the performance of hedge funds both in the cross-section and over time. We measure uncertainty via volatility of aggregate …

performance of hedge funds both in the cross-section and over time. We measure uncertainty about volatility of the market …-taking incentives arising from performance-based compensation of hedge funds. …

investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual …-sophisticated ones, are the main receivers. These differences are due to investment funds reacting more strongly on past performance and …

for their basic views and practices and for insights into their company's performance-measurement and compensation …

their return performance and their flow-performance relation. We find that TDFs under-perform balanced funds (BFs) which are … also approved as a default option along with TDFs in 401(k) plans. We show that the under-performance is driven by TDFs … that have a fund-of-fund structure which invests in funds with high expense ratios and low performance within the fund …