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Nationalekonomiska institutionen

Ekonomihögskolan vid Lunds universitet

Seminar in Financial Economics: Olga Obizhaeva

Seminarium

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
14:15–15:30

Lokal

Ideon Alfa1:4013
Scheelevägen 15B
223 63 Lund

Kontakt

Thomas Fischer