kaal:claim:1428387-007

The hedge fund fee structure creates very strong financial incentives for managers to hide weak performance through valuation.

The fee structure of hedge funds creates very strong financial incentives to hide weak performance by way of valuation. Hedge

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009), II.B Fee Structure, p. 7
https://ssrn.com/abstract=1428387 · source PDF

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387

• where fees run up to 30 percent of profits and one to three percent of assets under management
• where high water marks apply

mechanismsupport: arguedrisk-and-incentivesdisclosure

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• Qualification: Hedge Fund Structure, Regulation, and Performance around the World