We survey the literature on private equity performance, focusing on venture capital and
buyout funds rather than on portfolio companies. We describe recent findings on …

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

Momentum in individual stock returns relates to momentum in factor returns. Most factors are
positively autocorrelated: the average factor earns a monthly return of six basis points …

Financial market behavior and key trading strategies—illuminated by interviews with top
hedge fund experts Efficiently Inefficient describes the key trading strategies used by hedge …

The hot streak—loosely defined as 'winning begets more winnings'—highlights a specific
period during which an individual's performance is substantially better than his or her typical …

This paper estimates hedge fund and mutual fund exposure to newly proposed measures of
macroeconomic risk that are interpreted as measures of economic uncertainty. We find that …

We study performance and competition among firms engaging in high-frequency trading
(HFT). We construct measures of latency and find that differences in relative latency account …

We investigate the leverage of hedge funds in the time series and cross-section. Hedge fund
leverage is counter-cyclical to the leverage of listed financial intermediaries and decreases …

We investigate the dual notions that “dumb money” exacerbates well-known stock return
anomalies and “smart money” attenuates these anomalies. We find that aggregate flows to …

We consider a model where investors can invest directly or search for an asset manager,
information about assets is costly, and managers charge an endogenous fee. The efficiency …