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Capital Flows and Hedge Fund Regulation
Douglas Cumming York University - Schulich School of Business Na Dai SUNY at Albany - School of Business & Center for Institutional Investment Management September 1, 2008 3rd Annual Conference on Empirical Legal Studies Papers Abstract: This paper introduces a cross-country law and finance analysis of the flow-performance relationship for hedge funds. The data indicate that distribution channels in the form of private placements and wrappers mitigate the impact of performance on fund flows. Distribution channels via investment managers and fund distribution companies enhance the impact of performance on fund flows. Funds registered in countries which have larger minimum capitalization requirements for funds have higher levels of capital flows. Funds registered in countries which restrict the location of key service providers have lower levels of capital flows. Further, offshore fund flows and calendar effects evidenced in the data are consistent with tax factors influencing fund flows. Our findings are robust to Heckman-selection effects for offshore registrants, among other robustness checks.
Keywords: Flow, Performance, Hedge Funds, Regulation, Law and Finance JEL Classifications: G23, G24, G28, K22 Working Paper SeriesDate posted: April 16, 2008 ; Last revised: October 21, 2009Suggested CitationContact Information
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