Active Management

Active Management Research Alliance

As capital markets have continued to evolve the role of active asset management has changed. Increasingly investment decisions are made across a range of liquid, semi-liquid, and illiquid investment vehicles that span public and private markets. The Active Management Research Alliance seeks to better understand how the investment management process is impacted by the increased adoption of “alternative investments.”

The primary area of focus currently is the intersection of public and private markets and the role of hedge funds in the financial intermediation process. The Hedge Fund industry has grown to over 3 trillion USD in assets under management yet research on investment strategies and portfolio benefits related to hedge funds has lagged this growth. The deficit is largely due to low-quality data on funds because of limited public disclosure requirements. AMRA works with industry partners to expand the breadth and depth of hedge fund data available to academic researchers.

Latest Active Management Research

The Performance of Small Business Investment Companies

June 19, 2024

We utilize results of a survey of Small Business Investment Companies (SBICs), along with data from MSCI-Burgiss, to perform a novel analysis of SBIC performance. Overall, we find via the survey that SBIC funds outperform comparable non-SBIC peers by an average of around 4%...


Board Diversity in Private Vs. Public Firms

March 13, 2024

We test whether differences in ownership structure influence race and gender diversity in corporate boards. We find that privately-owned, venture-backed companies appoint a lower proportion of minorities and women to their boards compared to publicly traded firms. More

How Do Financial Expertise and Networks Affect Investing? Evidence from University Endowments

April 25, 2021

Working Paper

We examine the links between human capital and endowment investing. Harnessing detailed information on university endowments, we find that higher asset allocations to alternative assets accompany higher levels of human capital in the endowment’s investment process. Moreover, high levels of human capital are linked to larger returns, even on a risk-adjusted basis. More

Who We Are

Alon Brav

Peterjohn-Richards Professor of Finance, Duke University Fuqua School


Randy Cohen

Senior Lecturer, Harvard Business School


Arpit Gupta

Assistant Professor, NYU Stern School of Business


Wei Jiang

Asa Griggs Candler Professor of Finance, Emory University Goizueta Business School


Russell Wermers

Bank of America Professor of Finance & Director, Center for Financial Policy, University of Maryland


Christian Lundblad

Director, Senior Fellow, IPC; Edward M. O’Herron Distinguished Scholar and Professor of Finance, University of North Carolina, Kenan-Flagler Business School


Christopher Polk

Professor of Finance, Head of Department at London School of Economics


Adam Reed

Julian Price Scholar in Finance and Associate Professor of Finance, University of North Carolina, Kenan-Flagler Business School