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Offshore Hedge Funds: Survival and Performance, 1989-1995Stephen J. BrownNew York University - Stern School of Business William N. GoetzmannYale School of Management - International Center for Finance; National Bureau of Economic Research (NBER) Roger G. IbbotsonYale School of Management; Zebra Capital Management, LLC Journal of Business, Vol. 72, Issue 1, January 1999 Abstract: We examine the performance of the off-shore hedge fund industry over the period 1989 through 1995 using a database that includes both defunct and currently operating funds. The industry is characterized by high attrition rates of funds, low covariance with the U.S. stock market, evidence consistent with positive risk-adjusted returns over the time, and little evidence of differential manager skill.
JEL Classification: G14, G15, G23 Accepted Paper SeriesDate posted: November 16, 1998Suggested CitationContact Information
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