Jank, Stephan; Smajlbegovic, Esad - 2015
hedge funds, the predominant investor group, generate an annualized Fama and French (1993) risk-adjusted return of about 5 ….5%, outperforming other investors. Evidence indicates that hedge funds act as arbitrageurs, generating their returns by trading on the … mispricing-related factors, e.g. momentum, betting-against-beta, and quality-minus-junk. In the cross section of hedge funds …