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| Tekijä: | Glode, V. Green, R.C. |
| Otsikko: | Information spillovers and performance persistence for hedge funds |
| Lehti: | Journal of Financial Economics
2011 : JUL, VOL 101:1 p.1-17 |
| Asiasana: | funds PERFORMANCE APPRAISAL disclosure information managers |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a simple model that rationalizes performance persistence in hedge fund partnerships. In contrast to the model for mutual funds of Berk and Green (2004), the learning in the presented model pertains to profitability related to an innovative trading strategy or emerging sector, rather than ability specific to the fund manager. As a result of potential spillovers, which would pick up competition if informed investors were to partner with non-incumbent managers, incumbent managers will let informed investors benefit from increases in estimated profitability following high returns realized with the trading strategy in this specific sector. |
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