We use a comprehensive data set of funds‐of‐funds to investigate performance, risk, and
capital formation in the hedge fund industry from 1995 to 2004. While the average fund‐of‐…

Following a review of the data and methodological difficulties in applying conventional
models used for traditional asset class indexes to hedge funds, this article argues against the …

… This paper updates the results of Fung and Hsieh (1997b) by adding two more years of
data. Between 1989 and 1997, the observable portfolio returned, on average, 15.5% per year, …

Hedge fund strategies typically generate option-like returns. Linear-factor models using
benchmark asset indices have difficulty explaining them. Following the suggestions in Glosten …

In this paper, we provide a rationale for how hedge funds are organized and some insight
on how hedge fund performance differs from traditional mutual funds. Statistical differences …

This article presents some new results on an unexplored dataset on hedge fund performance.
The results indicate that hedge funds follow strategies that are dramatically different from …

Objectives To systematically review and synthesize literature on 1) the overall prevalence of
depression and anxiety in SLE patients in identified studies, and 2) the pooled prevalence …

This paper shows that the mean-variance analysis of hedge funds approximately preserves
the ranking of preferences in standard utility functions. This extends the results of Levy and …

… Victor and William Fung pioneered these transformations in the trading company founded
by their grandfather, Mr. Fung Pak-liu. Wharton professor Jerry Wind has worked with them …

Asset-based style factors link returns of hedge fund strategies to observed market prices.
They provide explicit and unambiguous descriptions of hedge fund strategies that reveal the …