This paper investigates the extent to which market risk, residual risk, and tail risk explain the cross …-sectional dispersion in hedge fund returns. The paper introduces a comprehensive measure of systematic risk (SR) for individual hedge funds … by breaking up total risk into systematic and fund-specific or residual risk components. Contrary to the popular …

This paper examines derivatives use of foreign exchange, interest rate and commodities risk by non-financial firms … across multiple industries, using data from 1995 to 2001. This paper considers the interaction of a firm's risk exposures …. Hedging with derivatives is only significantly related to commodity risk exposure during most years of the study, and to a …