Performance of Emerging Market Hedge Funds in Their Geographical Focus
Juha Marko Kotkatvuori
affiliation not provided to SSRN
University of Vaasa - Department of Accounting and Finance
University of Vaasa
August 25, 2008
21st Australasian Finance and Banking Conference 2008 Paper
Emerging market hedge funds are an asset class which does not seem to outperform the market benchmarks although a significant amount of the funds show superior performance. In this study, we examine whether funds selected on their geographical focus are able beat their benchmarks, and show aggregate market timing ability in their focus market. Our results suggest that emerging market hedge funds are able to beat their benchmarks but do not show market timing ability. In conclusion, emerging market hedge funds are an asset class in which unskilled managers seem to infiltrate to earn fees but investors can mitigate this problem by investing in emerging market hedge funds which have a defined geographical focus.
Number of Pages in PDF File: 21
Date posted: September 11, 2008
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