This paper analyzes the impact of the Dodd-Frank Act on hedge fund performance, risk, and fund flows. The data indicate that, relative to non-US hedge funds, US hedge funds that are regulated under Dodd-Frank have experienced greater decline in fund alphas, return standard deviation, and...

Delaware hedge funds exhibit significant differences in contractual structure in terms of higher management and incentive fees. Delaware funds are more likely to use high watermark provisions and less likely to invest their personal capital. Both the redemption notice periods and lock up periods...

We provide evidence for a significant relation between diversification and performance in the hedge fund industry. Measuring diversification across four distinct dimensions, we find a significant positive relation between hedge fund performance and diversification across sectors and asset...

This paper examines the effect of fund size on investee firm valuations in the venture capital market. We show a convex (U-shape) relationship between fund size and firm valuations. We further document firm valuations are positively correlated to measures of limited attention. In addition, we...

This paper introduces a cross-country law and finance analysis of the misreporting behavior in the hedge fund industry in terms of smoothing returns so that a fund consistently generates positive returns. We find strong evidence that international differences in hedge fund regulation are...

This paper examines local bias in the context of venture capital (VC) investments. Based on a sample of US VC investments between 1980 and June 2009, we find more reputable VCs (older, larger, more experienced, and with stronger IPO track record) and VCs with broader networks exhibit less local...

This paper analyzes hedge fund performance, risk, and fund flows before and after the implementation of the Dodd-Frank Act. The data indicates that, relative to non-US hedge funds, US hedge funds that are regulated under Dodd-Frank have lower fund alphas in the post-Dodd-Frank implementation...

We examine the dynamics of the positive sorting in the venture capital industry. Our findings indicate that switching lead VCs is not uncommon during the course of entrepreneurial firms' development. Companies with upwardly revised perceived quality are more likely to switch to more reputable...