Hedge Fund Performance and Manager Skill
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Franklin R. Edwards; Mustafa Onur Caglayan
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Article
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2001
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John Wiley and Sons
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English
β 151 KB
## Abstract Using data on the monthly returns of hedge funds during the period January 1990 to August 1998, we estimate sixβfactor Jensen alphas for individual hedge funds, employing eight different investment styles. We find that about 25% of the hedge funds earn positive excess returns and that t