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How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach
Reuter, Jonathan - 2010
The level of diseconomies of scale in asset management has important implications for tests of manager skill and the expected level of performance persistence. To identify the causal impact of fund size on future returns, we exploit the fact that small differences in returns can cause discrete...
Persistent link: https://www.econbiz.de/10012462327
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Indirect Incentives of Hedge Fund Managers
Lim, Jongha - 2013
managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …
Persistent link: https://www.econbiz.de/10012459758
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Hedge Funds With Style
Brown, Stephen J. - 2001
The popular perception is that hedge funds follow a reasonably well defined market-neutral investment style. While this long-short investment strategy may have characterized the first hedge funds, today hedge funds are a reasonably heterogeneous group. They are better defined in terms of their...
Persistent link: https://www.econbiz.de/10012470553
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What Happened To The Quants In August 2007? : Evidence from Factors and Transactions Data
Khandani, Amir E. - 2008
During the week of August 6, 2007, a number of quantitative long/short equity hedge funds experienced unprecedented losses. It has been hypothesized that a coordinated deleveraging of similarly constructed portfolios caused this temporary dislocation in the market. Using the simulated returns of...
Persistent link: https://www.econbiz.de/10012464182
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Fooling Some of the People All of the Time : The Inefficient Performance and Persistence of Commodity Trading Advisors
Bhardwaj, Geetesh - 2008
Investors face significant barriers in evaluating the performance of hedge funds and commodity trading advisors (CTAs). The only available performance data comes from voluntary reporting to private companies. Funds have incentives to strategically report to these companies, causing these data...
Persistent link: https://www.econbiz.de/10012464223
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The Economics of Hedge Funds : Alpha, Fees, Leverage, and Valuation
Lan, Yingcong - 2011
Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed …
Persistent link: https://www.econbiz.de/10012461815
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Changes in Managerial Pay Structures 1986-1992 and Rising Returns to Skill
O'Shaughnessy, K.C. - 2000
We examine the relationship between wages and skill requirements in a sample of over 50,000 managers in 39 companies …
Persistent link: https://www.econbiz.de/10012471020
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The dark side of outside directors : Do they quit when they are most needed?
Fahlenbrach, Rüdiger - 2010
Outside directors have incentives to resign to protect their reputation or to avoid an increase in their workload when they anticipate that the firm on whose board they sit will perform poorly or disclose adverse news. We call these incentives the dark side of outside directors. We find strong...
Persistent link: https://www.econbiz.de/10012462735
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Which CEO Characteristics and Abilities Matter?
Kaplan, Steven N. - 2008
We study the characteristics and abilities of CEO candidates for companies involved in buyout (LBO) and venture capital (VC) transactions and relate them to hiring decisions, investment decisions, and company performance. Candidates are assessed on more than thirty individual abilities. The...
Persistent link: https://www.econbiz.de/10012464452
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Managerial Skill Acquisition and the Theory of Economic Development
Beaudry, Paul - 2005
possibilities are internalized in the market, and where managers are complementary inputs to non-managerial workers. The paper … illustrates why some countries may adopt modern technologies while others stay backwards. The paper also explains why managers may …
Persistent link: https://www.econbiz.de/10012467228