Onshore and Offshore Hedge Funds: Are They Twins?
Onshore and Offshore Hedge Funds: Are They Twins?
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在岸和离岸对冲基金：它们是双胞胎吗？
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Hyuna Park
中科院分区：
文献类型：
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作者：
G. Aragon;Bing Liang;Hyuna Park
与离岸对冲基金相反，在美国注册的（“在岸”）基金受到严格的营销禁令、合格投资者要求、投资者数量有限以及税收劣势的限制。我们利用这种差异来测试预测的组织设计，资本流动和基金业绩。我们发现，在岸基金比离岸基金施加更强的份额限制，如锁定条款，以阻止赎回，但持有更多的流动性资产，以降低流动性驱动的交易成本。研究结果显示，由于广告管制的影响，在岸基金的资金流量对过去业绩的敏感性低于离岸基金，而资金流量敏感性差异会影响业绩。流动性调整后的阿尔法值为正且显著（每月0.94%），仅适用于独立的在岸基金，这些基金没有受到通过主-支线结构来自离岸投资者的过量资本流动的影响。
Contrary to offshore hedge funds, US-registered (“onshore”) funds are subject to strict marketing prohibitions, accredited investor requirements, limited number of investors, and tax disadvantage. We exploit this difference to test predictions about organizational design, capital flow, and fund performance. We find that onshore funds impose stronger share restrictions such as a lockup provision than offshore funds to deter redemptions, but hold more liquid assets to reduce the cost of liquidity- motivated trading. Our results show that capital flows are less sensitive to past performance in onshore funds than in offshore funds due to regulation on advertising, and the flow sensitivity difference affects performance. Liquidity-adjusted alpha is positive and significant (0.94% per month) only for stand-alone onshore funds that have not been affected by excess capital flows from offshore investors through a master-feeder structure.