{"id":1169,"date":"2019-03-28T07:44:39","date_gmt":"2019-03-28T06:44:39","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-fr\/events\/unobserved-performance-of-hedge-funds\/"},"modified":"2019-03-28T07:44:39","modified_gmt":"2019-03-28T06:44:39","slug":"unobserved-performance-of-hedge-funds","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-fr\/events\/unobserved-performance-of-hedge-funds\/","title":{"rendered":"Unobserved Performance of Hedge Funds"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>Abstract<\/p><p>We investigate hedge funds\u2019 unobserved performance (UP), measured as the risk-adjusted return difference between a fund firm\u2019s reported return and the hypothetical portfolio return derived from its disclosed long equity holdings. We find that high UP is (i) positively associated with measures of managerial incentives, discretion, and skill, and (ii) driven by a fund firm\u2019s frequent trading in equity positions, derivatives usage, short selling, and confidential holdings. Fund firms with high UP outperform fund firms with low UP by more than 6% p.a. after accounting for typical hedge fund risk factors and fund characteristics.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":0,"featured_media":1170,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2019-04-02 12:30:00","event_end_date":"2019-04-02 13:45:00","event_speaker_name":"Vikas Agarwal - Georgia State University","event_speaker_link":"","event_is_online":false,"event_location":"Faculty of Law, Economics and Finance\r\nJFK Building \r\n29, avenue Kennedy\r\nL-1855 Luxembourg\r\nGround Floor, Nancy-Metz Room","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[301],"events-type":[],"organisation":[115],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Unobserved Performance of Hedge Funds - FDEF I Uni.lu<\/title>\n<meta name=\"description\" content=\"AbstractWe investigate hedge funds\u2019 unobserved performance (UP), measured as the risk-adjusted return difference between a fund firm\u2019s reported return and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-fr\/events\/unobserved-performance-of-hedge-funds\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unobserved Performance of Hedge Funds\" \/>\n<meta property=\"og:description\" content=\"AbstractWe investigate hedge funds\u2019 unobserved performance (UP), measured as the risk-adjusted return difference between a fund firm\u2019s reported return and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-fr\/events\/unobserved-performance-of-hedge-funds\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF FR\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/18\/2026\/03\/03111953\/FDEF_SM-Profile_1600x1600px-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"2560\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-fr\/events\/unobserved-performance-of-hedge-funds\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-fr\/events\/unobserved-performance-of-hedge-funds\/\",\"name\":\"Unobserved Performance of Hedge Funds - 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