Offshore Hedge Funds: Survival and Performance, 1989-1995
Stephen J. Brown
New York University - Stern School of Business
William N. Goetzmann
Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER)
Roger G. Ibbotson
Yale School of Management; Zebra Capital Management, LLC
Journal of Business, Vol. 72, Issue 1, January 1999
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, G23Accepted Paper Series
Date posted: November 16, 1998
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