Brown, Stephen J.; Goetzmann, William N.; Ibbotson, Roger G. - Finance Department, Stern School of Business - 1998
We examine the performance of the off-shore hedge fund industry over the period 1989-1995 using a database that includes both defunct and currently operating funds. The industry is characterized by high attrition rates of funds, low covariance with the U.S. stock market, evidence consistent with...