1. The table reports portfolio returns up to 24 months post portfolio formation. Panel A reports average portfolio returns excess of three-month treasury bills and Panel B reports risk-adjustedreturns (alphas) using the Fung-Hsieh factors. The sample includes 7,280 hedge funds with 24 valid monthly observations of return and flow from;B3F3 -B3F1 (B3F3 -B3F1) -(B1F3 -B1F1) montly return and flow,1999
2. Ultra Short Tenor Yield Curves for High-Frequency Trading and Blockchain Settlement
3. B1F3 -B1F1) settled: each calendar quarter, semi-annually, annually (end of the notice period of one month or less, and no lockup over the period;Panel A: Excess Gross Returns Share Restriction (B3F3 -B3F1) -(B3F3 -B3F1) -B1F3 -B1F1 B3F3 -B3F1 B3F1 -B1F1 B3F3 -B1F3 -(B1F3 -B1F1) B1F3 -B1F1 B3F3 -B3F1 B3F1 -B1F1 B3F3 -B1F3 -(B1F3 -B1F1),1999
4. Quarterly flow is calculated as the sum of flows over the prior three months and flow impact is estimated using rolling windows of prior 60-month observations with at least 24 valid observations of montly return and flow. Portfolios are equally weighted, rebalanced monthly, and are denoted BiFj, indicating the ith flow-impact tercile and the jth flow tercile (1 is low and 3 is high). Panel A reports portfolio returns (excess of risk-free rate) and risk-adjusted returns (using Fung-Hsieh factors) for lockup and no-lockup funds. Similalry, Panel B reports returns for different redemption-notice groups. Square brackets include t-statistics. The sample includes hedge funds over the period;Portfolios Sorted by Flow Impact and Quarterly Flow: Share Restriction Every month hedge funds are double sorted by flow impact and quarterly flow,1999
5. Table IV.6.1 Students' expected spending behaviour