As capital markets have continued to evolve the role of active asset management has changed. Increasingly investment decisions are made across a range of liquid, semi-liquid, and illiquid investment vehicles that span public and private markets. The Active Management Research Alliance seeks to better understand how the investment management process is impacted by the increased adoption of “alternative investments.”
The primary area of focus currently is the intersection of public and private markets and the role of hedge funds in the financial intermediation process. The Hedge Fund industry has grown to over 3 trillion USD in assets under management yet research on investment strategies and portfolio benefits related to hedge funds has lagged this growth. The deficit is largely due to low-quality data on funds because of limited public disclosure requirements. AMRA works with industry partners to expand the breadth and depth of hedge fund data available to academic researchers.
Alon Brav
Peterjohn-Richards Professor of Finance, Duke University Fuqua School
Randy Cohen
Senior Lecturer, Harvard Business School
Arpit Gupta
Assistant Professor, NYU Stern School of Business
Wei Jiang
Asa Griggs Candler Professor of Finance, Emory University Goizueta Business School
Russell Wermers
Bank of America Professor of Finance & Director, Center for Financial Policy, University of Maryland
Christian Lundblad
Director, Senior Fellow, IPC; Edward M. O’Herron Distinguished Scholar and Professor of Finance, University of North Carolina, Kenan-Flagler Business School
Christopher Polk
Professor of Finance, Head of Department at London School of Economics
Adam Reed
Julian Price Scholar in Finance and Associate Professor of Finance, University of North Carolina, Kenan-Flagler Business School
Hedge fund activism has become a central market-based mechanism for disciplining public-company managers as equity ownership shifts toward passive institutions that rarely initiate engagement. We review two decades of evidence through a cost-benefit framework...
We assemble the first comprehensive sample of venture fraud cases involving 614 U.S. venture capital (VC)-backed startups founded since 2000. We find that VC-backed firms are 54% more likely to face fraud charges than comparable non-VC backed firms
We study how subjective beliefs shape the portfolio allocations of institutional investors, and find that pension fund allocations are significantly linked to belief-implied mean-variance efficient allocations across pension funds, across asset classes, and over time.
Evergreen funds are a rapidly growing segment of the private capital universe. While open-ended structures have existed for decades in some asset classes such as real estate, the more recent products have included a broader set of assets such as private equity and credit.
The central tension in securities regulation is between protecting investors and enabling broad capital formation. Focusing on VC fund managers, we study key tools of investor protection in private markets: enforcing relationship-based fundraising and restricting eligible investors.
We utilize results of a survey of Small Business Investment Companies (SBICs), along with data from MSCI-Burgiss, to perform a novel analysis of SBIC performance. Overall, we find via the survey that SBIC funds outperform comparable non-SBIC peers by an average of around 4%...