Hedge
Asia-Focused Hedge Funds: Analysis of Performance, Performance Persistence and Survival Asia-Focused Hedge Funds: Analysis of Performance, Performance Persistence and Survival Pattern
DISSERTATION of the University of St.Gallen, SchoolS E R T A T I O N D I S of Management, of the University of St.Gallen, Economics, Law, Social Sciences School of Management, and International Affairs Economics, Law, Social Sciences to obtain the title of and International Affairs Doctor of Philosophy in Management to obtain the title of Doctor Oeconomiae submitted by
submitted by Mato Njavro
Mato Njavro from Croatia from Approved on the application of Croatia Prof. Dr. Li Choy Chong Approved on the application of and Prof. Dr. Li-Choy Chong Prof. Dr. Andreas Grüner and Prof. Dr. Andreas Grüner Dissertation no. 4032 University of St.Gallen, Switzerland Stämpfli Publikationen AG, Bern 2012
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II
The University of St. Gallen, School of Management, Economics, Law, Social Sciences and International Affairs hereby consents to the printing of the present dissertation, without hereby expressing any opinion on the views herein expressed.
St. Gallen, May 11, 2012
The President:
Prof. Dr. Thomas Bieger
III
IV
To my parents
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VI
Acknowledgments
The process of writing this dissertation has been both exciting and fulfilling. It is only just that I use this opportunity to thank the people who supported me during this rewarding, but often exhausting, journey. Above all, I would like to thank my supervisor, Prof. Dr. Li Choy Chong, for providing me with this amazing opportunity and for supporting my academic development. Furthermore, I would like to express my gratitude to my co-supervisor, Prof. Dr. Andreas Grüner, whose comments and advice greatly improved the quality of this thesis. Last but not the least, I would like to thank my parents and my brothers for their love and support throughout my life. Their contributions are invaluable.
Rab,
DISSERTATION of the University of St.Gallen, SchoolS E R T A T I O N D I S of Management, of the University of St.Gallen, Economics, Law, Social Sciences School of Management, and International Affairs Economics, Law, Social Sciences to obtain the title of and International Affairs Doctor of Philosophy in Management to obtain the title of Doctor Oeconomiae submitted by
submitted by Mato Njavro
Mato Njavro from Croatia from Approved on the application of Croatia Prof. Dr. Li Choy Chong Approved on the application of and Prof. Dr. Li-Choy Chong Prof. Dr. Andreas Grüner and Prof. Dr. Andreas Grüner Dissertation no. 4032 University of St.Gallen, Switzerland Stämpfli Publikationen AG, Bern 2012
I
II
The University of St. Gallen, School of Management, Economics, Law, Social Sciences and International Affairs hereby consents to the printing of the present dissertation, without hereby expressing any opinion on the views herein expressed.
St. Gallen, May 11, 2012
The President:
Prof. Dr. Thomas Bieger
III
IV
To my parents
V
VI
Acknowledgments
The process of writing this dissertation has been both exciting and fulfilling. It is only just that I use this opportunity to thank the people who supported me during this rewarding, but often exhausting, journey. Above all, I would like to thank my supervisor, Prof. Dr. Li Choy Chong, for providing me with this amazing opportunity and for supporting my academic development. Furthermore, I would like to express my gratitude to my co-supervisor, Prof. Dr. Andreas Grüner, whose comments and advice greatly improved the quality of this thesis. Last but not the least, I would like to thank my parents and my brothers for their love and support throughout my life. Their contributions are invaluable.
Rab,