Papageorgiou, Nicolas A.
[Verfasser:in]
;
Parwada, Jerry T.
[Sonstige Person, Familie und Körperschaft];
Tan, Eric K. M.
[Sonstige Person, Familie und Körperschaft]
Where do Hedge Fund Managers Come from? Past Employment Experience and Managerial Performance
Erschienen in:UNSW Australian School of Business Research Paper ; No. 2011 BFIN 06
Umfang:
1 Online-Ressource (45 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.1863643
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 4, 2011 erstellt
Beschreibung:
Hedge funds are secretive products whose quality is difficult to ascertain in advance of investment. We examine two views of past work experience as predictors of hedge fund manager pedigree. In one, sector specific (hedge fund) work experience is positively related to performance. In the other, related industry (mutual funds, prime brokerages, custodian firms and securities brokerages) experience correlates with superior performance. Overall, aspects of specific and generally related industry experience appear important in signaling hedge fund quality. Funds whose management team possesses past hedge fund experience report superior performance. However, diversifying across experience types in a fund has no impact on returns. Hedge fund manager teams with prime brokerage and custodian experience along both proportional and diversity dimensions experience higher survival probabilities