The attention-grabbing hypothesis has been offered as a behavioural explanation for post-event abnormal returns for FDA drug approval announcements for NYSE listed firms. We show that when event-day mis-specification is accounted for the market reaction is centred on the event-day and that the...

FX hedge funds have experienced very weak returns and high fund failure rates, as currency predictability decays. The managers of these funds face strong incentives to concentrate on new asset classes, creating a natural experiment to test whether observed manager skill is FX specific, or...

Recent theoretical and empirical literature provides evidence of performance persistence in hedge funds. This study investigates whether persistence varies when a specialist FX manager launches a new fund in a different asset class. Previous research has found that when managers switch fund...

Using an entirely new dataset of audited filings from firms that manage hedge funds, this study examines whether the hedge fund compensation contract aligns managerial incentives and investor interests. Our novel dataset allows us to distinguish between firms focused exclusively on hedge fund...