Hedge Funds: A Dynamic Industry in Transition

Andrew Lo (), Mila Getmansky () and Peter A. Lee
Additional contact information
Mila Getmansky: Isenberg School of Management, University of Massachusetts, Amherst, Massachusetts 01003
Peter A. Lee: AlphaSimplex Group, LLC, Cambridge, Massachusetts 02142

Annual Review of Financial Economics, 2015, vol. 7, issue 1, 483-577

Abstract: The hedge-fund industry has grown rapidly over the past two decades, offering investors unique investment opportunities that often reflect more complex risk exposures than those of traditional investments. In this article, we present a selective review of the recent academic literature on hedge funds as well as updated empirical results for this industry. Our review is written from several distinct perspectives: the investor's, the portfolio manager's, the regulator's, and the academic's. Each of these perspectives offers a different set of insights into the financial system, and the combination provides surprisingly rich implications for the Efficient Markets Hypothesis, investment management, systemic risk, financial regulation, and other aspects of financial theory and practice.

Keywords: alternative investments; financial crisis; hedge funds; illiquidity; investment management; long/short (search for similar items in EconPapers)
JEL-codes: G12 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (27)

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