Reviewing the Hedge Funds Literature II: Hedge Funds' Returns and Risk Management Characteristics

Posted: 21 Jan 2018

See all articles by Izidin El Kalak

Izidin El Kalak

Cardiff Business School

Alcino Azevedo

Aston Business School

Robert Hudson

Hull University Business School (HUBS)

Date Written: December 2016

Abstract

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to risk management characteristics (a companion piece investigates the managerial characteristics of HFs). It discusses the successes and the shortfalls to date in developing more sophisticated risk management frameworks and tools to measure and monitor HF risks, and the empirical evidence on the role of the HFs and their investment behaviour and risk management practices on the stability of the financial system. It also classifies the HF literature considering the most recent contributions and, particularly, the regulatory developments after the 2007 financial crisis.

Keywords: Hedge Funds, Return Characteristics, Risk Management Characteristics

JEL Classification: G20, G23

Suggested Citation

El Kalak, Izidin and Azevedo, Alcino and Hudson, Robert, Reviewing the Hedge Funds Literature II: Hedge Funds' Returns and Risk Management Characteristics (December 2016). International Review of Financial Analysis, Vol. 48, No. 55-60, 2016. Available at SSRN: https://ssrn.com/abstract=3103806

Izidin El Kalak (Contact Author)

Cardiff Business School ( email )

Aberconway Building
Colum Drive
Cardiff, CF10 3EU
United Kingdom

Alcino Azevedo

Aston Business School ( email )

Econ., Finance & Enterpreneurship
Aston Business School
Birmingham, B4 7ET
United Kingdom

Robert Hudson

Hull University Business School (HUBS) ( email )

Hull, HU6 7RX
United Kingdom

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