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Hedge-Fund-Like Strategies For Retail Investors: Alternative Mutual Funds Vs. Alternative Etfs, Joseph De Santis
Hedge-Fund-Like Strategies For Retail Investors: Alternative Mutual Funds Vs. Alternative Etfs, Joseph De Santis
Financial Analyst
Hedge fund-like strategies in mutual funds and exchange-traded funds (ETFs) have grown in popularity in the recent decade. This paper examines the value alternative strategies add for retail investors by comparing the performance of alternative ETFs and alternative mutual funds. Using a set of 50 ETFs and 324 mutual funds that offer alternative strategies (such as long/short equity and market neutral from Morningstar Direct) from November 2009 – December 2017. This study finds that alternative mutual funds do not outperform alternative ETFs on a gross return or a net return basis. Several factors have a significant impact on the return …
The Impact Of Leverage On Hedge Fund Performance, Wansoo Choi
The Impact Of Leverage On Hedge Fund Performance, Wansoo Choi
Financial Analyst
In this paper, the effect of leverage on hedge fund performance is measured. TASS data from 1994 to 2016 are used to measure the impact of leverage on hedge fund performance. Three hedge fund performance measurements are regressed on degree of leverage with eight control variables including fund size, strategies, and use of derivatives. The results show that for strategyadjusted return as a performance measurement, hedge fund leverage has a negative impact on fund performance. Also there is evidence of diseconomies of scale where funds with medium-sized assets under management (AUM) tend to show better performance than funds with high …
Are Un-Registered Hedge Funds More Likely To Misreport Returns?, Jorge Perez
Are Un-Registered Hedge Funds More Likely To Misreport Returns?, Jorge Perez
Financial Analyst
This paper seeks to introduce an empirical finance analysis of the relationship between misreporting behavior in hedge funds at the return level and registration as an investment adviser with the SEC, a law that has been enacted, overturned and re-enacted in the last decade. We hypothesize that hedge funds that are not registered with the SEC will be more likely to misreport returns so that a fund will seem as if it is generating positive returns more often than not. We test our hypothesis on the return level by conducting several statistical tests and regression models on hedge fund monthly …
Investigating The Persistence Of Hedge Fund Returns Over The Period Of 1998 To 2005, John Conway
Investigating The Persistence Of Hedge Fund Returns Over The Period Of 1998 To 2005, John Conway
Financial Analyst
No abstract provided.