Emerging market hedge funds in the United States

Hyuna Park

Emerging Markets Review, 2015, vol. 22, issue C, 25-42

Abstract: This paper compares the performance and capital flow to emerging market hedge funds located in the US with those of the funds located in other countries. I find that the US funds on average provided neither a positive risk-adjusted return nor a liquidity premium to compensate for the stronger share restrictions they imposed than the other funds during 1994–2012. Quarterly flow to the US funds was 1.25 to 7.88 times higher but it was less sensitive to past performance. Smart money effect was observed among the Caribbean funds, Hong Kong funds and Singapore funds, but not among the US funds.

Keywords: Geography of emerging market funds; Share restrictions; Flow-performance relation (search for similar items in EconPapers)
JEL-codes: G11 G15 G23 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:22:y:2015:i:c:p:25-42

DOI: 10.1016/j.ememar.2014.11.004

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