Nationalekonomiska institutionen

Ekonomihögskolan vid Lunds universitet

Seminar in Financial Economics: Olga Obizhaeva


Olga Obizhaeva, Stockholm School of Economics

Olga Obizhaeva, Stockholm School of Economics, will present her paper “Fundraising in the Hedge Fund Industry” 

Abstract: This paper studies the fundraising process in the hedge fund industry. Using the SEC Form D filings, I document that hedge funds sold to investors directly outperform those offered to investors by brokers by 2% (1.6%) per year on a  risk-adjusted basis before (after) fees. Directly sold funds also have a larger investment size and charge higher fees compared to broker sold funds. These results are consistent with a separating equilibrium in a stylized model of  fundraising where funds optimally choose fees and capital raising channels, whereas investors endogenously allocate capital across funds.

9 november 2021


Ideon Alfa1:4013
Scheelevägen 15B
223 63 Lund


Thomas Fischer