Abstract

http://ssrn.com/abstract=2161123
 
 

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Exploring Uncharted Territories of the Hedge Fund Industry: Empirical Characteristics of Mega Hedge Fund Firms


Daniel Edelman


Alternative Investment Solutions

William Fung


London Business School

David A. Hsieh


Duke University - Fuqua School of Business; Duke University - Department of Economics; National Bureau of Economic Research (NBER)

October 12, 2012


Abstract:     
This paper investigates mega hedge fund management companies that manage over 50% of the industry’s assets, incorporating previously unavailable data from those that do not report to commercial databases. We document similarities among mega firms that report performance to commercial databases compared to those that do not. We show that the largest divergences between the performance reporting and non-reporting can be traced to differential exposure to credit markets. Thus the performance of hard-to-observe mega firms can be inferred from observable data. This conclusion is robust to delisting bias and the presence of serially correlated returns.

Number of Pages in PDF File: 53

Keywords: hedge funds, asset management

JEL Classification: G11, G12, G23

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Date posted: October 15, 2012  

Suggested Citation

Edelman, Daniel and Fung, William and Hsieh, David A., Exploring Uncharted Territories of the Hedge Fund Industry: Empirical Characteristics of Mega Hedge Fund Firms (October 12, 2012). Available at SSRN: http://ssrn.com/abstract=2161123 or http://dx.doi.org/10.2139/ssrn.2161123

Contact Information

Daniel Edelman
Alternative Investment Solutions ( email )
677 Washington Blvd., 4th floor
Stamford, CT 06901
United States
William (Bill) Fung
London Business School ( email )
Sussex Place
Regent's Park
London, London NW1 4SA
United Kingdom
David Arthur Hsieh (Contact Author)
Duke University - Fuqua School of Business ( email )
Department of Finance
Box 90120
Durham, NC 27708-0120
United States
919-660-7779 (Phone)
919-660-7961 (Fax)
Duke University - Department of Economics ( email )
Durham, NC 27708-0204
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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