Aggregate art price patterns mask a lot of underlying variation--both in the time series and in the cross- section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each...

We undertake a comprehensive analysis of onshore and offshore hedge funds to study the effects of fund regulation and investor clienteles on a fund's share restrictions, asset liquidity, flow-performance sensitivity, and performance. Liquid asset holdings and share restrictions on investor...

Hedge fund researchers have long known about backfill bias, typically correcting for it by truncating a fixed number of returns from the beginning of each fund's return series. However, we document that this practice decreases the percentage of backfilled returns by only 25%. Thus, empirical...