Dewaele, Benoît; Pirotte, Hugues; Tuchschmid, N.; … - Centre Emile Bernheim, Solvay Brussels School of … - 2011
This paper studies the performance of a sample of funds of hedge funds (FoHFs) from January 1994 to August 2009. We … channel alpha from single-manager hedge funds. Applying the FD procedure to the second model, we find that only a very small … constructed by randomly picking hedge funds. The lack of significant differences in the average performance of the real and …