This paper examines the persistence of raw and risk-adjusted returns for equity long/short hedge funds using the portfolio approach of Hendricks, Patel, and Zeckhauser (1993). Only limited evidence of persistence is found for raw returns. Funds with the highest raw returns last year continue to...

Business cycles are a central element of the economy. Over the last decades, more and more sophisticated methods and data have become available for business cycle classification. This paper contributes to the field of business cycle and recession estimation by applying a fuzzy c-means clustering...