The Performance of Hedge Fund Performance Fees
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We study the long-run outcomes associated with hedge funds' compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual rate (i.e., around 50% instead of 20%). Overall, investors collected 36 cents for every dollar earned on their
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美国国家经济研究局创建时间：
2020-06-01
