funds with a...
Persistent link: https://www.econbiz.de/10013073953
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Hedge Funds as Liquidity Providers : Evidence from the Lehman Bankruptcy
Aragon, George O. - 2009
Using the September 15, 2008 bankruptcy of Lehman Brothers as an exogenous shock to funding costs, we show that hedge funds act as liquidity providers. Hedge funds using Lehman as prime broker could not trade after the bankruptcy, and these funds failed twice as often as otherwise-similar funds...
Persistent link: https://www.econbiz.de/10013156424
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Managing Public Investment Funds : Best Practices and New Challenges
Mitchell, Olivia S. - 2008
Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and...
Persistent link: https://www.econbiz.de/10012771671
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Artificial Intelligence and the Modern Productivity Paradox : A Clash of Expectations and Statistics
Brynjolfsson, Erik - 2017
We live in an age of paradox. Systems using artificial intelligence match or surpass human level performance in more and more domains, leveraging rapid advances in other technologies and driving soaring stock prices. Yet measured productivity growth has declined by half over the past decade, and...
Persistent link: https://www.econbiz.de/10012944144