Abstract

http://ssrn.com/abstract=2161123
 
 

Citations (1)



 


 



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


Daniel Edelman


Independent

William Fung


CFA Institute Research Foundation; Maple Financial Group

David A. Hsieh


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

March 23, 2013


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: 61

Keywords: hedge funds, asset management

JEL Classification: G11, G12, G23


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Date posted: October 15, 2012 ; Last revised: March 30, 2015

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 (March 23, 2013). Available at SSRN: http://ssrn.com/abstract=2161123 or http://dx.doi.org/10.2139/ssrn.2161123

Contact Information

Daniel Edelman
Independent ( email )
No Address Available
United States
William (Bill) Fung
CFA Institute Research Foundation ( email )
United States
Maple Financial Group ( email )
79 Wellington Street West
Suite 3500
Toronto, Ontario M5K 1K7
Canada
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 )
213 Social Sciences Building
Box 90097
Durham, NC 27708-0204
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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