STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH
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While the demand for research on investment performance has
increased, the cost of producing this research has declined. Early
studies relied on proprietary or expensive commercial databases for
their fund performance figures, or researchers collected data by hand
from published paper volumes. In 1997, the Center for Research in
Security Prices introduced the CRSP mutual fund database, com-
piled originally by Mark Carhart, into the academic research market.
Starting in about 1994, several databases on hedge fund returns and
characteristics became available to academic researchers. Of course,
during the same period the costs of computing have declined dra-
matically. In response to an increased demand and lower costs of
production, the...
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STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH
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STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH
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