@techreport{NBERw5909,
 title = "Offshore Hedge Funds: Survival and Performance 1989-1995",
 author = "Stephen J. Brown and William N. Goetzmann and Roger G. Ibbotson",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "5909",
 year = "1997",
 month = "January",
 URL = "http://www.nber.org/papers/w5909",
 abstract = {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.},
}