Hedge funds? (HF) assets under management (AUM) expanded at more than 20% per annum between 2000 and the mid-2008 peak of USD1.85 trillion. The 2008 Global Financial Crisis (GFC) led to a drastic industry contraction with an estimated 2,000 fund liquidations. Nonetheless, the industry?s AUM is...

Assessing the instability of a multivariable model is important but is rarely done in practice. Model instability occurs when selected predictors--and for multivariable fractional polynomial modeling, selected functions of continuous predictors--are sensitive to small changes in the data....