Are Manager Characteristics Affecting the Performance of Hedge Funds?
A study on swedish data
Paperback
Lieferzeit: Print on Demand - Lieferbar innerhalb von 3-5 Werktagen I
ISBN-13:
9783659130274
Veröffentl:
2012
Einband:
Paperback
Erscheinungsdatum:
24.11.2012
Seiten:
64
Autor:
Marie Lundberg
Gewicht:
113 g
Format:
220x150x5 mm
Sprache:
Englisch
Beschreibung:
The purpose of this thesis is to examine if and how the hedge fund manager s background characteristics and strategy applied affect the fund s performance, as measured by average monthly return, risk and risk-adjusted monthly return. This is done by collecting data on 41 different hedge fund managers in Sweden and then performing robust OLS regressions. Our main results are that applying a long-short equity strategy generates higher return, higher risk, and higher risk-adjusted return compared to the other strategies. Hedge fund managers with previous studies in business and economics generate lower return, take on less risk and generate lower risk-adjusted return. We find modest evidence of lower risk taking among former students of Lund University. Investing private funds in the hedge fund are found to have a negative impact on risk-adjusted return.