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...

This study takes a novel approach to testing the efficacy of technical analysis. Rather than testing specific trading rules as is typically done in the literature, we rely on institutional portfolio managers' statements about whether and how intensely they use technical analysis, irrespective of...

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...

We investigate the effect of agency conflicts between shareholders and debtholders on aggressive tax avoidance using a unique setting of dual holders who simultaneously hold equity and debt of the same firms. We find robust evidence that firms with dual holders exhibit more aggressive tax...

This paper presents a unique test of the effectiveness of technical analysis in different sentiment environments by focusing on its usage by perhaps the most sophisticated and astute investors, namely hedge fund managers. We document that during high-sentiment periods, hedge funds using...

Using NBER patent data and hedge fund holdings in U.S. firms during 1998-2006, we study the effect of hedge fund ownership on corporate innovation. We find that hedge fund ownership promotes both patent quantity and quality, even after controlling for endogeneity. This stimulating effect is more...

While the Chinese luxury industry is enjoying rapid growth, the market for counterfeit luxury brands is growing equally fast. There are contradictory views regarding the role counterfeit luxury brands play in the marketplace. Luxury brand owners denounce counterfeit luxury products for harming...

The purpose of this study was to explore Chinese consumers' motivations for purchasing luxury products, and to unravel the inter-relationships among individual differences, motives, and luxury consumption

This study examines Chinese consumers' motives, attitudes toward luxury brands (ATLB), and the impact of ATLB on consumer behavior. Specifically, Chinese luxury consumers were segmented into three groups: the elitist, the distant, and the democratic. Compared to the democratic group, the more...