A Collection of Our Favorite Papers

Hedge Fund Hold’em

“We find that managers who cash in positions better than the median cashing position (which, in our sample is the 5.9th percentile) perform significantly better than managers who cash in positions worse than the median cash. These results are unlikely to simply be a function of managers entering more tournaments after doing well and cashing more often due to luck. Rather, these results are consistent with skill in poker being correlated with skill in fund management.”