Hedge fund managers who do well in poker tournaments have better fund performance. This effect is stronger for tournaments with more entrants, larger buy-ins, larger cash prizes, and for managers who place higher or win multiple tournaments. After tournament wins, net flows to the manager’s fund increase significantly. These increases are higher for tournaments with media coverage, when the tournament win is bigger, and for more prestigious tournaments. Along with higher net flows, fund alpha also decreases following the tournament win. Given this, hedge fund investors would be better off investing in an otherwise similar manager without poker tournament success.

在扑克锦标赛中表现出色的对冲基金经理拥有更好的基金业绩。对于有更多参赛者、更大买入、更大现金奖励的锦标赛以及排名更高或赢得多个锦标赛的经理来说，这种影响更强。锦标赛获胜后，流入经理基金的净流量显着增加。对于有媒体报道的锦标赛，当锦标赛胜利更大时，以及更有声望的锦标赛，这些增长更高。随着净流量增加，基金阿尔法也随着锦标赛获胜而下降。鉴于此，对冲基金投资者最好在没有扑克锦标赛成功的情况下投资于其他类似的经理。