Hedge Funds and Performance Persistence

2017 ◽  
Author(s):  
Nan Qin ◽  
Ying Wang
Keyword(s):  
Hedge Funds ◽  
Hedge Fund ◽  
Empirical Literature ◽  
Performance Persistence ◽  
Attrition Rates ◽  
Short And Long Term ◽  
And Performance ◽  
Long Term Performance ◽  
Term Performance

Despite the exponential growth of global hedge fund assets since the 1990s, the high attrition rates in the industry have raised an important issue about hedge fund return persistence. This chapter discusses the various statistical methodologies in measuring performance persistence and provides a comprehensive review of the empirical literature on short- and long-term performance persistence. In particular, the literature suggests that fund strategies and characteristics are related to performance persistence. The chapter also discusses three important issues: return smoothing, the use of option-like strategies, and data biases. The chapter provides additional empirical evidence on performance persistence, using a portfolio approach and a hedge fund sample from the Trading Advisor Selection System (TASS) database between 1994 and 2015.

scholarly journals Measurement, Determinants, and Implications of Energy Intake in Athletes

Nutrients ◽  
2019 ◽  
Vol 11 (3) ◽  
pp. 665 ◽  
Author(s):  
Bryan Holtzman ◽  
Kathryn Ackerman
Keyword(s):  
Energy Intake ◽  
Social Factors ◽  
Recent Literature ◽  
Chronic Exercise ◽  
Short And Long Term ◽  
And Performance ◽  
Exercise Induced ◽  
Long Term Performance ◽  
Term Performance

Appropriate energy intake is important for the health and performance of athletes. When an athlete’s energy intake is not concordant with energy expenditure, short- and long-term performance can be compromised and negative health effects may arise. The energy intake patterns of athletes are subject to numerous effectors, including exercise response, time, and availability of food. To assess different determinants of energy intake in athletes, we reviewed recent literature regarding the response of appetite-regulating hormones to exercise, appetite perceptions following exercise, chronic exercise-induced adaptations regarding appetite, and social factors regarding energy intake. Additionally, we discussed consequences of aberrant energy intake. The purpose of this review is to clarify understanding about energy intake in athletes and provide insights into methods toward maintaining proper energy intake.

scholarly journals The Short and Long Term Performance Persistence in the Central European Banking Industry

2011 ◽  
Vol 5 (4) ◽  
pp. 18
Author(s):  
Krzysztof Jackowicz Krzysztof Jackowicz ◽  
Oskar Kowalewski Oskar Kowalewski ◽  
Łukasz Kozłowski Łukasz Kozłowski
Keyword(s):  
Banking Industry ◽  
Performance Persistence ◽  
Central European ◽  
European Banking ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance

Hedge Fund Characteristics and Performance Persistence: Evidence from 1996–2006

2015 ◽  
Vol 05 (02) ◽  
pp. 1550018 ◽  
Author(s):  
Pavitra Kumar
Keyword(s):  
Hedge Fund ◽  
Abnormal Returns ◽  
Performance Persistence ◽  
Past Performance ◽  
Long Run ◽  
Short And Long Term ◽  
And Performance ◽  
Using Data

This paper investigates the association between selected hedge fund characteristics and persistence in both positive and negative abnormal returns using data from the TASS database between 1996 and 2006. I find that higher fund age, size and illiquidity, after controlling for risk, generate stronger persistence in both short- and long-term positive abnormal returns, or good performance. Therefore, these features appear to signal superior managerial and/or fund skill. Furthermore, funds with higher incentive fees display greater long-run persistence in both good and bad performance, net of fees. These results suggest that incentive fees are increased by both skilled and unskilled, but lucky, funds following good past performance.

scholarly journals Polish Absolute Return Funds And Stock Funds. Short And Long Term Performance Comparison

2014 ◽  
Vol 14 (2) ◽  
pp. 179-197
Author(s):  
Katarzyna Perez
Keyword(s):  
Hedge Funds ◽  
Abnormal Returns ◽  
Performance Comparison ◽  
Individual Investor ◽  
Investment Funds ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance ◽  
Funds Of Funds

Abstract In this paper I focus on analyzing whether Polish absolute return funds, which I call quasi-hedge funds, add value to a portfolio of an individual investor by reaching higher returns than Polish stock funds. I use a sample of 25 Polish absolute return investment funds to contrast their short and long term performance, measured by Sharpe, Sortino and Jensen ratios, to the short and long term performance of 20 biggest Polish stock funds and build rankings based on that performance. Later I build funds of funds (with a different number of stock funds and/or quasi-hedge funds) and check which of them is the most efficient. I find out that in both short and long term Polish quasi-hedge funds have better returns than stock funds and they add much value to the investors’ portfolios. It can be explained by the fact that they are much smaller and younger than traditional funds, so they have much higher potential to grow and reach abnormal returns.

scholarly journals Introduction

2018 ◽  
pp. xiv-24
Author(s):  
Douglas Cumming ◽  
Sofia Johan
Keyword(s):  
Initial Public Offerings ◽  
Service Providers ◽  
Investment Banks ◽  
Public Offerings ◽  
Reverse Mergers ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance ◽  
Special Purpose Acquisition Companies

The worldwide landscape for raising firm capital from Initial Public Offerings (IPOs) has significantly evolved over the last few decades. This introductory chapter reviews more recent research on initial public offerings. The Oxford Handbook of IPOs comprises twenty-nine chapters from authors around the world. The chapters describe the economics of going public, short- and long-term performance of IPOs, regulation of IPOs, IPOs versus acquisitions, reverse mergers, special purpose acquisition companies, service providers including investment banks and auditors, venture capital funds, international differences in IPOs, and crowdfunding. The Introduction summarizes the chapters that appear in the Handbook and highlight research trends on topic.

Help us to help you

2019 ◽  
Vol 35 (10) ◽  
pp. 29-30
Keyword(s):  
Asia Pacific ◽  
Asia Pacific Region ◽  
Content Type ◽  
Pertinent Information ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Performance Gains ◽  
Term Performance ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Hotels in the Asia-Pacific region have yet to fully utilize social media to promote their CSR initiatives. This means there is huge potential for improved stakeholder engagement, leading to short- and long-term performance gains. Originality The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Exhumation and performance of an Antarctic composite barrier system after 4 years exposure

2020 ◽  
Vol 57 (8) ◽  
pp. 1130-1152 ◽  
Author(s):  
R.S. McWatters ◽  
R.K. Rowe ◽  
V. Di Battista ◽  
B. Sfiligoj ◽  
D. Wilkins ◽  
...  
Keyword(s):  
High Density Polyethylene ◽  
Soil Samples ◽  
Composite Liner ◽  
Subgrade Soil ◽  
And Performance ◽  
Long Term Performance ◽  
Term Performance ◽  
The Antarctic ◽  
Coarse Gravel

An Antarctic biopile using a composite liner (high-density polyethylene geomembrane (GMB) over a geosynthetic clay liner (GCL)) was constructed on a coarse granular subgrade to contain hydrocarbon-contaminated soil and leachate. The soil was remediated after 4 years and the biopile was decommissioned. The liner was exhumed to assess the properties and performance of the GMB and GCL. There was no significant change in the GMB index properties. Although cobbles and coarse gravel of the subgrade had left indentations in the GMB, implying tensile strains that could impact long-term performance, there were no holes. There was significant variability in the hydration of the GCL (from 10% to 220%) and in the underlying subgrade soil water content (from 5% to 30%). This reflects the complexity of the subgrade and groundwater flow in the Antarctic environment. The exhumed GCL specimens had low hydraulic conductivity (1 × 10−11 to 7 × 10−11 m/s) at 13 kPa. Soil samples from below the composite liner showed no detectable hydrocarbons and confirmed no migration through the barrier. It is concluded that the composite barrier contained the leachate and biopile soil over the 4 years in service in the extreme Antarctic conditions.

Trade-off between value creation and value appropriation?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Cleo Schmitt Silveira ◽  
Marta Olivia Rovedder de Oliveira ◽  
Rodrigo Heldt ◽  
Fernando Bins Luce
Keyword(s):  
Value Creation ◽  
Generalized Method Of Moments ◽  
Impulse Response Functions ◽  
Value Appropriation ◽  
Trade Off ◽  
Content Type ◽  
Short And Long Term ◽  
Long Term Performance ◽  
Term Performance

PurposeManagers face the challenge of balancing resources needed to support value creation and value appropriation. In this study the authors analyze the impacts of innovation investments (i.e. value creation: VC) on advertising expenditures (i.e. value appropriation: VA), and vice versa, and verify the effects of these options on short- and long-term performance.Design/methodology/approachThe effects of these two activities on short- and long-term performance were analyzed observing a panel of 4,090 companies of Standard and Poor's Compustat database from a 40-year period. The authors adopted the panel vector autoregressive (VAR) approach, using the generalized method of moments (GMM).FindingsAlthough there is a trade-off between the strategic emphases on creating and appropriating value, there is also a synergy between them. The results from the impulse response functions support the argument for a virtuous business circle: companies that choose to intensify their investments in R&D tend to increase advertising expenditures, and vice versa.Practical implicationsManagers, rather than having to deal with a trade-off between allocating resources either on VC or VA activities, can capitalize on synergetic benefits resulting from the interaction among them.Originality/valueThe relationship between the VC and VA activities transcends the trade-off imposed by resource restrictions, since the interaction between them creates additional benefits afforded by the synergy of these activities.

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