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Dancing with the Stars : Innovation Through Interactions
Akcigit, Ufuk - 2018
An inventor's own knowledge is a key input in the innovation process. This knowledge can be built by interacting with … of our new innovation-led endogenous growth model, in which innovations are produced by heterogeneous research teams of … model nests inside the innovation-based endogenous growth model. We estimate the model, which fits the data very closely …
Persistent link: https://www.econbiz.de/10012453248
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Are Hospital Quality Indicators Causal?
Chandra, Amitabh; Dalton, Maurice; Staiger, Douglas - National Bureau of Economic Research - 2023
Hospitals play a key role in patient outcomes and spending, but efforts to improve their quality are hindered because we do not know whether hospital quality indicators are causal or biased. We evaluate the validity of commonly used quality indicators, such as mortality, readmissions, inpatient...
Persistent link: https://www.econbiz.de/10014421215
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Bayesian Performance Evaluation
Baks, Klaas - 1999
This paper proposes a Bayesian method of performance evaluation for investment managers. We begin with a flexible set of prior beliefs that can be elicited without any reference to probability distributions or their parameters. We then combine these prior beliefs with a general multi-factor...
Persistent link: https://www.econbiz.de/10012471727
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Offshore Hedge Funds : Survival and Performance 1989-1995
Brown, Stephen J. - 1997
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/10012472919
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Private Equity Indices Based on Secondary Market Transactions
Boyer, Brian - 2018
Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund's final distribution. We propose a new approach to evaluating performance using actual prices paid...
Persistent link: https://www.econbiz.de/10012480859
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Mutual Fund Performance and Flows During the COVID-19 Crisis
Pastor, Lubos - 2020
We present a comprehensive analysis of the performance and flows of U.S. actively-managed equity mutual funds during the COVID-19 crisis of 2020. We find that most active funds underperform passive benchmarks during the crisis, contradicting a popular hypothesis. Funds with high sustainability...
Persistent link: https://www.econbiz.de/10012481406
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The Performance of Hedge Fund Performance Fees
Ben-David, Itzhak - 2020
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
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Private Equity and COVID-19
Gompers, Paul A. - 2020
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to maximize value, their actions...
Persistent link: https://www.econbiz.de/10012482108
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An Analysis of the Performance of Target Date Funds
Shoven, John B. - 2020
This paper presents a thorough evaluation of target date funds for the period 2010-2020. These funds have grown enormously in assets, reaching $1.4 trillion by the end of 2019. They account for approximately 24 percent of all of the assets in 401(k) accounts. The paper reports on the results of...
Persistent link: https://www.econbiz.de/10012482191
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A Panel Regression Approach to Holdings-based Fund Performance Measures
Ferson, Wayne E. - 2020
Portfolio performance measures using holdings data are panel regressions. The returns of a fund's stocks are regressed on its lagged portfolio weights. Stock fixed effects isolate average performance from time-series predictive ability. Control variables condition fund performance on the...
Persistent link: https://www.econbiz.de/10012482457