Abstract In many textbooks, an important assumption difference between the standard picture for block pricing and the intuitive discussions on this pricing scheme is often ignored. This practice leads the students to misunderstand this picture as an illustration for price discrimination against...

Purpose – The purpose of this paper is to examine the ability of hedge funds and funds of hedge funds to generate absolute returns using fund level data. Design/methodology/approach – The absolute return profiles are identified using properties of the empirical distributions of fund returns....

An increasing number of investors are including futures-based commodity index funds in their portfolios. The argument is that these funds increase diversification, enhance returns and serve as an inflation hedge. Much of the recent literature served to reinforce these ideas. We update the...

We provide a first look at the performance of Chinese open-end mutual funds from 2001 to 2008 using data from a high quality mutual fund database provided by the GTA Information Technology Co., Ltd. From daily return data, we find that some Chinese open-end mutual funds can provide statistically...

In this paper, we use the matching emerging stock and bond market indices to examine the hedge fund returns in different emerging markets. Additionally, we show that including a simple day-to-day market volatility measure in our model helps to improve its explanatory power. Our results indicate...

The HODL ideology overgeneralizes the buy-and-hold strategy for risky assets, leading to potential harm in investor wealth accumulation and investor-advisor relations. It originates from misunderstandings of financial theories, empirical evidence, technical analysis, and market timing. I provide...