A diverse set of measures allows investors to evaluate hedge fund portfolio managers' performance across different dimensions. The various measures quantify the effectiveness of security selection, account for investor flows, operating risk, and worst-case investment scenarios, net out benchmark...

This paper presents a unique test of the effectiveness of technical analysis in different sentiment environments by focusing on its usage by perhaps the most sophisticated and astute investors, namely hedge fund managers. We document that during high-sentiment periods, hedge funds using...

This study examines several aspects of active portfolio management by equity hedge funds between 1996-2013. Consistent with the idea that cross-sectional return dispersion is a proxy for the market's available alpha, our results show that equity hedge funds achieve their strongest performance...