| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8898 |
| DP8898 Change You Can Believe In? Hedge Fund Data Revisions | |
| Andrew Patton; Michael Streatfield | |
| 发表日期 | 2012-03-12 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We analyze the reliability of voluntary disclosures of financial information, focusing on widely-employed publicly available hedge fund databases. Tracking changes to statements of historical performance recorded at different points in time between 2007 and 2011, we find that historical returns are routinely revised. These revisions are not merely random or corrections of earlier mistakes; they are partly forecastable by fund characteristics. Moreover, funds that revise their performance histories significantly and predictably underperform those that have never revised, suggesting that unreliable disclosures constitute a valuable source of information for current and potential investors. These results speak to current debates about mandatory disclosures by financial institutions to market regulators. |
| 主题 | Financial Economics |
| 关键词 | Asymmetric information Disclosure Finance regulation Hedge funds Performance |
| URL | https://cepr.org/publications/dp8898 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537759 |
| 推荐引用方式 GB/T 7714 | Andrew Patton,Michael Streatfield. DP8898 Change You Can Believe In? Hedge Fund Data Revisions. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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