NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Offshore Hedge Funds: Survival and Performance 1989-1995

Stephen J. Brown, William N. Goetzmann, Roger G. Ibbotson

NBER Working Paper No. 5909*
Issued in January 1997
NBER Program(s):   AP

We examine the performance of the offshore hedge fund industry over the period 1989 through 1995 using a database that includes defunct as well as currently operating funds. The industry is characterized by high attrition rates of funds and little evidence of differential manager skill. We develop endogenous style categories for relative fund performance measures and find that repeat-winner and repeat-loser patterns in the data are largely due to style effects in that data.

*Published: Journal of Business, Vol. 72, no. 1 (January 1999): 91-117.

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