Academic study into hedge funds is becoming more and more popular, but many think their research is marred by conflicts of interest
One of the fastest growing areas of the hedge fund universe is academic research. Hardly a day goes by without another university jumping on the bandwagon. But are they saying anything of value and is the research of primary benefit to their corporate sponsors?
Just to illustrate how explosive the issue is, Professor Stephen Brown found himself on the receiving end of the industry's bile when he dared to criticize fund of hedge funds fees at an executive training program. His dean of the Stern School of Business at New York University subsequently received an angry note from a fund of funds manager saying: "Brown is a dangerous man and he must be stopped!"
At another conference in Arizona, Brown recounts how he was attacked by a hedge fund...