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Hedge fund performance and managerial social capital

Rosmah Mat Isa and Rashid Ameer

Journal of Risk Finance, 2007, vol. 8, issue 3, 246-259

Abstract: Purpose - This article seeks to explain and empirically test the relationship between managerial social capital and hedge fund performance. Design/methodology/approach - This article uses a capital asset pricing model (CAPM)-style five factor model to estimate excess returns for the top 25 hedge funds. Findings - The results show that hedge funds managers with more affiliation diversity have higher annualised rate of return. This result seems to suggest managers with more social networks and affiliation have access to market niche of wealthy investors to increase their investor base. Hedge fund managers' prior skills sets and repertoire of knowledge significantly influence their risk taking attitude. Research limitations/implications - The sample consists of the top 25 hedge funds. Originality/value - The article discusses the role and implications of managerial social capital in hedge fund marketing and performance.

Keywords: Hedging; Fund management; Social capital; Human capital; Alternate investment markets (search for similar items in EconPapers)
Date: 2007
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