Hedge Dissertation

Asia-Focused Hedge Funds: Analysis of Performance, Overall performance Persistence and Survival Asia-Focused Hedge Money: Analysis of Performance, Performance Persistence and Survival Design DISSERTATION in the University of St . Gallen, SchoolS E R Capital t A T I Um N Deb I H of Management, of the College or university of St . Gallen, Economics, Law, Sociable Sciences Institution of Supervision, and Intercontinental Affairs Economics, Law, Interpersonal Sciences to get the title of and Worldwide Affairs Doctor of Idea in Management to have the title of Doctor Oeconomiae submitted by simply

submitted by Mato Njavro

Mato Njavro from Croatia from Approved on the using Croatia Prof. Dr . Li Choy Chong Approved on the application of and Prof. Doctor Li-Choy Chong Prof. Dr . Andreas Grüner and Prof. Dr . Andreas Grüner Texte no . 4032 University of St . Gallen, Switzerland Stämpfli Publikationen AKTIENGESELLSCHAFT, Bern 2012

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The University of St Gallen, College of Management, Economics, Regulation, Social Sciences and International Affairs hereby consents to the printing from the present dissertation, without hereby expressing any kind of opinion around the views herein expressed.

St Gallen, May 11, 2012

The Leader:

Prof. Dr . Thomas Bieger

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To my parents

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Acknowledgments

The writing this dissertation have been both fascinating and gratifying. It is only that I use this opportunity to give thanks to the people who have supported myself during this fulfilling, but typically exhausting, quest. Above all, I want to thank my director, Prof. Dr . Li Choy Chong, intended for providing me with this unique opportunity as well as for supporting my personal academic advancement. Furthermore, I would really prefer to express my personal gratitude to my co-supervisor, Prof. Dr . Andreas Grüner, whose responses and guidance greatly improved the quality of this kind of thesis. Last but not the least, I would like to thank my parents and my own brothers for love and support throughout my life. Their particular contributions will be invaluable.

Rab, August 2012

Mato Njavro

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Table of Contents

Stand of Items

1 . Intro................................................................................................................... 1 1 . 1 Study objective and key queries.................................................................... 2 1 . 2 Results and contribution to the existing literature.................................................. several 1 . installment payments on your 1 Do Asia-focused hedge funds generate alpha?............................................. three or more 1 . 2 . 1 Do Asia-focused hedge funds display persistence inside their performance?.... some 1 . 2 . 3 Exactly what the elements influencing the survival of Asia-focused hedge funds?................................................................................................. four 1 . 3 Structure of the Dissertation................................................................................... your five The Hedge Fund Universe............................................................................................ 7 installment payments on your 1 The Evolution of the Hedge Finance Industry............................................................ 7 2 . a couple of Hedge Fund Characteristics.................................................................................... almost 8 2 . 3 Hedge Account Typology.......................................................................................... 10 2 . four The Global Hedge Fund Market Today.............................................................. 13 2 . five The Cookware Hedge Finance Industry........................................................................... 15 Theoretical Structure.............................................................................................. 17 three or more. 1 An intro to Stock portfolio Theory..................................................................... 18 3. 1 . 1 Dimension of Returning.............................................................................. 19 three or more. 1 . 2 Measurement of Risk...



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