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Loading... Hedge Funds: An Analytic Perspectiveby Andrew W. Lo
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The hedge fund industry has grown dramatically over the last two decades, with more than eight thousand funds now controlling close to two trillion dollars. Originally intended for the wealthy, these private investments have now attracted a much broader following that includes pension funds and retail investors. Because hedge funds are largely unregulated and shrouded in secrecy, they have developed a mystique and allure that can beguile even the most experienced investor. In Hedge Funds, Andrew Lo--one of the world's most respected financial economists--addresses the pressing need for a systematic framework for managing hedge fund investments. Arguing that hedge funds have very different risk and return characteristics than traditional investments, Lo constructs new tools for analyzing their dynamics, including measures of illiquidity exposure and performance smoothing, linear and nonlinear risk models that capture alternative betas, econometric models of hedge fund failure rates, and integrated investment processes for alternative investments. In a new chapter, he looks at how the strategies for and regulation of hedge funds have changed in the aftermath of the financial crisis. No library descriptions found. |
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 Google Books — Loading...GenresMelvil Decimal System (DDC)332.64524Social sciences Economics Finance Investing Speculation Hedge FundsLC ClassificationRatingAverage: (2.33)
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Wikipedia in English (1)
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Few areas of the investment world have proved more intractable to formal, scholarly exploration than the $2 trillion hedge fund sector, primarily because hedge funds remain relatively free from regulatory oversight and are thus not required to furnish information regarding their activities. Professor Andrew Lo is one of the intrepid few to delve into the mysteries of the seemingly impenetrable world of private investment funds. Noting that hedge funds have begun to attract the attention of institutional investors (such as pension funds) because of hedge funds’ past performance and unique capabilities, Professor Lo in this volume argues for the development of a systematic framework of portfolio analytics and risk management protocols specifically for managing exposure to hedge funds. In view of observations that hedge funds, because of their sheer presence in the financial ecosystem, contribute significantly to systemic risk, the author believes that the creation of a special hedge fund oversight group, a capital markets safety board with powers akin to those of the US’s National Transportation Safety Board, would be necessary in order to promote hedge fund transparency and overall financial security. The establishment of such a body, it is hoped, would help avert future LTCMs. (