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Did the STOCK Act impact the performance, risk and flow of hedge funds?

Author

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  • Laleh Samarbakhsh
  • Meet Shah

Abstract

Purpose - This research aims to examine hedge funds’ performance, risk and flow before and after the implementation of the Stop Trading on Congressional Knowledge (STOCK) Act. Design/methodology/approach - This paper includes the use of different factor models to highlight the performance and risk of hedge funds before and after the implementation of the STOCK Act. Hedge fund holdings are retrieved from Thomson Reuters Lipper Hedge Fund Database (TASS). Findings - This study finds significant differences before and after the implementation of the STOCK Act. The results for the entire sample period indicate that hedge funds suffered lower-alpha, standard deviation and idiosyncratic risk after the implementation of the STOCK Act. Originality/value - The paper’s originality and value lie in addressing the relationship gap between the STOCK Act and hedge fund performance.

Suggested Citation

  • Laleh Samarbakhsh & Meet Shah, 2021. "Did the STOCK Act impact the performance, risk and flow of hedge funds?," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 18(5), pages 944-978, October.
    • Handle: RePEc:eme:ijmfpp:ijmf-04-2021-0174
    DOI: 10.1108/IJMF-04-2021-0174
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    More about this item

    Keywords

    Hedge funds; Legislative acts; Fund flow; Policy performance; G11; G23; G38;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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