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This article investigates the post-crisis preferences of hedge fund investors. The authors show that after the 2008 crisis, when money again started to flow into hedge funds, investors continued to chase the past best performers. In that sense,...
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Curriculum
 | The new CAIA Knowledge Series: a comprehensive collection of texts written specifically for the CAIA program. |
Recent Resources
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Journal of Alternative Investments. 2011.Vol. 14, no. 1, pp. 75-82.The meaning attributed to a particular financial term can have a significant impact on the way one considers issues in the marketplace. The purpose of this article is to offer one perspective on how to properly define speculation and to offer a...
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Journal of Alternative Investments. 2011.Vol. 14, no. 1, pp. 61-74.Repeated oil-price spikes have generated a great deal of controversy about the role played by speculation in derivatives markets. A number of analysts have suggested that the speculative positions of financial investors played a major part in the...
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Journal of Alternative Investments. 2011.Vol. 14, no. 1, pp. 40-49.This article addresses the debate regarding the role of index funds in commodity futures markets. Many have argued that index funds are speculators that are responsible for bubbles in commodity futures prices. The argument is based on the premise...
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Journal of Alternative Investments. 2011.Vol. 14, no. 1, pp. 26-39.This article considers one of the most significant regulatory concerns facing derivatives markets: the case of market manipulation by means of a corner, or “squeeze.” There are many famous examples of squeezes dating back to the very origins of...
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Journal of Alternative Investments. 2011.Vol. 14, no. 1, pp. 10-25.One of the best-known and largest hedge fund failures was the 2006 failure of Amaranth Advisors, LLC. The authors use detailed, trader-level data to examine the role of speculators during times of financial distress—in this case, the failure of...
Journal of Alternative Investments
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In this article, the author postulates a framework for aligning interests between investors and managers with respect to liquidity terms, performance compensation, and transparency by the application of terms and conditions.
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Different art objects are likely to be priced by means of different systems of hedonic characteristics; more precisely, different evaluation procedures for high- and low-price items are often postulated. However, the empirical evidence on this point...
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While the impact of backfill bias, survivor bias, and other database construction issues (e.g., onshore versus offshore) on hedge fund performance have received considerable research attention, the impact on hedge fund performance of differences in...
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Increasingly, insurance-linked securities (ILS) are being seen as a source of alternative beta. Modern asset pricing theory suggests a general framework in which risk premia can be systematically modeled. From an investor’s point of view, this...
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In this article, the authors analyze the investment performance of a large database of venture funds sourced from two limited partners. The results suggest that a portfolio of venture capital partnerships can provide an average return that is...
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In an ideal world, hedging the risk of fund outflows would simply involve the purchase of state-dependent securities that pay a nominal amount if outflows occur and nothing in other states of the world. However, securities of this type are not...