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We examine the incentives that motivate management firms to simultaneously manage mutual funds and hedge funds. By identifying side-by-side management at both the management firm level and the manager level, we find that mutual fund management firms use side-by-side management to retain their...
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We examine the performance of mutual funds under side-by-side (SBS) management with hedge funds from a new perspective. Using SEC filings to identify advisory firms engaged in SBS management, we find that mutual fund performance is affected by an advisory firm’s path to SBS management (i.e.,...
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We examine situations where the same fund manager simultaneously manages mutual funds and hedge funds. We refer to this as side-by-side management. We document 344 such cases involving 693 mutual funds and 538 hedge funds. Proponents of this practice argue that it is essential to hire and retain...
Persistent link: https://www.econbiz.de/10013153406
We examine situations where the same fund manager simultaneously manages mutual funds and hedge funds. We refer to this as side-by-side management. We document 344 such cases involving 693 mutual funds and 538 hedge funds. Proponents of this practice argue that it is essential to hire and retain...
Persistent link: https://www.econbiz.de/10013143448
We study how fast investors learn about manager skills by examining the speed at which their disagreement converges. Using a novel measure of disagreement, we find that hedge fund investors learn as fast as suggested by Bayes' rule. However, we also find mutual fund investors learn much more...
Persistent link: https://www.econbiz.de/10012936558