Offshore hedge funds: Survival and performance, 1989-95

Stephen Jeffrey Brown; William N Goetzmann; Robert G Ibbotson

Offshore hedge funds: Survival and performance, 1989-95

Stephen Jeffrey Brown, William N Goetzmann, Robert G Ibbotson

Research output: Contribution to journal › Article › Research › peer-review

Abstract

We examine the performance of the off-shore hedge fund industry over the period 1989 through 1995 using a database that includes both defunct and currently operating funds. The industry is characterized by high attrition rates of funds, low covariance with the U.S. stock market, evidence consistent with positive risk-adjusted returns over the time, and little evidence of differential manager skill.

Original language	English
Pages (from-to)	91-117
Journal	The Journal of Business
Volume	72
Issue number	1
Publication status	Published - Jan 1999
Externally published	Yes

Access to Document

http://people.stern.nyu.edu/sbrown/pdf/hedges.pdf

Cite this

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title = "Offshore hedge funds: Survival and performance, 1989-95",

abstract = "We examine the performance of the off-shore hedge fund industry over the period 1989 through 1995 using a database that includes both defunct and currently operating funds. The industry is characterized by high attrition rates of funds, low covariance with the U.S. stock market, evidence consistent with positive risk-adjusted returns over the time, and little evidence of differential manager skill.",

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AB - We examine the performance of the off-shore hedge fund industry over the period 1989 through 1995 using a database that includes both defunct and currently operating funds. The industry is characterized by high attrition rates of funds, low covariance with the U.S. stock market, evidence consistent with positive risk-adjusted returns over the time, and little evidence of differential manager skill.

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