Using data from the Lipper/TASS hedge fund database over the period 1994-2011, we examine the impact of liquidity risk on the relationship between size and performance for funds of hedge funds (FOFs). We first confirm a significant positive size effect for FOFs. More importantly, once liquidity...

Recently many mutual funds have created hedge fund-like products for marketing to retail investors. This study empirically examines the value added for investors during the 2007 financial crisis from hedge fund-like mutual funds, including 130/30, market neutral, and long/short equity funds. We...

Extant research has focused on mutual fund managers' ability to time market returns or volatility. In this paper, we offer a new perspective on the traditional timing issue by examining fund managers' ability to time market wide liquidity. Using the CRSP mutual fund database, we find strong...