Hedge funds have become increasingly important players in financial markets. This
heightened importance has spawned a large academic literature focused on issues …

We investigate whether financial openness leads to financial development after controlling
for the level of legal development using a panel encompassing 108 countries over the …

The hedge-fund industry has grown rapidly over the past two decades, offering investors
unique investment opportunities that often reflect more complex risk exposures than those of …

We study asset prices in an economy where some investors categorize risky assets into
different styles and move funds among these styles depending on their relative performance …

This paper documents that hedge funds did not exert a correcting force on stock prices
during the technology bubble. Instead, they were heavily invested in technology stocks. This …

The returns to hedge funds and other alternative investments are often highly serially
correlated. In this paper, we explore several sources of such serial correlation and show that …

Since the early 1990s, Europe's economies have been facing several new challenges: the
1992 single market programme, the collapse of the Berlin wall and eastward enlargement …

Using a comprehensive hedge fund database, we examine the role of managerial incentives
and discretion in hedge fund performance. Hedge funds with greater managerial incentives …

We use a comprehensive data set of funds‐of‐funds to investigate performance, risk, and
capital formation in the hedge fund industry from 1995 to 2004. While the average fund‐of …

We investigate the claim that hedge funds offer investors a superior risk-return tradeoff. We
do so using a continuous-time version of Dybvig's (1988a),(1988b) payoff distribution pricing …