Financial Intermediary Risk and the Cross-section of Hedge-fund Returns
Hedge fund returns are strongly influenced by the covariation between fund returns and equity capital ratio shocks of key financial intermediaries, with high-exposure portfolios outperforming low-exposure ones.
Featured in No. 89 on 20 Mar 2025 · 3 days after release · 0 citations today
- Released
- 17 Mar 2025
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- No. 89 · 20 Mar 2025
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- SSRN 5182451
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