Offshore hedge funds: Survival and performance, 1989-95

Authors
Brown, SJ Goetzmann, WN Ibbotson, RG
Citation
Sj. Brown et al., Offshore hedge funds: Survival and performance, 1989-95, J BUS, 72(1), 1999, pp. 91-117
Citations number
25
Categorie Soggetti
Economics
Journal title
JOURNAL OF BUSINESS
ISSN journal
00219398 → ACNP
Volume
72
Issue
1
Year of publication
1999
Pages
91 - 117
Database
ISI
SICI code
0021-9398(199901)72:1<91:OHFSAP>2.0.ZU;2-N
Abstract
We examine the performance of the off-shore hedge fund industry over the pe riod 1989 through 1995 using a database that includes both defunct and curr ently operating funds. The industry is characterized by high attrition rate s of funds, low covariance with the U.S. stock market, evidence consistent with positive risk-adjusted returns over the time, and little evidence of d ifferential manager skill.