Showing 1 - 10 of 1,604
We provide the first quantitative survey of the empirical literature on hedge fund per- formance. We examine the impact of potential biases on the reported results. Empirical analysis in prior studies has been plagued by fragmentation of underlying data and by lim- ited consensus on how hedge...
Persistent link: https://www.econbiz.de/10013270929
This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the common wisdom that share pledging funds circle back to the listed firms. Share pledging funds are at the discretion of the shareholders who pledge their publicly traded shares, and...
Persistent link: https://www.econbiz.de/10013308433
In recent years, team management has replaced single management to become the dominant management structure in the U.S. mutual fund industry. However, empirical studies on the impacts of team management show mixed results. Using accurate fund manager information from actively-managed equity...
Persistent link: https://www.econbiz.de/10012984998
Investment fund managers make asset allocation decisions on behalf of a significant segment of US households. To elucidate the incentives they operate under, as well as the income and career risks they face, we construct a unique and novel dataset, which encompasses detailed information on the...
Persistent link: https://www.econbiz.de/10014447307
This paper investigates the role of birth order on managerial behavior using rich data on familial background of US mutual fund managers. We find that managers who are born later in the sibling hierarchy take on more investment risks relative to first-born managers, but perform worse. Motivated...
Persistent link: https://www.econbiz.de/10013466616
Persistent link: https://www.econbiz.de/10011583623
I study how mutual funds invest in public U.S. firms where founding family members retain a significant portion of … shares. I posit that informed funds exploit the opaque nature of family firms by holding large positions when they have good … funds offering an institutional class) invest less in family firms than conventional funds. Consistent with the informed …
Persistent link: https://www.econbiz.de/10013049014
Persistent link: https://www.econbiz.de/10012659919
This paper is the first systematic analysis of the impact of diversification on the performance of private equity funds. A unique data set allows the exact evaluation of diversification across the dimensions financing stages, industries, and countries. Very different levels of diversification...
Persistent link: https://www.econbiz.de/10010383033
This paper examines why large PE funds earn lower returns. I argue that large PE-funds are suited to making large investments and small PE-funds are suited to nurturing start-ups. Thus, the sub-optimal investment in small companies is one driver of the size effect in private equity. A...
Persistent link: https://www.econbiz.de/10013116043