We propose new approaches to examine the relation between alternative share restrictions and both funds' performance, and other features of European hedge funds. Using a sample of 1616 European hedge funds, our results suggest that all types of share restrictions allow European hedge fund managers to efficiently manage their assets in times of non-crisis as well as during crisis periods. Furthermore, we find that funds with stronger share restriction are associated with lower level of average asset illiquidity and the performance is an important determinant of European hedge funds’ choice of share restrictions. Finally the choice of share restriction is also related to other factors such as the managers compensation structure, fund’s age, dividend policy, leverage.

中文翻译：

---

欧洲对冲基金：股份限制、激励和业绩

我们提出了新的方法来检验另类股票限制与两只基金的业绩以及欧洲对冲基金的其他特征之间的关系。使用 1616 家欧洲对冲基金的样本，我们的结果表明，所有类型的股份限制都允许欧洲对冲基金经理在非危机时期和危机时期有效管理其资产。此外，我们发现具有较强股份限制的基金与较低的平均资产非流动性水平相关，而业绩是欧洲对冲基金选择股份限制的重要决定因素。最后，股份限制的选择还与其他因素有关，如管理人员的薪酬结构、基金年龄、股息政策、杠杆。