The financial crisis of 2008 highlights the importance of detectingcrowded trades due to the risks they pose to the stability of thefinancial system and to the global economy. However, there is aperception that crowded trades are difficult to identify. To date, nosingle measure to capture the...

In this introductory chapter, we begin with a brief overview of the issues that have Motivated our research into the role of credit ratings and credit rating agencies in the global financial system. We then summarize the main themes in each of the papers and highlight the major findings. In the...

We present a post-sample study of currency fund managers showing thatalpha hunters and especially alpha generators are more effective inproviding diversification benefits for a global equity portfolio thancurrency managers who earn beta returns from popular style strategies ormanagers with high...