Agarwal is from Georgia State University and the Center for Financial Research, University of Cologne; Daniel is from Drexel University; and Naik is from London Business School. We thank an anonymous referee for insightful comments and suggestions that substantially improved the paper, and Robert F. Stambaugh (the editor) for valuable guidance and insights. We would also like to thank Bruno Biais, Nicole Boyson, Conrad Ciccotello, Jeff Coles, Ben Esty, Patrick Fauchier, Miguel Ferreira, William Fung, Gerald Gay, Mila Getmansky, David Goldreich, Paul Gompers, William Goetzmann, Jason Greene, Roy Henriksson, David Hsieh, Drago Indjic, Alexander Ineichen, Jayant Kale, Ron Kaniel, Alexander Kempf, Omesh Kini, Robert Kosowski, Klaus Kreuzberg, Pete Kyle, Paul Laux, Lalitha Naveen, Sebastien Pouget, Tarun Ramadorai, Krishna Ramaswamy, David Ravenscraft, Stefan Ruenzi, Chip Ryan, David Stolin, Ajay Subramanian, Isabel Tkatch, Dimitri Vayanos, David Webb, Ivo Welch, and participants at the Autumn seminar of INQUIRE Europe, All-Georgia conference, Duke University, FDIC/JFSR conference on Risk Transfer and Governance in the Financial System, FEP Universidade do Porto, Georgia State University, Gutmann Symposium on hedge funds, INQUIRE UK, ISCTE Lisbon, London Business School, London School of Economics, Singapore Management University, Third Annual Conference on Corporate Finance at Washington University St. Louis, University of Cologne, University of North Carolina, and Wharton Hedge Fund conference for many helpful comments and constructive suggestions on an earlier version of this paper. Agarwal is grateful for research support in the form of a research grant from the Robinson College of Business of Georgia State University. We are grateful for funding from INQUIRE Europe and support from BNP Paribas Hedge Fund Centre at London Business School. We are also grateful to the Center for International Securities and Derivatives Markets, Hedge Fund Research Inc., TASS Investment Research Ltd., and MSCI for providing us with the data on hedge funds. We are thankful to Burak Ciceksever, Otgontsetseg Erhemjamts, and Purnendu Nath for excellent research assistance. We are responsible for all errors.
Role of Managerial Incentives and Discretion in Hedge Fund Performance
Version of Record online: 28 SEP 2009
© 2009 the American Finance Association
The Journal of Finance
Volume 64, Issue 5, pages 2221–2256, October 2009
How to Cite
AGARWAL, V., DANIEL, N. D. and NAIK, N. Y. (2009), Role of Managerial Incentives and Discretion in Hedge Fund Performance. The Journal of Finance, 64: 2221–2256. doi: 10.1111/j.1540-6261.2009.01499.x
- Issue online: 28 SEP 2009
- Version of Record online: 28 SEP 2009
Options for accessing this content:
- If you are a society or association member and require assistance with obtaining online access instructions please contact our Journal Customer Services team.
- If your institution does not currently subscribe to this content, please recommend the title to your librarian.
- Login via other institutional login options http://onlinelibrary.wiley.com/login-options.
- You can purchase online access to this Article for a 24-hour period (price varies by title)
- If you already have a Wiley Online Library or Wiley InterScience user account: login above and proceed to purchase the article.
- New Users: Please register, then proceed to purchase the article.
Login via OpenAthens
Search for your institution's name below to login via Shibboleth.
Registered Users please login:
- Access your saved publications, articles and searches
- Manage your email alerts, orders and subscriptions
- Change your contact information, including your password
Please register to:
- Save publications, articles and searches
- Get email alerts
- Get all the benefits mentioned below!