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Gregory Connor and Mason Woo An Introduction to Hedge Funds

Neither source of performance is particularly correlated with the four Fama-French benchmarks, indicating that the private skills identified by these predictability-based strategies are based on characteristics of funds that are heretofore undocumented by the mutual fund literature. The remainder of this paper proceeds as follows. Section 2 sets forth an econometric framework for studying investments in mutual funds when business cycle variables may predict future returns. Section 3 describes the data used in the empirical analysis, and Section 4 presents the findings. Conclusions and avenues for future research are offered in Section 5. Unless otherwise noted, all derivations are presented in the appendix | Gregory Connor and Mason Woo An Introduction to Hedge Funds Introductory Guide iam international asset management LSE THE LONDON School OF Economics and Political Science SS Introduction International Asset Management IAM is the proud sponsor of the IAM Hedge Fund Research Programme of the Financial Markets Group. Within this programme the LSE team undertakes independent research into aspects of the hedge fund industry. It is hoped that the results of this research will give greater understanding about this growing area of financial innovation. This research paper gives a broad introduction to the hedge fund industry the historical background to the evolution of hedge funds the fund of funds industry and provides an explanation of some of the terminology used within this area. As an overview of the industry the document does not attempt to address the use of hedge funds within the broader context of portfolio management such as organisational risk or other areas of concern for the investor. This is a nontechnical paper and as such is intended for students or practitioners seeking a general introduction and reference tool. It is not a survey of the research literature and citations are kept to a minimum. If you wish to keep updated on the IAM Hedge Fund Research Programme please let us know. If you have any questions please contact IAM at our London office or visit our website 34 Sackville Street London W1S 3EF Tel. 44 0 20 7734 8488 www.iam.uk.com For information about the research activities of the Financial Markets Group see the following page or visit the FMG website http fmg.lse.ac.uk. iam . international asset management LSE London School of Economics -Financial Markets Group The Financial Markets Group FMG research centre was established in 1987 at the LSE. FMG is now one of the leading centres in Europe for academic research into financial markets. The FMG has developed strong links with the financial community in particular investment banks commercial banks