The start matters: time-varying investor demand, hedge fund inceptions, and performance

被引：1

作者：

Sun, Lin ^{[1
]}

Sun, Zheng ^{[2
,3
]}

Zheng, Lu ^{[2
]}

机构：

[1] George Mason Univ, Sch Business, Fairfax, VA 22030 USA

[2] Univ Calif Irvine, Paul Merage Sch Business, Irvine, CA 92697 USA

[3] Univ Calif Irvine, Paul Merage Sch Business, 4293 Pereira Dr, Irvine, CA 92697 USA

来源：

REVIEW OF FINANCE | 2024年 / 28卷 / 02期

关键词：

Hedge fund; investor demand; inception; performance; money flow; delegated portfolio management; G10; G11; G20; G41; G51; MUTUAL FUNDS; OPERATIONAL RISK; CROSS-SECTION; MARKET; MONEY; RETURNS; SMART; PERSISTENCE; STRATEGY; MOMENTUM;

D O I：

10.1093/rof/rfad031

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether time-varying investor demand affects hedge fund companies' decision to start new funds. We find significantly more fund inceptions in hot markets than in cold markets. Funds opened in hot markets exhibit weaker long-term performance, shorter survival time, and greater fraud risk. Investor clientele also varies with market conditions. Investors in hot markets appear to be less sophisticated, which may provide opportunities for more low-quality funds to enter the industry. Overall, inceptions due to high investor demand are not in the best interest of investors.

引用

页码：729 / 768

页数：40

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