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Private equity investment in technologies which deliver low carbon energy has grown as an area of both economic and social performance. This article offers a perspective on some of the challenges in the industry. It relies on case studies drawn...
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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. 2012.Vol. 14, no. 3, pp. 6-16.Since hedge fund returns are not normally distributed, mean–variance optimization techniques are not appropriate and should be replaced by optimization procedures incorporating higher-order moments of portfolio returns. In this context, optimal...
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Journal of Alternative Investments. 2011.Vol. 14, no. 2, pp. 100-105.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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Journal of Alternative Investments. 2011.Vol. 14, no. 2, pp. 89-99.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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Journal of Alternative Investments. 2011.Vol. 14, no. 2, pp. 65-88.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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Journal of Alternative Investments. 2011.Vol. 14, no. 2, pp. 36-64.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...
Journal of Alternative Investments
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Infrastructure is regularly considered a natural hedge against inflation due to its monopolistic pricing power, the favorable regulatory regimes, and the limited operating cost exposure. In contrast to this often cited yet not empirically...
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Shipping, although a crucial component of the transportation of commodities worldwide, is hardly present in the finance literature at this point. The first and foremost goal of this article is to describe and explain from an economic perspective the...
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In this article, the authors design a new trading strategy by using cointegration as a measure of long-term dependencies. They show that the theoretical expected return of this strategy is always positive and illustrate it with four exchange traded...
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This article introduces the concept of asymmetric hedge fund replication based on the risk factor model approach. The presented methodology is founded on downside risk management and offers an enhancement of existing hedge fund replication...
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Hedge funds are frequently blamed for increasing volatility and illiquidity in financial markets. The author investigates the validity of this hypothesis by modeling the joint dynamics of hedge fund returns and volatility as well as illiquidity in...