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Do Prime Brokers Matter in the Search for Informed Hedge Fund Managers?
Aragon, George O. - 2020
Using the setting of funds of hedge funds (FoFs), we show that prime brokers (PBs) facilitate investors' search for informed hedge fund managers. We find that FoFs exhibit PB bias, a disproportionate preference for hedge funds serviced by their connected PBs. This PB bias is stronger when the...
Persistent link: https://www.econbiz.de/10012846831
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Prime-broker-level comovement in hedge fund returns : information or contagion?
Chung, Ji-Woong; Kang, Byoung Uk - In: The review of financial studies 29 (2016) 12, pp. 3321-3353
Persistent link: https://www.econbiz.de/10011620077
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Incentives and Endogenous Risk Taking : A Structural View of Hedge Funds Alphas
Buraschi, Andrea - 2013
Hedge fund managers are subject to several non-linear incentives: (a) performance fee options (call); (b) equity investor's redemption options (put); (c) prime broker contracts allowing for forced deleverage (put). The interaction of these option-like incentives affects optimal leverage ex-ante,...
Persistent link: https://www.econbiz.de/10013093719
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Incentives and Endogenous Risk Taking : A Structural View of Hedge Funds Alphas
Buraschi, Andrea - 2015
Hedge fund managers are subject to several non-linear incentives: (a) performance fee options (call); (b) equity investor's redemption options (put); (c) prime broker contracts allowing for forced deleverage (put). The interaction of these option-like incentives affects optimal leverage ex-ante,...
Persistent link: https://www.econbiz.de/10013035065
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Hedge Fund Flows and Performance Streaks : How Investors Weigh Information
Baquero, Guillermo - 2015
We examine the relative weights hedge fund investors attach to past information in the fund selection process. The … information. Our findings do not support the notion that sophisticated investors have superior information or superior information …
Persistent link: https://www.econbiz.de/10013029677
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Decreasing Returns to Scale, Fund Flows, and Performance
Harvey, Campbell R. - 2019
Theoretical models imply fund size and performance should be negatively linked. However, empiricists have failed to uncover consistent support for this negative relation. Using a new econometric framework which includes fund-specific sensitivities to decreasing returns to scale, we find a both...
Persistent link: https://www.econbiz.de/10012901686
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Outside Insiders : Does Access to Information Prior to an IPO Generate a Trading Advantage After the IPO?
Ozmel, Umit - 2016
We investigate whether access to information prior to an IPO generates a trading advantage after the IPO. We find that … funds. These returns are not explained by LPs' differing stock picking abilities, and are higher when LPs' information … advantage over the public is higher. Further, LPs' access to information eliminates the familiarity bias that they display …
Persistent link: https://www.econbiz.de/10013005321
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Exploration or Exploitation? Hedge Funds in Venture Capital
Aragon, George O. - 2018
We study the role of hedge funds in the venture capital market over 1985-2016. Hedge funds invest in companies in later stages when compared to traditional venture capitalists and outperform conditional on stage of entry. Hedge funds also invest in venture companies to exploit their stock...
Persistent link: https://www.econbiz.de/10012911008
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Do Hedge Funds Possess Private Information about IPO Stocks? Evidence from Post-IPO Holdings
Qian, Hong - 2017
before long-run underperforming periods start, suggesting that hedge funds possess information advantages in IPO stocks …. Finally, we address the question of where hedge funds may have obtained their information advantages. Hedge funds earn higher …
Persistent link: https://www.econbiz.de/10012973112
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The Hedge Fund Industry Since the Global Economic Crisis of 2007-2009. Have Global Hedge Funds Put Their Money Where Their Mouth is?
Wiśniewski, Piotr - 2016
The hedge fund industry represents a significant and viable alternative for mainstream investment business clientèle, as well as a growing number of sophisticated high net worth individuals. The hedge fund raison d'être has been relative independence of other (more traditional) asset classes...
Persistent link: https://www.econbiz.de/10013004119