Cici, Gjergji; Kempf, Alexander; Pütz, Alexander - 2011 - First Draft: August 2010, This Draft: December 2011
We provide evidence on the valuation of equity positions by hedge fund advisors. Reported valuations deviate from standard valuations based on closing prices from CRSP for roughly seven percent of the positions. These deviations are economically significant for about 25 percent of the hedge fund...
