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  1. A survey of empirical literature on hedge fund performance
    Autor*in: Yang, Fan
    Erschienen: 2020
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    This paper reviews recent developments in empirical literature analyzing hedge fund performance. Popularity of hedge funds as an investment device has dramatically increased over the past decades. This prompted extensive academic research examining... mehr

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    This paper reviews recent developments in empirical literature analyzing hedge fund performance. Popularity of hedge funds as an investment device has dramatically increased over the past decades. This prompted extensive academic research examining their performance. Systematic examination of hedge fund performance is plagued by the opaqueness of their operations, which complicates risk measurement, and by the lack of well-regulated systematic disclosure, which makes it difficult to obtain comprehensive bias-free data sets. Thus, various studies reach divergent conclusions about hedge funds' ability to benefit from investment managers' prowess in generating superior return. We survey this literature and classify it into several streams based on the underlying performance drivers. We compare and contrast conclusions of individual articles and conclude that even though there is little consensus on the magnitude and significance of hedge fund outperformance most published studies seem to suggest that hedge funds earn at least the excess return to cover the fees they charge. The relationship between the regulation and performance is complex but more stringent regulation seems to reduce managerial misreporting.

     

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    hdl: 10419/228113
    Schriftenreihe: IES working paper ; 2020, 31
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  2. Scheduling hybrid flow shops with time windows
    Erschienen: [2018]
    Verlag:  KU Leuven, Faculteit Economie en Bedrijfswetenschappen, Leuven, België

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    Schriftenreihe: KBI ; KBI_18, 16
    Schlagworte: hybrid flow shop; scheduling; time windows; matheuristic; local branching
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  3. Comparing smoking cessation to screening and brief intervention for alcohol in distributional cost effectiveness analysis to explore the sensitivity of results to socioeconomic inequalities characterised in model inputs
    Erschienen: September 2021
    Verlag:  Centre for Health Economics, Alcuin College, University of York, York, UK

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    Schriftenreihe: CHE research paper ; 184
    Umfang: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  4. Hedge fund performance
    a quantitative survey
    Erschienen: 30 June 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17417
    Schlagworte: Hedge Funds; meta-analysis; Publication bias
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  5. Hedge fund performance
    a quantitative survey
    Erschienen: [2022]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    We provide the first quantitative survey of the empirical literature on hedge fund per- formance. We examine the impact of potential biases on the reported results. Empirical analysis in prior studies has been plagued by fragmentation of underlying... mehr

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    We provide the first quantitative survey of the empirical literature on hedge fund per- formance. We examine the impact of potential biases on the reported results. Empirical analysis in prior studies has been plagued by fragmentation of underlying data and by lim- ited consensus on how hedge fund performance should be measured. Using a sample of 1,019 intercept terms from regressions of hedge fund returns on risk factors (the "alphas") collected from 74 studies published between 2001 and 2021 we show that inferences about hedge fund returns are not significantly contaminated by publication selection bias. Most of our monthly alpha estimates adjusted for the (small) bias fall within a relatively narrow range of 30 to 40 basis points. Considering several partitions of our sample, we document a modest publication bias only for estimates based on instrumental variables (IV), for which relatively large standard errors are common and that tend to be less precise. In contrast, studies that explicitly control for the potential biases in the underlying data (e.g. the back- filling bias and the survivorship bias) report lower alphas. Our results demonstrate that despite the prevalence of the publication selection bias in numerous other research settings, publication may not be selective when there is no strong a priori theoretical prediction about the sign of estimated coefficients, which may induce greater readiness to publish statistically insignificant results.

     

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    hdl: 10419/265201
    Schriftenreihe: IES working paper ; 2022, 15
    Schlagworte: Hedge funds; meta-analysis; publication bias
    Umfang: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  6. Addressing Endogeneity Using a Two-stage Copula Generated Regressor Approach
    Erschienen: 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    A prominent challenge when drawing causal inference using observational data is the ubiquitous presence of endogenous regressors. The classical econometric method to handle regressor endogeneity requires instrumental variables that must satisfy the... mehr

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    A prominent challenge when drawing causal inference using observational data is the ubiquitous presence of endogenous regressors. The classical econometric method to handle regressor endogeneity requires instrumental variables that must satisfy the stringent condition of exclusion restriction, making it infeasible to use in many settings. We propose new instrument-free methods using copulas to address the endogeneity problem. The existing copula correction method focuses only on the endogenous regressors and may yield biased estimates when exogenous and endogenous regressors are correlated. Furthermore, (nearly) normally distributed endogenous regressors cause model non-identification or finite-sample poor performance. Our proposed two-stage copula endogeneity correction (2sCOPE) method simultaneously overcomes the two key limitations and yields consistent causal-effect estimates with correlated endogenous and exogenous regressors as well as normally distributed endogenous regressors. 2sCOPE employs generated regressors derived from existing regressors to control for endogeneity, and is straightforward to use and broadly applicable. Moreover, we prove that exploiting correlated exogenous regressors can address the problem of insufficient regressor non-normality, relax identification requirements and improve estimation precision (by as much as ∼50% in empirical evaluation). Overall, 2sCOPE can greatly increase the ease of and broaden the applicability of instrument-free methods for dealing with regressor endogeneity. We demonstrate the performance of 2sCOPE via simulation studies and an empirical application

     

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    Schriftenreihe: NBER working paper series ; no. w29708
    Schlagworte: Kausalanalyse; Multivariate Verteilung; Schätztheorie
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  7. The impact of regulatory change on hedge fund performance
    Autor*in: Yang, Fan
    Erschienen: [2023]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    The paper investigates the effect of recent EU regulations on hedge fund performance. The expansion of hedge funds attracts the attention from authorities who are responsible for monitoring the market risks but the influence of the oversight has been... mehr

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    The paper investigates the effect of recent EU regulations on hedge fund performance. The expansion of hedge funds attracts the attention from authorities who are responsible for monitoring the market risks but the influence of the oversight has been argued for a long time. Prior studies usually focus on the US regulations and they provide controversial findings about the relationship of hedge fund performance and regulations. However, to our knowledge, no studies discuss the impact of the EU regulations-the Alternative Investment Fund Manager Directive (AIFMD). The analysis of the AIFMD and the comparison of the rules from the US and the EU show that the EU Directive has more extensive requirements, compliance cost, and wider scope of disclosure to the public. Considering the additional compliance cost and higher possibility to reveal managers' strategies, we expect the hedge fund performance is negatively influenced by the EU regulation. Based upon the common difference-in-difference method (DID), we utilize the characteristic that the scope of the AIFMD exempts some EU hedge funds and add the third factor to formulate the triple difference method to test the triple interaction relationship. This method allows us to mitigate the different influence from potential various sensitivities or development speed from control group and treatment group. Our results show that hedge funds domiciled or marketed in the EU had a drop of 0.2% in the alpha. The result has been further enhanced by comparing the matched control group and treatment group by using the propensity matching score, which ensures our research compares the changes of individual authorized hedge funds based on the specified authorization date.

     

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    hdl: 10419/286336
    Schriftenreihe: IES working paper ; 2023, 7
    Schlagworte: hedge fund; regulation; stock returns
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  8. Inequality in financial inclusion and income inequality
    Erschienen: November 2017
    Verlag:  International Monetary Fund, [Washington, D.C.]

    We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel,... mehr

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    We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel, synthetic indices of the intensity of financial inclusion at the individual and country level. Second, we derive the distribution of individual financial access 'scores' across countries to document a 'Kuznets'-curve in financial inclusion. Third, cross-country regressions confirm that our measure of inequality in financial access is significantly related to income inequality, above and beyond other factors previously highlighted in the literature

     

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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
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    ISBN: 9781484324905
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    Schriftenreihe: IMF working paper ; WP/17, 236
    Schlagworte: Finanzielle Inklusion; Finanzmarkt; Entwicklung; Geschlechterdiskriminierung; Einkommensverteilung; Subsahara-Afrika
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  9. What is driving women's financial inclusion across countries?
    Erschienen: March 2018
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Using a broad set of macroeconomic country characteristics to supplement a new and comprehensive micro-level dataset for 140 countries, we identify structural factors, policies, and individual characteristics that are associated with financial... mehr

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    Using a broad set of macroeconomic country characteristics to supplement a new and comprehensive micro-level dataset for 140 countries, we identify structural factors, policies, and individual characteristics that are associated with financial inclusion-in general, and for women in particular. We find that structural country characteristics, such as resource-richness and level of development, and policies, such as stronger institutions, and financial development are significantly related to financial inclusion. We find a robust negative relationship between being female and financial inclusion as in previous studies, and our analysis points to legal discrimination, lack of protection from harassment, including at the work place, and more diffuse gender norms as possible explanatory factors

     

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    ISBN: 9781484344460
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    Schriftenreihe: IMF working paper ; WP/18, 38
    Schlagworte: Frauen; Finanzielle Inklusion; Geschlechterdiskriminierung; Private Finanzplanung; Welt
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  10. Inequality, gender gaps and economic growth
    comparative evidence for Sub-Saharan Africa
    Erschienen: June 2016
    Verlag:  International Monetary Fund, [Washington, D.C.]

    A growing body of empirical evidence suggests that inequality-income or gender related-can impede economic growth. Using dynamic panel regressions and new time series data, this paper finds that both income and gender inequalities, including from... mehr

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    A growing body of empirical evidence suggests that inequality-income or gender related-can impede economic growth. Using dynamic panel regressions and new time series data, this paper finds that both income and gender inequalities, including from legal gender-based restrictions, are jointly negatively associated with per capita GDP growth. Examining the relationship for countries at different stages of development, we find that this effect prevails mainly in lower income countries. In particular, per capita income growth in sub-Saharan Africa could be higher by as much as 0.9 percentage points on average if inequality was reduced to the levels observed in the fastgrowing emerging Asian countries. High levels of income inequality in sub-Saharan Africa appear partly driven by structural features. However, the paper's findings show that policies that influence the opportunities of low-income households and women to participate in economic activities also matter and, therefore, if well-designed and targeted, could play a role in alleviating inequalities

     

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    ISBN: 9781484382349
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    Schriftenreihe: IMF working paper ; WP/16, 111
    Schlagworte: Einkommensverteilung; Gleichberechtigung; Wirtschaftswachstum; Subsahara-Afrika
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  11. Monetary policy implementation and volatility transmission along the yield curve
    the case of Kenya
    Erschienen: June 2016
    Verlag:  International Monetary Fund, [Washington, D.C.]

    This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a... mehr

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    This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a forward-looking approach, relative to seven other inflation targeting (IT) countries (Ghana, Hungary, Poland, South Africa, Sweden, Thailand, and Uganda). Kenya shows strong volatility transmission and high persistence similar to other countries in transition to a more forward-looking monetary policy framework. These results emphasize the importance of a strong commitment to an interbank rate as an operational target and suggest that the central bank could reduce uncertainty in short-term yields significantly by smoothing out the overnight interest rates around the policy rate

     

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    ISBN: 9781498313377
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    Schriftenreihe: IMF working paper ; WP/16, 120
    Schlagworte: Inflationssteuerung; Vergleich; Kenia; Ghana; Ungarn; Polen; Südafrika; Schweden; Thailand; Uganda
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  12. The macro-economic impact of e-commerce in the EU Digital Single Market
    Erschienen: 2015
    Verlag:  European Union, [Seville]

    This paper examines the economic impact of a change in retail technology - the shift from offline to online shopping - and a change in policy - measures to reduce the barriers to online trade perceived by consumers and retailers. Contrary to the... mehr

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    This paper examines the economic impact of a change in retail technology - the shift from offline to online shopping - and a change in policy - measures to reduce the barriers to online trade perceived by consumers and retailers. Contrary to the prevalent micro-economic partial equilibrium consumer modelling approach to e-commerce, we use a macro-economic general equilibrium model that brings together the impact on consumers as well as on producers. We use survey data on cross-border e-commerce between EU Member States to estimate the implied cross-border trade cost reduction when consumers move from offline to online consumption as well as the implied costs of perceived regulatory barriers to e-commerce. We distinguish between cross-border and domestic trade costs effects. We find that cross-bordere-commerce reduces trade costs compared to offline trade. Increased price competition squeezes domestic retail price margins and has a negative output effect in that sector (-2.6%). However, the resulting retail efficiency gains have a positive effect on production in other sectors (between 0.9 and 2.6%) and on household consumption (+1.07%). The combined macro-economic effect of these transmission channels adds 0.14% to EU GDP. Additional policy measures to facilitate cross-border e-commerce between EU Member States could add another 0.3% to household consumption and 0.04% to GDP, or 0.03% in the more conservative estimate. The relatively weak GDP effect in comparison with the production and consumption effects indicates that the shift from offline to online retail induces considerable welfare redistribution from retailing to other sectors and to households, more so than a production effect

     

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    hdl: 10419/202210
    Schriftenreihe: Institute for Prospective Technological Studies digital economy working paper ; 2015, 09
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  13. The macro-economic impact of cross-border ecommerce in the EU
    Erschienen: 2014
    Verlag:  European Union, [Seville]

    This paper examines the impact of one transmission channel for the economic effects of a shift from offline to online consumption: cross-border trade costs. We use data on cross-border e-commerce between EU Member States to estimate the implied... mehr

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    This paper examines the impact of one transmission channel for the economic effects of a shift from offline to online consumption: cross-border trade costs. We use data on cross-border e-commerce between EU Member States to estimate the implied cross-border trade cost reduction when consumers move from offline to online consumption. We plug this trade cost estimate into a macro-sector multi-country CGE model to estimate the impact of online retailing on consumers as well as producers. We find that cross-border e-commerce increases real household consumption. However, the domestic spill-over effect squeezes price margins in the retail sector and has a negative output effect for that sector. The resulting retail sector efficiency gains have a positive effect on production in other sectors. The combined macro-economic effect of these transmission channels is generally positive for EU Member States, ranging between 0.07 and 0.25 per cent of GDP. As such, this paper adds an innovative macro-perspective to existing micro-economic estimates of the impact of e-commerce on consumer welfare. The paper does not consider several other transmission channels such as price and variety effects.

     

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    Schriftenreihe: Institute for Prospective Technological Studies digital economy working paper ; 2014, 10
    Umfang: 1 Online-Ressource (circa 24 Seiten)
  14. Testing the multivariate regular variation model
    Erschienen: 29 October 2018
    Verlag:  CentER, Center for Economic Research, Tilburg

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    Schriftenreihe: Discussion paper / CentER, Center for Economic Research ; no. 2018, 044
    Schlagworte: Extreme value statistics; Hill estimator; local empirical process
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
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    Richtiger Name des Verfassers: Fan Yang

  15. What is driving women's financial inclusion across countries?
    Erschienen: March 2018
    Verlag:  International Monetary Fund, [Washington, D.C.]

    Using a broad set of macroeconomic country characteristics to supplement a new and comprehensive micro-level dataset for 140 countries, we identify structural factors, policies, and individual characteristics that are associated with financial... mehr

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    Using a broad set of macroeconomic country characteristics to supplement a new and comprehensive micro-level dataset for 140 countries, we identify structural factors, policies, and individual characteristics that are associated with financial inclusion-in general, and for women in particular. We find that structural country characteristics, such as resource-richness and level of development, and policies, such as stronger institutions, and financial development are significantly related to financial inclusion. We find a robust negative relationship between being female and financial inclusion as in previous studies, and our analysis points to legal discrimination, lack of protection from harassment, including at the work place, and more diffuse gender norms as possible explanatory factors

     

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    Sprache: Englisch
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    ISBN: 9781484344460
    Weitere Identifier:
    Schriftenreihe: IMF working paper ; WP/18, 38
    Schlagworte: Frauen; Finanzielle Inklusion; Geschlechterdiskriminierung; Private Finanzplanung; Welt
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  16. Credible vignaling via transfers, job application fees
    Erschienen: July 26, 2016
    Verlag:  [Department of Economics, University of Missouri-Columbia], [Columbia, MO]

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    Format: Online
    Schriftenreihe: [Working paper series / Department of Economics ; 16, 10]
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  17. Inequality in financial inclusion and income inequality
    Erschienen: November 2017
    Verlag:  International Monetary Fund, [Washington, D.C.]

    We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel,... mehr

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    We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel, synthetic indices of the intensity of financial inclusion at the individual and country level. Second, we derive the distribution of individual financial access 'scores' across countries to document a 'Kuznets'-curve in financial inclusion. Third, cross-country regressions confirm that our measure of inequality in financial access is significantly related to income inequality, above and beyond other factors previously highlighted in the literature

     

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    ISBN: 9781484324905
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    Schriftenreihe: IMF working paper ; WP/17, 236
    Schlagworte: Finanzielle Inklusion; Finanzmarkt; Entwicklung; Geschlechterdiskriminierung; Einkommensverteilung; Subsahara-Afrika
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  18. External equity financing shocks, financial flows, and asset prices
    Erschienen: 2014

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Schriftenreihe: NBER working paper series ; 20210
    Schlagworte: Eigenkapital; Börsengang; Kapitalkosten; Schock; Konjunktur; Börsenkurs; Portfolio-Management; Theorie; USA
    Umfang: 60 S., graph. Darst.
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    Parallel als Online-Ausg. erschienen

  19. Where have all the alphas gone?
    a meta-analysis of hedge fund performance
    Erschienen: 08 April 2024
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP18979
    Schlagworte: Hedge funds; alpha; fees; meta-analysis; model uncertainty
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  20. Where have all the alphas gone?
    a meta-analysis of hedge fund performance
    Erschienen: [2024]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    We examine the factors influencing published estimates of hedge fund performance. Using a sample of 1,019 intercept terms from regressions of hedge fund returns on risk factors (the "alphas") collected from 74 studies, we document a strong downward... mehr

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    We examine the factors influencing published estimates of hedge fund performance. Using a sample of 1,019 intercept terms from regressions of hedge fund returns on risk factors (the "alphas") collected from 74 studies, we document a strong downward trend in the reported alphas. The trend persists even after controlling for heterogeneity in hedge fund characteristics and research design choices in the underlying studies. Estimates of current performance implied by best practice methodology are close to zero across all common hedge fund strategies. Additionally, our data allow us to estimate the mean management and performance fees charged by hedge funds. We also document how reported performance estimates vary with hedge fund and study characteristics. Overall, our findings indicate that, while hedge funds historically generated positive value for investors, their ability to do so has diminished substantially.

     

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    Schriftenreihe: IES working paper ; 2024, 15
    Schlagworte: hedge funds; alpha; fees; meta-analysis; model uncertainty
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  21. External equity financing shocks, financial flows, and asset prices
    Erschienen: 2014
    Verlag:  Charles A. Dice Center for Research in Financial Economics, Columbus, Ohio

    We develop a dynamic model with time variation in external equity financing costs and show that variation in these costs is important for the model to quantitatively capture the joint dynamics of firms' asset prices, real quantities, and financial... mehr

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    We develop a dynamic model with time variation in external equity financing costs and show that variation in these costs is important for the model to quantitatively capture the joint dynamics of firms' asset prices, real quantities, and financial flows in the U.S. economy. Growth firms and high investment firms are less risky in equilibrium because they can substitute more easily debt financing for equity financing when it becomes more costly to raise external equity, which are high marginal utility states. Using a model-implied proxy of aggregate equity issuance cost shocks we provide empirical support for the model's economic mechanism

     

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    Schriftenreihe: Working papers series / Charles A. Dice Center for Research in Financial Economics ; 2014-08
    Charles A. Dice Center Working Paper ; No. 2014-08
    Fisher College of Business working paper series ; 2014-03-08
    Schlagworte: Eigenkapital; Börsengang; Kapitalkosten; Schock; Konjunktur; Börsenkurs; Portfolio-Management; Theorie; USA
    Umfang: Online-Ressource (60 S.), graph. Darst.
  22. Inequality, gender gaps and economic growth
    comparative evidence for Sub-Saharan Africa
    Erschienen: June 2016
    Verlag:  International Monetary Fund, [Washington, D.C.]

    A growing body of empirical evidence suggests that inequality-income or gender related-can impede economic growth. Using dynamic panel regressions and new time series data, this paper finds that both income and gender inequalities, including from... mehr

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    A growing body of empirical evidence suggests that inequality-income or gender related-can impede economic growth. Using dynamic panel regressions and new time series data, this paper finds that both income and gender inequalities, including from legal gender-based restrictions, are jointly negatively associated with per capita GDP growth. Examining the relationship for countries at different stages of development, we find that this effect prevails mainly in lower income countries. In particular, per capita income growth in sub-Saharan Africa could be higher by as much as 0.9 percentage points on average if inequality was reduced to the levels observed in the fastgrowing emerging Asian countries. High levels of income inequality in sub-Saharan Africa appear partly driven by structural features. However, the paper's findings show that policies that influence the opportunities of low-income households and women to participate in economic activities also matter and, therefore, if well-designed and targeted, could play a role in alleviating inequalities

     

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    ISBN: 9781484382349
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    Schriftenreihe: IMF working paper ; WP/16, 111
    Schlagworte: Einkommensverteilung; Gleichberechtigung; Wirtschaftswachstum; Subsahara-Afrika
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  23. Monetary policy implementation and volatility transmission along the yield curve
    the case of Kenya
    Erschienen: June 2016
    Verlag:  International Monetary Fund, [Washington, D.C.]

    This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a... mehr

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    This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a forward-looking approach, relative to seven other inflation targeting (IT) countries (Ghana, Hungary, Poland, South Africa, Sweden, Thailand, and Uganda). Kenya shows strong volatility transmission and high persistence similar to other countries in transition to a more forward-looking monetary policy framework. These results emphasize the importance of a strong commitment to an interbank rate as an operational target and suggest that the central bank could reduce uncertainty in short-term yields significantly by smoothing out the overnight interest rates around the policy rate

     

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    ISBN: 9781498313377
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    Schriftenreihe: IMF working paper ; WP/16, 120
    Schlagworte: Inflationssteuerung; Vergleich; Kenia; Ghana; Ungarn; Polen; Südafrika; Schweden; Thailand; Uganda
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  24. Local food prices and international price transmission
    Erschienen: 17 March 2017
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP 11912
    Schlagworte: Lebensmittelpreis; Außenhandelspreis; Preiskonvergenz; Inflationskonvergenz; Schätzung; Welt; food price pass through
    Umfang: 36, 44 Seiten, Illustrationen
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  25. Habermas, Foucault and the Political-Legal Discussions in China
    A Discourse on Law and Democracy
    Autor*in: Yang, Fan
    Erschienen: 2022
    Verlag:  Springer Singapore Pte. Limited, Singapore ; ProQuest, Ann Arbor, Michigan

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    ISBN: 9789811901324
    Schlagworte: Habermas, Jürgen; Law-China-Philosophy
    Umfang: 1 Online-Ressource (160 pages)
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    Description based on publisher supplied metadata and other sources