Gender effects in hedge funds performance
This paper shows that after controlling for total risks (as funds do not typically hold a completely large diversified portfolio) across different funds, female-managed funds appear to perform better in certain circumstances. For example, female-managed hedge funds perform better during post-crisis...
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| 格式: | text |
| 語言: | English |
| 出版: |
Institutional Knowledge at Singapore Management University
2016
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| 在線閱讀: | https://ink.library.smu.edu.sg/etd_coll/135 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1134&context=etd_coll |
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| 總結: | This paper shows that after controlling for total risks (as funds do not typically hold a completely large diversified portfolio) across different funds, female-managed funds appear to perform better in certain circumstances. For example, female-managed hedge funds perform better during post-crisis times, for investments using the Relative Value Style and also when investments are in the Asia excluding Japan region. However, there are still many conditions in which male-managed funds seem to perform better. Namely, male-managed funds performed significantly positive in the Relative Value, Security Selection, and Multiprocess Styles, notably during the pre-crisis period and also when investments are in the "America" and "Others" regions. The study also shows that females definitely do not like to take risks and female-managed funds have lesser inflows relative to male-managed funds, especially when the funds' returns are small. Moreover, fund flows into and out of female-managed funds are more sensitive to the return outcomes. |
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