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
| Identifer | oai:union.ndltd.org:LACETR/oai:collectionscanada.gc.ca:OKQ.1974/1647 |
| Date | 05 January 2009 |
| Creators | Huang, Kelvin |
| Contributors | Queen's University (Kingston, Ont.). Theses (Queen's University (Kingston, Ont.)) |
| Source Sets | Library and Archives Canada ETDs Repository / Centre d'archives des thèses électroniques de Bibliothèque et Archives Canada |
| Language | English, English |
| Detected Language | English |
| Type | Thesis |
| Format | 1697104 bytes, application/pdf |
| Rights | This publication is made available by the authority of the copyright owner solely for the purpose of private study and research and may not be copied or reproduced except as permitted by the copyright laws without written authority from the copyright owner. |
| Relation | Canadian theses |
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