Onshore and Offshore Hedge Funds: Are They Twins?

References

• Ackermann C, McEnally R, Ravenscraft D (1999) The performance of hedge funds: Risk, return, and incentives. J. Finance 54:833–874.Crossref, Google Scholar
• Agarwal V, Naik N (2004) Risks and portfolio decisions involving hedge funds. Rev. Financial Stud. 17:63–98.Crossref, Google Scholar
• Aggarwal R, Jorion P (2010a) Hidden survivorship bias in hedge fund returns. Financial Analysts J. 66:69–74.Crossref, Google Scholar
• Aggarwal R, Jorion P (2010b) The performance of emerging hedge funds and managers. J. Financial Econom. 96:238–256.Crossref, Google Scholar
• Amihud Y, Mendelson H (1986) Asset pricing and the bid-ask spread. J. Financial Econom. 17:223–249.Crossref, Google Scholar
• Ang A, Gorovvy S, Inwegen G (2011) Hedge fund leverage. J. Financial Econom. 102:102–126.Crossref, Google Scholar
• Aragon GO (2007) Share restrictions and asset pricing: Evidence from the hedge fund industry. J. Financial Econom. 83:33–58.Crossref, Google Scholar
• Aragon GO, Strahan P (2012) Hedge funds as liquidity providers: Evidence from the Lehman bankruptcy. J. Financial Econom. 103:570–587.Crossref, Google Scholar
• Bali TG, Gokcan S, Liang B (2007) Value at risk and the cross-section of hedge fund returns. J. Banking Finance 31:1135–1166.Crossref, Google Scholar
• Barclay M, Pearson N, Weisbach M (1998) Open end mutual funds and capital gains taxes. J. Financial Econom. 49:3–43.Crossref, Google Scholar
• Barth MH, Blanco M (2001) U.S. regulatory and tax considerations for offshore funds. Barham S, Hallsworth I, Bonnett C, eds. The Capital Guide to Offshore Funds 2001 (ISI Publications, The Hague, The Netherlands), 15–61.Google Scholar
• Bergstresser D, Pontiff J (2013) Investment taxation and portfolio performance. J. Public Econom. 97:245–257.Crossref, Google Scholar
• Bergstresser D, Poterba J (2002) Do after-tax returns affect mutual fund inflows? J. Financial Econom. 63:381–414.Crossref, Google Scholar
• Berk J, Green R (2004) Mutual fund flows and performance in rational markets. J. Political Econom. 112:1269–1295.Crossref, Google Scholar
• Brown S, Goetzmann W, Ibbotson R (1999) Offshore hedge funds: Survival and performance. J. Bus. 72:91–117.Crossref, Google Scholar
• Brown S, Goetzmann W, Liang B, Schwarz C (2008) Mandatory disclosure and operational risk: Evidence from hedge fund registration. J. Finance 63:2785–2815.Crossref, Google Scholar
• Brown S, Goetzmann W, Liang B, Schwarz C (2009) Estimating operational risk for hedge funds: The ω-score. Financial Analysts J. 65:43–53.Crossref, Google Scholar
• Brunnermeier MK, Pedersen L (2009) Market liquidity and funding liquidity. Rev. Financial Stud. 22:2201–2238.Crossref, Google Scholar
• Buscema J (1996) Master-feeder funds: Structuring for maximum efficiency. Hedge Fund News. Retrieved September 1, 2010, http://www.hedgefundnews.com/news_n_info/article_detail.php?id=89.Google Scholar
• Chordia T (1996) The structure of mutual fund charges. J. Financial Econom. 41:3–39.Crossref, Google Scholar
• Cumming D, Dai N (2010) A law and finance analysis of hedge funds. Financial Management 40:997–1026.Crossref, Google Scholar
• Dickson J, Shoven J, Sialm C (2000) Tax externalities of equity mutual funds. National Tax J. 53:607–628.Crossref, Google Scholar
• Economist, The (2012) The tail that wags the elephant. (May 12), http://www.economist.com/node/21554523.Google Scholar
• Edelen R (1999) Investor flows and the assessed performance of open-end mutual funds. J. Financial Econom. 53:439–466.Crossref, Google Scholar
• Fama E, French K (1993) Common risk factors in the returns on stocks and bonds. J. Financial Econom. 33:3–56.Crossref, Google Scholar
• Fama E, MacBeth J (1973) Risk, return and equilibrium: Empirical tests. J. Political Econom. 38:607–636.Crossref, Google Scholar
• Fung W, Hsieh D (1997) Empirical characteristics of dynamic trading strategies: The case of hedge funds. Rev. Financial Stud. 10:275–302.Crossref, Google Scholar
• Fung W, Hsieh D (2001) The risk in hedge fund strategies: Theory and evidence from trend followers. Rev. Financial Stud. 14:313–341.Crossref, Google Scholar
• Fung W, Hsieh D (2004) Hedge fund benchmarks: A risk based approach. Financial Analyst J. 60:65–80.Crossref, Google Scholar
• Fung W, Hsieh D, Naik N, Ramadorai T (2008) Hedge funds: Performance, risk and capital formation. J. Finance 63:1777–1803.Crossref, Google Scholar
• Getmansky M, Lo A, Makarov I (2004) An econometric model of serial correlation and illiquidity in hedge funds returns. J. Financial Econom. 74:529–610.Crossref, Google Scholar
• Getmansky M, Liang B, Schwarz C, Wermers R (2011) Share restrictions and investor flows in the hedge fund industry. Working paper, University of Massachusetts, Amherst.Google Scholar
• Gross PS (2004) Tax planning for offshore hedge funds—Potential benefits of investing in a PFIC. J. Taxation Investments 21:187–195.Google Scholar
• Huang J, Wei K, Yan H (2007) Participation costs and the sensitivity of fund flows to past performance. J. Finance 62:1273–1311.Crossref, Google Scholar
• Ivković Z, Weisbenner S (2009) Individual investor mutual fund flows. J. Financial Econom. 92:223–237.Crossref, Google Scholar
• Jagannathan R, Malakhov A, Novikov D (2010) Do hot hands exist among hedge fund managers? An empirical evaluation. J. Finance 65:217–255.Crossref, Google Scholar
• Khandani A, Lo A (2007) What happened to the quants in August 2007? J. Investment Management 5:5–54.Google Scholar
• Kosowski R, Naik N, Teo M (2007) Do hedge funds deliver alpha? J. Financial Econom. 84:229–264.Crossref, Google Scholar
• Kosowski R, Timmerman A, White H, Wermers R (2006) Can mutual fund stars really pick stocks? New evidence from a bootstrap experiment. J. Finance 61:2251–2595.Crossref, Google Scholar
• LePree S (2008) Taxation of U.S. tax-exempt entities' offshore hedge fund investments—Application of the Section 514 debt-financed rules to leveraged hedge funds and derivatives and the case for equalization. Tax Lawyer 61:807–853.Google Scholar
• Lerner J, Schoar A (2004) The illiquidity puzzle: Theory and evidence from private equity. J. Financial Econom. 72:3–40.Crossref, Google Scholar
• Liang B (1999) On the performance of hedge funds. Financial Analysts J. 55:72–85.Crossref, Google Scholar
• Liang B, Park H (2007) Risk measures for hedge funds: A cross-sectional approach. Eur. Financial Management 13:317–354.Crossref, Google Scholar
• Lo A (2001) Risk management for hedge funds: Introduction and overview. Financial Analysts J. 57:16–33.Crossref, Google Scholar
• McCrary SA (2002) How to Create and Manage a Hedge Fund: A Professional's Guide (John Wiley & Sons, Hoboken, NJ).Google Scholar
• Nanda V, Narayanan M, Warther V (2000) Liquidity, investment ability, and mutual fund structure. J. Financial Econom. 57:417–443.Crossref, Google Scholar
• Pastor L, Stambaugh R (2003) Liquidity risk and expected stock returns. J. Political Econom. 111:642–685.Crossref, Google Scholar
• Pastor L, Stambaugh R (2012) On the size of the active management industry. J. Political Econom. 120:740–781.Crossref, Google Scholar
• Ramadorai T (2012) The secondary market for hedge funds and the closed hedge fund premium. J. Finance 67:479–512.Crossref, Google Scholar
• Ramadorai T (2013) Capacity constraints, investor information, and hedge fund returns. J. Financial Econom. 107(2):401–416.Crossref, Google Scholar
• Sadka R (2006) Momentum and post-earnings-announcement drift anomalies: The role of liquidity risk. J. Financial Econom. 80:309–349.Crossref, Google Scholar
• Sadka R (2010) Liquidity risk and the cross-section of hedge-fund returns. J. Financial Econom. 98:54–71.Crossref, Google Scholar
• Shleifer A, Vishny R (1997) The limits of arbitrage. J. Finance 52:35–55.Crossref, Google Scholar
• Shoven J, Sialm C (2003) Asset location in tax-deferred and conventional savings account. J. Public Econom. 88:23–38.Crossref, Google Scholar
• Sialm C, Starks L (2012) Mutual fund tax clienteles. J. Finance 67:1397–1422.Crossref, Google Scholar
• Sirri E, Tufano P (1998) Costly search and mutual fund flows. J. Finance 53:1589–1622.Crossref, Google Scholar
• Strachman D (2007) The Fundamentals of Hedge Fund Management: How to Successfully Launch and Operate a Hedge Fund (John Wiley & Sons, Hoboken, NJ).Google Scholar
• Teo M (2009) The geography of hedge funds. Rev. Financial Stud. 22:3531–3561.Crossref, Google Scholar
• Trombly M (2006) Avoiding registration: limits of the lockup loophole. Securities Technology Monitor (January 1), http://www.securitiestechnologymonitor.com/supplements/20051231/16794-1.html.Google Scholar