Liang, Bing; Park, Hyuna - In: European Financial Management 13 (2007) 2, pp. 333-370
"This paper analyses the risk-return trade-off in the hedge fund industry. We compare semi-deviation, value-at-risk (VaR), Expected Shortfall (ES) and Tail Risk (TR) with standard deviation at the individual fund level as well as the portfolio level. Using the""Fama and French...