results in a misleading per-
formance appraisal. A common trait of these studies is that a more
re ned measure of performance … stocks and
reducing this exposure before the burst.
4
uity Non Hedge", ed \Event Driven", fof \Fund of Funds", or mn
\Market … Bias, Distressed, Emerging Markets, Event Driven, Equity
Market Neutral, and Multi Strategy.
3 State space model for …