Birds of a Feather - do Hedge Fund Managers Flock Together?

Gerritzen, Marc; Jackwerth, Jens; Plazzi, Alberto

Birds of a Feather - do Hedge Fund Managers Flock Together?

Dateien

Gerritzen_0-377214.pdfGröße: 337.13 KBDownloads: 601

Datum

2016

Autor:innen

Gerritzen, Marc

Jackwerth, Jens

Plazzi, Alberto

URI (zitierfähiger Link)

http://nbn-resolving.de/urn:nbn:de:bsz:352-0-377214

Link zur Lizenz

Urheberrechtlich geschützt

Open Access-Veröffentlichung

Open Access Green

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Working Paper/Technical Report

Publikationsstatus

Published

Zusammenfassung

Using a novel data set, we construct a network of hedge fund managers based on past employment. Employment in the same industry and employment in the same firm lead to more similar investment behavior in terms of systematic risk (beta), abnormal performance (alpha), and residual returns, explaining about a quarter of the differences. Employment at the same firm at the same time affects only residual returns. Results are robust to fund and manager level controls, as well as to endogeneity concerns. More connected funds perform better, and prior experience in pension funds and banks aids performance.

Fachgebiet (DDC)

330 Wirtschaft

Schlagwörter

hedge funds, social ties, networks, abnormal performance

Zitieren

ISO 690

GERRITZEN, Marc, Jens JACKWERTH, Alberto PLAZZI, 2016. Birds of a Feather - do Hedge Fund Managers Flock Together?

BibTex

@techreport{Gerritzen2016Birds-36308,
  year={2016},
  title={Birds of a Feather - do Hedge Fund Managers Flock Together?},
  author={Gerritzen, Marc and Jackwerth, Jens and Plazzi, Alberto}
}

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Universitätsbibliographie

Ja