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| Author: | Aggarwal, R. K. Jorion, P. |
| Title: | The performance of emerging hedge funds and directors |
| Journal: | Journal of Financial Economics
2010 : MAY, VOL 96:2, p. 238-256 |
| Index terms: | hedging funds managers incentives performance appraisal |
| Language: | eng |
| Abstract: | The article presents a systematic analysis of the performance of emerging funds and managers in the context of hedge funds. These funds and managers have typically strong incentives for good investment performance and are more agile than established ones. The authors examine hedge fund databases and use novel event time approach to analyze the performance of the funds. The results indicate that newly established funds outperform during the first years of the funds operations, and the performance decreases each year by 42 basis points. According to the study, the outperformance of the early years of a fund may last for up to five years. |
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