Hedge Fund Research Reconsidered


The Institute for Private Capital

Executive Summary

  • Recent academic research using confidential regulatory data finds that the hedge fund industry is much larger than commercial datasets suggest.  In addition, “non-reporting” funds are larger, better performing, and have lower risk than “reporting” funds.

  • In response to the challenges this non-reporting bias presents to conducting objective unbiased analysis of the hedge fund industry, PivotalPath and the Institute for Private Capital have formed a partnership to address shortcomings of commercial datasets.

  • This analysis discusses how PivotalPath’s data provides coverage of many non-reporting funds that are otherwise unobserved in commercial databases. IPC examines activist funds as a specific example and quantify differences in size, return, and risk and show the differences correct biases consistent with those reported in prior research.


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