This study identifies a previously unreported bias in the TASS database. Owing to a merger with the Tremont database, 60 percent of the funds added to the TASS database between April 1999 and November 2001 are likely to be survivors (i.e., funds that were selected only from funds that were live...

The voluntary nature of hedge fund database reporting creates strategic listing opportunities for hedge funds. However, little is known about how managers list funds across multiple databases or whether investors are fooled by funds' listing decisions. In this paper, we find that hedge funds...