In this paper, we examine the input-output efficiency of United Kingdom CPA firms using the Data Envelopment Analysis (DEA) approach. We find that a majority of CPA firms in the United Kingdom appear not to be efficient on a yearly basis, and we further find no evidence of persistent efficiency...

The global financial crisis of 2008-2009 precipitated one of the longest IPO “droughts” in history; from September 2008 until May 2009 only eight new issues came to market in the United States. While the phenomenon of hot- and cold-IPO market cycles has been widely documented, there has been...

This paper attempts to determine whether exchange-listed hedge funds experience longer lifetimes than non-listed funds, even after factors known to affect survival, such as size and performance, are considered. The Kaplan-Meier estimator is used to compare survival times of listed and non-listed...

This paper uses copulas to model the joint survival within the groups of hedge funds and funds of funds managed by the same manager. Given their skewed distribution, a simple survival analysis based on linearity assumptions may fail to fully capture the dependence caused by extreme events in the...

Samuelson (1967) argues that as a general matter it is easy to show that investors should be maximally diversified. For this reason many institutions are attracted to diversified portfolios of hedge funds, referred to as Funds of Hedge Funds (FOFs). In this paper we examine a new database that...