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The Impact of Minimum Investment Barriers on Hedge Funds: Are Retail Investors Getting the Short End of Performance?Huang, Kelvin 05 January 2009 (has links)
Using paired tests of high and low minimum investment group funds on several performance measures for hedge funds and funds-of-funds from 1991-2005, we find that funds imposing a higher entry fee requirement on their investors produce significantly better performance both on a raw basis and a risk-adjusted basis. Differences in the performance of the high and low entry fee funds are found to be less significant economically and statistically in later years, suggesting a diminishing gap in performance differences. We also find that there is considerably more cross-sectional dispersion in investing in funds with lower minimum investment levels, which indicates a much higher level of fund selection risk for undiversified investors desiring investment in funds with low entry fee barriers. / Thesis (Ph.D, Management) -- Queen's University, 2008-12-21 23:57:11.475
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