A Law and Finance Analysis of Hedge Funds
实证分析了对冲基金监管对基金结构和绩效的影响，发现关键服务提供商地点限制和包装分销限制与较低的超额收益、月均回报和较高固定费用相关。
This paper empirically analyzes the impact of hedge fund regulation on fund structure and performance. The data indicate restrictions on the location of key service providers and permissible distributions via wrappers are associated with lower fund alphas, lower average monthly returns, and higher fixed fees. Furthermore, restrictions on the location of key service providers are associated with lower manipulation‐proof performance measures, while wrapper distributions are associated with lower performance fees. As well, the data show standard deviations of monthly returns are lower among jurisdictions with restrictions on the location of key service providers and higher minimum capitalization requirements.