intermediary-using counterparts. The inferior performance of institutions using intermediaries reflects: (i) worse performance on …

on the relationship between size and performance for funds of hedge funds (FOFs). We first confirm a significant positive … risk quintile, however, we do not find a significant relationship between size and performance. To the extent that more … does not erode, but instead help improve performance since FOFs do not directly manage portfolios of securities and thus …

the relationship between asset size and hedge fund performance. While a significant negative size-performance relationship … market-wide liquidity crises, resulting in lower performance for large funds relative to small funds …