Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/228696 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
CFR Working Paper No. 20-14
Verlag: 
University of Cologne, Centre for Financial Research (CFR), Cologne
Zusammenfassung: 
We study whether hedge funds make charitable donations to further their business interests. We find that donations are driven by poor fund flows and performance. Post-donation, donor funds experience lower outflows compared to matched non-donors. One-off donations and donations to charities which hold fundraising events catering to the hedge fund community are more likely to mitigate outflows after poor performance. These findings are consistent with strategic motivations driving at least some donations. While the economics of donations initially appear quite favorable to the hedge funds, the benefits from donations are not scalable. Moreover, investors punish donors through greater redemptions if poor performance persists post-donation.
Schlagwörter: 
Hedge funds
Philanthropy
Trust
Charitable Donations
Capital Formation
Corporate Social Responsibility (CSR)
JEL: 
D64
G23
G41
Dokumentart: 
Working Paper

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