Return Smoothing, Liquidity Costs, and Investor Flows: Evidence from a Separate Account Platform
We use a new hedge fund data set from a separate account platform to examine (1) how much of hedge fund return smoothing is due to main fund-specific factors, such as managerial reporting discretion and (2) the costs of removing hedge fund share restrictions. These accounts trade pari passu with mat...
| Main Authors: | , , , |
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| Other Authors: | |
| Format: | Article |
| Published: |
Institute for Operations Research and the Management Sciences (INFORMS)
2020
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| Online Access: | https://hdl.handle.net/1721.1/128478 |