Hedge Funds: A Dynamic Industry In Transition

Mila Getmansky, Peter A. Lee and Andrew Lo ()

No 21449, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: G01 G11 G12 G20 G23 G24 (search for similar items in EconPapers)
Date: 2015-08
New Economics Papers: this item is included in nep-fmk, nep-ger and nep-rmg
Note: AP EFG
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (27)

Published as Mila Getmansky & Peter A. Lee & Andrew W. Lo, 2015. "Hedge Funds: A Dynamic Industry in Transition," Annual Review of Financial Economics, vol 7(1), pages 483-577.

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