This study aims to examine whether funds with illiquid assets exhibit stronger sensitivity of redemption outflows to bad past performance than funds with liquid assets. An important aspect of our study is whether large outflows should damage future fund performance in illiquid funds more than in...

We identified the relationship between purchase and redemption behavior of flow-return and flow-fund characteristics within different group investors by using Quantile regression, we found that insured investors have reflect better performance than non-insured investor in our study. However,...

We identified the relationship between purchase and redemption behavior of flow-return and flow-fund characteristics within different group investors by using Quantile regression, we found that insured investors have reflect better performance than non-insured investor in our study. However,...

Controlling for the data-snooping bias, this study aims to identify all outperformers for periods prior to the outbreak of the sub-prime mortgage crisis and to test if any of these in-sample ‘real' top hedge funds survived this credit crunch during the Jul. 2007 to Aug. 2008 (out-of-sample)...