The hedge fund industry has risen in 2007 to the top of the international political agenda, yet the debate surrounding it is limited by a lack of understanding of how the industry functions, or even how it is to be defined. The industry consists largely of investment funds operating from...

Alternative alpha represents risk-adjust absolute return of an alternative investing instrument regressed on alternative risk factors. Over the years, the definition is extended to the absolute return generated from alternative asset speculation -- long-only or long-short strategy on alternative...