Numerous hedge funds stop reporting to commercial databases each year. An issue for hedgefund performance estimation is: what delisting return to attribute to such funds? This would be particularly problematic if delisting returns are typically very different from continuing funds' returns. In...

The paper investigates the strategic behavior of hedge fund families. It focuses on decisions to start and liquidate family-member funds. Hedge fund families tend to liquidate funds that underperform compared to other member funds, and to replace them by new ones. By choosing a launch time after...

Various studies have analyzed the determinants of hedge fund performance. The majority of them, however, come to contradictory conclusions with respect to the direction of influence of different factors on fund performance. The key reason for the inconsistencies is the highly dynamic nature of...

This paper investigates the information content of aggregate hedge fund flow and its predictive power with respect to bond yields. Using a sample of 9,725 hedge funds from 1994 to 2012, we find that fund flow is negatively related to the changes in 10-year Treasury and Moody's Baa bond yields...

Hedge funds earn positive ex-post abnormal returns and avoid negative abnormal returns on their equity portfolios when trading in the opposite direction of highly-diversified low-turnover institutional investors (quasi-indexers). This pattern is pronounced for short- and long-term holding...

Using a sample of mergers and acquisitions (M&As) from 1995 to 2009, we find that the proportion of cash payment increases with hedge fund holdings in the target firms. This effect is more pronounced when bidder stocks are less liquid, hedge fund shareholders in the target firms have higher...

We examine how childcare inequalities in the home affect the work productivity of women, using unique data on the family structures of hedge fund managers, and the shock from school closures during the COVID-19 lockdowns. We show that funds with female managers miss out on a 7% excess return on...