GUILLERMO BAQUERO On Hedge Fund Performance , Capital Flows and Investor Psychology
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چکیده
منابع مشابه
Onshore and Offshore Hedge Funds: Are They Twins?
Contrary to offshore hedge funds, US-registered (“onshore”) funds are subject to strict marketing prohibitions, accredited investor requirements, limited number of investors, and tax disadvantage. We exploit this difference to test predictions about organizational design, capital flow, and fund performance. We find that onshore funds impose stronger share restrictions such as a lockup provision...
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The shape of the flow-performance relationship in the hedge fund industry is not constant over time, but varies across market conditions. We employ a switching regression approach to explain quarterly hedge fund flows, based on defining two regimes where either inflows or outflows are dominating, combined with a flexible functional form for each of the equations, allowing for a nonlinear impact...
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During the recent financial crisis, more than 30% of hedge fund managers used their discretion to restrict investor liquidity through the use of “gates” or “side pockets.” Using a database of hedge fund investor interests, this paper is the first to empirically examine the determinants of these discretionary liquidity restrictions (DLRs) and their consequences for hedge fund investors. We find ...
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terest in alternative investments, a significant gap has emerged between the culture and expectations of those investors and hedge fund managers. Pension plan sponsors typically require transparency from their managers and impose numerous restrictions on their investment mandates because of regulatory requirements such as ERISA rules; hedge fund managers rarely provide position-level transparen...
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