This paper is the first to present a two-stage peer group benchmarking approach to evaluate the performance of hedge funds. We present different ways of orthogonalizing the peer group benchark and discuss their propperties in general. We propose to orthogonalize the benchmark against all other...

This paper is the first to present a two-stage peer group benchmarking approach to evaluate the performance of hedge funds. We present different ways of orthogonalizing the peer group benchmarks and discuss their general properties. We then orthogonalize the relevant benchmarks against...

In der Schriftenreihe 20 werden zwei Ausgangspunkte miteinander verschränkt: Auf der einen Seite wird von der Gemeinwesenarbeit (GWA) historisch-systematisch auf demokratierelevante Aspekte geschlossen und auf der anderen Seite wird von aktuellen Demokratiediskursen auf die GWA geblickt. Aus...

Using a proprietary dataset of daily mutual fund trades, we document strong evidence of manager skills in the Finnish market for both buys and sells. We find that manager's risk-adjusted outperformance lasts up to five days. Additionally, we find that the capital-weighted average of trade...

This paper evaluates fund managers’ trading skills using a novel dataset of daily mutual fund transactions. We document strong evidence of short term trading performance for both buys and sells lasting up to one month. By establishing a link between a fund’s trades, holdings, and reported...