conventional funds have lower return volatility and systematic risk. Overall, Hoefsted culture's values affect significantly the …

distribution of the return. Having estimated each fund’s efficiency in the sample we unveil their underlying dynamics, also with …

A discontinuity, or kink, at zero in the hedge fund net return distribution has been interpreted as evidence of …. In particular, we show that incentive fees can mechanistically create a kink in the net return distribution. This … conclude that the observed hedge fund return discontinuities are not direct proof of manipulation. …

identified as trading to change return variance or tracking error variance do not exhibit risk mean reversion. Mostly, funds … low tracking error variance. We find no evidence of a relation between past performance and intended changes to return …