The Strategic Listing Decisions of Hedge Funds

Autor:	Philippe Jorion, Christopher Schwarz
Rok vydání:	2014
Předmět:	Fund of funds Finance Economics and Econometrics business.industry Institutional investor Closed-end fund Passive management Global assets under management Commodity pool Hedge fund Accounting Open-end fund Alternative beta Listing (finance) Predictability business
Zdroj:	Journal of Financial and Quantitative Analysis. 49:773-796
ISSN:	1756-6916 0022-1090
DOI:	10.1017/s0022109014000350
Popis:	The voluntary nature of hedge fund database reporting creates strategic listing opportunities for hedge funds. However, little is known about how managers list funds across multiple databases or whether investors are fooled by funds’ listing decisions. In this paper, we find that hedge funds strategically list their small, best-performing funds in multiple outlets immediately while preserving the option to list their other funds in additional databases later. We generally find that investors react rationally to these fund listings based on the predictability of performance. Finally, our results lead to specific guidelines on handling backfilled returns to minimize biases.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::78bb8f447c37e73d9ee3857128d78fc3 https://doi.org/10.1017/s0022109014000350 Zobrazit plný text záznamu Plný text ve formátu PDF