Geographical focus in emerging markets and hedge fund performance |
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Authors: | Juha Kotkatvuori-Örnberg Jussi Nikkinen Jarkko Peltomäki |
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Institution: | aUniversity of Vaasa, Department of Accounting and Finance, P.O. Box 700, FI-65101 Vaasa, Finland |
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Abstract: | Emerging market hedge funds are an asset class which does not seem to outperform the market benchmarks. We hypothesize that the poor aggregate performance may be due to lack of focus of these funds. Our results suggest that a portfolio of emerging market hedge funds, which have geographical focuses, outperform their underlying stock markets. Hedge funds which focus on Eastern Europe appear to have the best outperformance. However, we also find that the performance of all emerging market hedge funds has reduced after the start of the 2008 Crisis. |
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Keywords: | JEL classification: G11 G15 |
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