학회소식
[2019년 제 4차] Hedge Fund Awards: Do Investors and Managers Care, and Should They?
작성자 : 관리자
조회수 : 37
게시일 :
2019-12-13
We investigate the impact of hedge fund awards on hedge fund flows, performance, and risk-taking
behavior. We show that award winners experience a significant increase in fund flows, but find no
evidence that they deliver superior alpha subsequently. Meanwhile, fund managers with a feasible
chance of winning the award take on increased risk in the later part of the award evaluation period,
suggesting tournament behavior among the top performing managers. Using Google search
volume and the SEC’s EDGAR log file data, we confirm that investor attention indeed increases
following awards announcements. These results expand our understanding of the behaviour of
presumably sophisticated investors in the hedge fund industry and managerial incentives that arise
in response.
