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A Law and Finance Analysis of Hedge FundsDouglas CummingYork University - Schulich School of Business Na DaiState University of New York at Albany - School of Business & Center for Institutional Investment Management April 5, 2008 Financial Management, Forthcoming Abstract: This paper empirically analyzes the impact of hedge fund regulation on fund structure and performance. The data indicate restrictions on the location of key service providers and permissible distributions via wrappers are associated with lower fund alphas, lower average monthly returns, and higher fixed fees. Further, restrictions on the location of key service providers are associated with lower manipulation-proof performance measures, while wrapper distributions are associated with lower performance fees. As well, the data show standard deviations of monthly returns are lower among jurisdictions with restrictions on the location of key service providers and higher minimum capitalization requirements.
Number of Pages in PDF File: 54 Keywords: Hedge Funds, Regulation, Law and Finance JEL Classification: G23, G24, G28, K22 Accepted Paper SeriesDate posted: February 21, 2007 ; Last revised: November 10, 2009Suggested CitationContact Information
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