报告题目：Chinese Hedge Funds: 2003-2013
报告简介：This report consists of two parts. In the first part, I study the Chinese hedge fund industry during its earliest development from 2003 to 2013. I find that it outperforms the Chinese stock market over this period by about 200% in cumulative returns. I also find that different investment strategies lead to significant differences in a fund’s performance, risk taking behavior, and return generating process, although no investment strategy demonstrates persistence in performance during this period. Moreover, I point out that for any research on survival issues of Chinese hedge funds, it is necessary to distinguish between dissolved funds according to why a fund stops reporting to a database. In the second part, I investigate whether these special features affect the performance of Chinese hedge funds. I find strong evidence that better fund performance is associated with more frequent fund disclosure, higher complexity of trust companies and fund management companies, and slower speed of fund families in launching new funds. I also provide evidence that the new policy in July 2011, which allows trust companies to trade stock index futures, brings fundamental changes to the hedge fund industry, especially funds that focus on hedging techniques.
个人简介：Youhui (Owen) Zhang is an assistant professor of Finance at the Grove City College. He received his Ph.D. in Finance from the University of Massachusetts Amherst. His current research interests are in the areas of Hedge Fund, risk management and emerging market. He is a member of American Finance Association and Financial Management Association.