Verbeek, Marno; Baquero, G. - Erasmus Research Institute of Management (ERIM), … - 2006
manager after a successful (or losing) performance streak. Using quarterly data between 1994 and 2000 of 752 hedge funds, we … that persistence patterns have a predictive ability of future relative performance of a manager: the longer the winner … significant impact on money flows beyond rationally expected performance, which confirms a “hot-hand” bias driving to a large …