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Race And Hedge Funds, Yan Lu, Narayan Y. Naik, Melvyn Teo
Race And Hedge Funds, Yan Lu, Narayan Y. Naik, Melvyn Teo
Research Collection Lee Kong Chian School Of Business
We find that minority operated funds deliver higher alphas, Sharpe ratios, and information ratios than do non-minority operated funds. Moreover, minority fund managers attended more selective schools, worked at higher status investment banks, and are more likely to hold post-graduate degrees. Yet, minority managers raise less start-up capital and attract lower investor flows. Racial homophily fuels investors' appetite for non-minority funds. To address endogeneity, we leverage on an event study of minority manager fund transitions and an instrumental variable analysis that exploits racial imprinting during childhood. The results suggest that minorities face significant barriers to entry in the hedge fund …
Enabling Models Of Inclusive Growth: Addressing The Need For Financial And Social Inclusion, Yuwa Hedrick-Wong, Howard Thomas
Enabling Models Of Inclusive Growth: Addressing The Need For Financial And Social Inclusion, Yuwa Hedrick-Wong, Howard Thomas
Research Collection Lee Kong Chian School Of Business
While poverty is falling, the gap between the rich and poor is getting wider and more and more people are being excluded from the means to better themselves. Yuwa Hedrick-Wong and Howard Thomas look at ways to include them.