This paper reviews recent developments in empirical literature analyzing hedge fund performance. Popularity of hedge funds as an investment device has dramatically increased over the past decades. This prompted extensive academic research examining their performance. Systematic examination of...

The paper investigates the effect of recent EU regulations on hedge fund performance. The expansion of hedge funds attracts the attention from authorities who are responsible for monitoring the market risks but the influence of the oversight has been argued for a long time. Prior studies usually...

We provide the first quantitative survey of the empirical literature on hedge fund performance. We examine the impact of potential biases on the reported results. Using a sample of 1,019 intercept terms from regressions of hedge fund returns on risk factors (the "alpha") collected from 74...