For funds with high incentives and more opportunities to inflate returns, we find that (i) returns during December are significantly higher than returns during the rest of the year, even after controlling for risk in both the time series and the cross-section; and (ii) this December spike is...

For funds with greater incentives and greater opportunities to inflate returns, we find that (i) returns during December are significantly higher than those during the rest of the year even after controlling for risk in both time-series and the cross-section; (ii) this December spike is greater...

Using a comprehensive hedge fund database, we examine the role of managerial incentives and discretion in hedge fund performance. Hedge funds with greater managerial incentives, proxied by the delta of the option-like incentive fee contracts, higher levels of managerial ownership, and the...

Dieses Papier untersucht vier Themenbereiche: Erstens werden die Determinanten der Netto-Zuflüsse in Hedgefonds untersucht. Zweitens betrachten wir die Anreize für das Management von Hedgefonds. Drittens untersuchen wir das Verhalten von Hedgefondsinvestoren. Schliesslich betrachten wir, was...

Dieses Papier beschäftigt sich mit der Performance US-amerikanischer Hedgefonds. DieAutoren widmen sich dabei insbesondere dem Phänomen, dass die durchschnittliche Renditevon Hedgefonds im Dezember signifikant höher ausfällt als die durchschnittlicheMonatsrendite von Januar bis November....

Using a comprehensive hedge fund database, we examine the role of managerial incentivesand discretion in hedge fund performance. Hedge funds with greater managerial incentives,proxied by delta of option-like incentive fee contracts, managerial ownership, and high-watermark provisions, are...

For funds with greater incentives and greater opportunities to inflate returns, we find that (i) returns during December are significantly higher than those during the rest of the year even after controlling for risk in both time-series and the cross-section; (ii) this December spike is greater...

Using a comprehensive hedge fund database, we examine the role of managerial incentives and discretion in hedge fund performance. Hedge funds with greater managerial incentives, proxied by the delta of the option-like incentive fee contracts, higher levels of managerial ownership, and the...