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  • Hedge Fund Performance During and After the Financial Crisis
    Course Introduction
    Course Syllabus
    Unit 1: Introduction to Financial Markets
    1.1: Financial Instruments
    Overview of Investments and Markets
    Ownership Nature of Stock
    Control and Preemption
    The Difference between Debt and Equity Markets
    Owning Stocks
    Owning Bonds
    1.2: The Role of Capital Markets
    The Stock and Bond Markets
    Financial Markets and Assets
    Securities Markets
    1.3: Governments and Municipalities
    State and Local Governments
    The Government's Role in Managing the Economy
    Understanding the Federal Debt
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    Unit 1 Review Video
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    Unit 1 Assessment
    Unit 1 Assessment
    Unit 2: Banking
    2.1: Financial Institutions
    U.S. Financial Institutions
    The Origins and Evolution of Global Banking
    Timeline of Financial Services
    Institutions and Markets
    2.2: The Role of Central Banks
    Central Bank Form and Function
    Regulation
    2.3: Basel and Capital Ratios
    Bank Regulatory Capital Requirements
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    Unit 2 Assessment
    Unit 2 Assessment
    Unit 3: Money and Bond Markets
    3.1: Rate of Interest and Credit Ratings
    Interest Rate Determination
    More on Interest Rates
    Fixed-Income Securities
    3.2: Money Markets
    Demand, Supply, and Equilibrium
    Demand, Supply, and Equilibrium in the Money Market
    3.3: Bond Markets
    Bond and Foreign Exchange Markets
    Bonds and Bond Markets
    Types of Bonds
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    Unit 3 Review Video
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    Unit 3 Assessment
    Unit 3 Assessment
    Unit 4: Equity Markets
    4.1: Stocks and Shares
    Stocks and Stock Markets
    4.2: Stock Exchanges
    Buying and Selling at Securities Exchanges
    4.3: Market Efficiency
    Market Efficiency
    The Effect of Behavioral Finance on Stock Investment Decisions
    Unit 4 Study Resources
    Unit 4 Review Video
    Study Guide: Unit 4
    Unit 4 Assessment
    Unit 4 Assessment
    Unit 5: Hedge Funds and Private Equity
    5.1: Hedge Funds
    How Hedge Funds Work
    Hedge Fund Performance During and After the Financial Crisis
    5.2: Private Equity
    Private Equity and Venture Capital
    Strategic Investment Funds
    Momentum Investment
    Value Investing and Growth Investing
    Unit 5 Study Resources
    Unit 5 Review Video
    Study Guide: Unit 5
    Unit 5 Assessment
    Unit 5 Assessment
    Unit 6: Financial Crises
    6.1: Financial Crises
    Financial Crises
    Fundamentals of Banking Crises
    The Global Financial Crisis
    Moral Hazard
    Are Banks Too Big to Fail or Too Big to Save?
    Global Recessions
    6.2: Lessons Learned
    Regulating Financial Markets After the Meltdown
    Bank Capitalization
    The Effects of Coronavirus on the Economy
    Unit 6 Study Resources
    Unit 6 Review Video
    Study Guide: Unit 6
    Unit 6 Assessment
    Unit 6 Assessment
    Unit 7: The Foreign Exchange Market
    7.1: Bretton Woods
    The International Monetary System
    7.2: Different Types of Currencies
    The Legal Allocation of Currency Exchange Risk in Foreign Direct Investment
    Exchange Rate Policies
    7.3: Foreign Exchange Markets
    Currency and Foreign Exchanges
    Spot Rates, Forward Rates, and Cross Rates
    Exchange Rates and Currency Exchange
    7.4: Foreign Exchange Risk
    Foreign Exchange Markets and Rates of Return
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    Unit 7 Review Video
    Study Guide: Unit 7
    Unit 7 Assessment
    Unit 7 Assessment
    Unit 8: Economic and Monetary Union in Europe
    8.1: The European Union
    The European Union
    Regional Economic Integration
    The EU in Brief
    Conditions for Membership in the EU
    8.2: The Eurozone
    Currency Unions in Europe vs. the United States
    The Benefits of the Euro
    Conditions for Joining the Euro Area
    The Crisis in the Eurozone
    Brexit and UK-Based Financial Services
    What's Next After Brexit?
    Benefits of EU Membership
    8.3: Europe as a Financial Market
    European Capital Markets
    The Banking Union
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    Unit 8 Review Video
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    Unit 8 Assessment
    Unit 8 Assessment
    Unit 9: Derivative Products
    9.1: Traded Options
    Introduction to the Black-Scholes Formula
    9.2: Financial Futures
    Forward and Futures Contracts
    9.3: Other Derivative Products
    Interest Rate Swaps
    Currency Swaps
    Unit 9 Study Resources
    Unit 9 Review Video
    Study Guide: Unit 9
    Unit 9 Assessment
    Unit 9 Assessment
    Unit 10: The Future of Global Markets
    10.1: Global Banks and Regulations
    AML/CFT Regulation
    10.2: The Future of the EU and the Eurozone
    Leaving the Euro
    Five Challenges for the European Union
    The Centralization-Decentralization Issue
    10.3: Trends in International Finance
    Blockchain Technology and Cryptocurrencies
    The Potential of Islamic Finance
    Unit 10 Study Resources
    Unit 10 Assessment
    Unit 10 Assessment
    Study Guide
    BUS614 Study Guide
    Final Exam Preparation
    Course Feedback Survey
    Course Feedback Survey
    Certificate Final Exam
    BUS614: Certificate Final Exam
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Table of contents

  • Abstract
  • 1. Introduction
  • 2. Literature Review
    • 2.1. Characteristics of Major Hedge Fund Strategies
    • 2.2. Empirical Studies on Hedge Fund Performance
    • 2.3. Performance Measurement Models
    • 2.4. Persistence in Performance
    • 2.5. Performance Rating Measures
  • 3. Methodology
    • 3.1. General
    • 3.2. Data
    • 3.3. Market Performance and Risk-Free Return
  • 4. Data Analysis, Findings and Discussions
    • 4.1. Descriptive Statistics, Visual Inspection, Other Diagnostics and Correlations
    • 4.2. Estimating Performance Using Carhart’s Four-Factor Model
    • 4.3. Analysing Performance for Persistence and Its Relationship with Total Performance
    • 4.4. Analysis of the Risk-Adjusted Performances (Sharpe Ratio) and Actual Performances
    • 4.5. Assessment of the Reliability of Alternative Reward-Risk Ratios in Risk-Adjusted Performance Evaluation
  • 5. Conclusions
  • 6. Limitations and Further Research
  1. BUS614: International Finance
  2. Unit 5: Hedge Funds and Private Equity
  3. 5.1: Hedge Funds
  4. Hedge Fund Performance During and After the Financial Crisis

Hedge Fund Performance During and After the Financial Crisis

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Completion requirements

Hedge funds operate using global macro strategies, directional strategies, event-driven strategies, relative-value arbitrage strategies, long/short strategies, and capital structure strategies. As you read, observe how and why fund managers choose one of these strategies to base their investment decisions on. What is the relationship between risk-adjusted performance and investment decisions?

  

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Saylor Academy © 2010-2025 except as otherwise noted. Excluding course final exams, content authored by Saylor Academy is available under a Creative Commons Attribution 3.0 Unported license. Third-party materials are the copyright of their respective owners and shared under various licenses. See detailed licensing information. Saylor Academy®, Saylor.org®, and Harnessing Technology to Make Education Free® are trade names of the Constitution Foundation, a 501(c)(3) organization through which our educational activities are conducted.