TY  - JOUR
AU  - Brown,Stephen J.
AU  - Goetzmann,William N.
AU  - Ibbotson,Roger G.
TI  - Offshore Hedge Funds: Survival and Performance 1989-1995
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5909
PY  - 1997
Y2  - January 1997
UR  - http://www.nber.org/papers/w5909
L1  - http://www.nber.org/papers/w5909.pdf
N1  - Author contact info:
Stephen J. Brown
Stern School of Business
New York University
New York, NY 10012
Tel: 718 273 0317
Fax: 718 981 7239
E-Mail: sbrown@stern.nyu.edu

William N. Goetzmann
School of Management
Yale University
Box 208200
New Haven, CT 06520-8200
Tel: 203/432-5950
Fax: 203/432-3003
E-Mail: william.goetzmann@yale.edu
AB  - 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.
ER  -