Abstract

http://ssrn.com/abstract=1822266
 
 

References (34)



 


 



Is There a Cost to Transparency?


Philippe Jorion


University of California, Irvine - Paul Merage School of Business

Rajesh K. Aggarwal


University of Minnesota - Twin Cities - Carlson School of Management

April 14, 2011


Abstract:     
This is the first paper that directly tests the cost of transparency. More precisely, we examine whether a willingness to offer transparency to investors is beneficial or costly in terms of hedge fund returns. We measure a fund’s willingness to offer transparency by whether it accepts managed accounts, which are directly controlled by investors. Overall, we find no evidence that a willingness to offer private transparency harms fund returns. In addition, there is no support for concerns that managers offering transparency suffer from selection bias.

Number of Pages in PDF File: 36

Keywords: hedge funds, transparency, managed accounts, performance evaluation, fraud

JEL Classification: G11, G23, G32

working papers series


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Date posted: April 25, 2011  

Suggested Citation

Jorion, Philippe and Aggarwal, Rajesh K., Is There a Cost to Transparency? (April 14, 2011). Available at SSRN: http://ssrn.com/abstract=1822266 or http://dx.doi.org/10.2139/ssrn.1822266

Contact Information

Philippe Jorion (Contact Author)
University of California, Irvine - Paul Merage School of Business ( email )
Campus Drive
Irvine, CA 92697-3125
United States
949-824-5245 (Phone)
949-824-8469 (Fax)
Rajesh K. Aggarwal
University of Minnesota - Twin Cities - Carlson School of Management ( email )
19th Avenue South
Minneapolis, MN 55455
United States
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References:  34

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