Do prime brokers intermediate capital?

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation Pub Date : 2023-01-01 DOI:10.1016/j.jfi.2022.101004

Andrew J. Sinclair

引用次数: 0

Abstract

Prime brokers play an important role in intermediating arbitrage capital to hedge funds. A fund’s peer-group ranking, relative to funds that share the same prime broker, significantly affects how investors respond to its past performance. I decompose the standard performance-flow relationship into two components: (1) flows that respond to overall performance rank, and (2) flows that respond to relative (within prime broker) performance rank. Strong relative rank drives fund in-flows, while poor overall rank drives out-flows. These results suggest that prime brokers intermediate about 40% of the standard performance-flow relationship.

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主要经纪商是中间资本吗？

大宗经纪商在为对冲基金中介套利资本方面发挥着重要作用。相对于共享同一主要经纪人的基金，一只基金的同行群体排名会显著影响投资者对其过去业绩的反应。我将标准性能流关系分解为两个部分：（1）响应总体性能排名的流，以及（2）响应相对（在主要代理内）性能排名的流量。较强的相对排名推动资金流入，而较差的整体排名推动资金流出。这些结果表明，主要经纪人中介了大约40%的标准绩效流关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Intermediation BUSINESS, FINANCE-

CiteScore

8.60

自引率

7.70%

发文量

期刊介绍： The Journal of Financial Intermediation seeks to publish research in the broad areas of financial intermediation, financial market structure, corporate finance, risk management, and valuation.