The role of hedge funds as primary lenders

Agarwal, Vikas; Meneghetti, Costanza

doi:10.1007/s11147-011-9066-5

Cited by 6 publications

(1 citation statement)

References 14 publications

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“…Hedge funds have become comparable with mutual funds in terms of asset management capabilities, and are an important new type of institutional investors (Chen et al ., ). Previous literature on hedge funds in advanced countries has shown that they are distinct from mutual funds in several ways: compared with market benchmarks, mutual fund managers do not have superior market timing or stock selection abilities (Goetzmann et al ., ), while hedge fund managers generally have superior investment experience and professional ability (Stulz, ; Agarwal and Meneghetti, ). Despite the dramatic development of hedge funds in China, there have been very few studies on this subject.…”

Section: Introductionmentioning

confidence: 99%

Structural holes and hedge fund return comovement: evidence from network‐connected stock hedge funds in China

Lü

Yang

Wang

et al. 2019

Accounting & Finance

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Using data from a new hedge fund database, we examine the impact of social networks on the return comovement of stock hedge funds in China. We use structural holes in the college alumni networks of managers to measure the managers' social network positions. We perform an empirical analysis on a sample of 3,012 hedge fund products in China from 2010 to 2017. We find that greater structural holes are associated with higher return comovement. The positive impact of the structural holes on return comovement is not affected by market cycles, a manager's major in college, or his or her abilities.

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Section: Introductionmentioning

confidence: 99%