We present a four factor model to replicate distressed securities hedge fund returns. The model considers the returns of short put options, a short straddle on bonds, the spread between high yield and Treasury bonds, and stocks with small market capitalization. On the basis of this model, we conduct a multivariate analysis of how fund characteristics affect risk-adjusted performance. A high-water mark and performance-based compensation are positively related to risk-adjusted performance, which is in line with much of the hedge fund literature. In contrast to other work, however, we find that lock-up is negatively related to performance and that fund age is unrelated to performance. Our work provides a better understanding of the nature and critical factors for the success of distressed securities hedge funds.
Employer branding (EB) has become an important toolkit for human resources. It focuses communicating an attractive employer image to current and potential employees by integrating marketing concepts into HR activities. Marketing researchers have established the relationship between employee satisfaction and loyalty, and customer satisfaction, and company profit by investigating the Service Profit Chain (SPC). Furthermore, Internal Branding (IB) is a concept to align employees' behavior in order to generate a competitive advantage. We now use a very crucial concept to marketing, the customer value (CV) concept for combining EB, the SPC and IB. More detailed, we apply the CV concept to further research the link between a company's ability to create value for their employees and the employee's job satisfaction and identification. Hereby, an EB model constituting of five dimensions is established and verified across genders to examine different satisfaction and identification patterns between the employer brand dimensions. The analysis employs a quantitative survey that encompassed 2,189 employees of an insurance company. The results indicate a positive relationship between the employer branding dimensions and employees' satisfaction and identification with the company.
