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Hedge Funds: An Analytic Perspective (Advances in Financial Engineering), by Andrew W. Lo
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The hedge fund industry has grown dramatically over the last two decades, with more than eight thousand funds now controlling close to two trillion dollars. Originally intended for the wealthy, these private investments have now attracted a much broader following that includes pension funds and retail investors. Because hedge funds are largely unregulated and shrouded in secrecy, they have developed a mystique and allure that can beguile even the most experienced investor. In Hedge Funds, Andrew Lo--one of the world's most respected financial economists--addresses the pressing need for a systematic framework for managing hedge fund investments.
Arguing that hedge funds have very different risk and return characteristics than traditional investments, Lo constructs new tools for analyzing their dynamics, including measures of illiquidity exposure and performance smoothing, linear and nonlinear risk models that capture alternative betas, econometric models of hedge fund failure rates, and integrated investment processes for alternative investments. In a new chapter, he looks at how the strategies for and regulation of hedge funds have changed in the aftermath of the financial crisis.
- Sales Rank: #495688 in Books
- Published on: 2010-07-21
- Original language: English
- Number of items: 1
- Dimensions: 9.10" h x 1.00" w x 6.10" l, 1.30 pounds
- Binding: Paperback
- 400 pages
Review
"Andrew Lo is a major figure in finance so his new book on the fast-moving world of hedge funds ought to be in the 'must read' category. . . . The book is the authoritative distillation into an accessible form of a huge amount of academic research and practical experience. . . . Professor Lo gives a masterful illustration of the problems in gauging hedge fund performance with his famous fantasy fund Capital Decimation Partners."--Steven Bell, The Business Economist
"Anyone who is considering investing in hedge funds, or is involved in regulating the financial-services industry, should give it a go."--The Economist
"Finally a serious book on hedge funds based on real data, written by a leading financial economist."--Tyler Cowen, Marginal Revolution
"For scholars already familiar with the concepts of modern portfolio theory, the book is a good start in a quest to expand their knowledge of hedge funds strategies. . . . As one of the leading researchers in the field, Lo sets the standard by establishing key concepts for the industry with this book."--Marcel M�llenbeck, Financial Markets and Portfolio Management
From the Back Cover
"Andrew Lo's Hedge Funds is likely to be the high-water mark in the analysis of hedge funds for years to come. Focusing on hedge fund returns and trading strategies, risk characteristics, and potential for illiquidity, Lo brings to bear his always fresh and insightful thinking."--Richard Bookstaber, author of A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
"Lo offers a truly unique perspective. He examines the properties of returns and illiquidity in great detail and introduces an innovative concept of mean-variance-liquidity optimization, something that no other book on hedge funds has addressed."--Narayan Y. Naik, London Business School
"This book provides a useful and very timely overview of key aspects of the hedge fund industry. It summarizes the basic properties of hedge fund returns, discusses why traditional performance measures may be misleading when analyzing hedge fund performance, and highlights important issues such as serial correlation, return smoothing, and illiquidity."--Markus K. Brunnermeier, Princeton University
About the Author
Andrew W. Lo is the Harris & Harris Group Professor at the MIT Sloan School of Management, and director of the MIT Laboratory for Financial Engineering. He is the coauthor of "A Non-Random Walk Down Wall Street" and "The Econometrics of Financial Markets" (both Princeton).
Most helpful customer reviews
10 of 11 people found the following review helpful.
Not as Interesting As One Would Think
By C. Ang
Let me start by saying that for someone wanting to learn about hedge funds, this book will still give you a decent amount of knowledge and a lot of empirical results. In fairness, the author has done a good amount of research on the subject, but I did not get the sense of a compelling consensus that these results are robust. What this book is good for is to gain an understanding of the databases that provide useful hedge fund information. So if you want to conduct your own empirical studies, yo will know where to go. This book does not seem to be as exceptional as the author's other books (e.g. Econometrics of Financial Markets).
3 of 4 people found the following review helpful.
Meeeeh
By Victor A. Colborn
While I did appreciate the dialog describing the August 2007 failure I didn't purchase the book for its interpretation of history.
The rear cover assured me this book was "the high water mark in the analysis of hedge funds for years to come". To the contrary, I felt it did not even offer relevant exposure to current practices relevant to hedge funds and quants. To be fair, this 2007 publication is now three years old. The treatment of illiquidity and optimal liquidity was interesting, but stopped short after presenting the theory. IMO, practical implementation concerns and concrete examples set apart the quality texts and I just didn't see that with this book.
Probably worth the $40 or so that I paid for it...but just barely.
1 of 1 people found the following review helpful.
Hedge Risk
By Thomas Kesselring
An extrem Compact and reliable Source for all kInd (Financial) Investors. To hedge Risk is more important than ever. It covers all parts and is extrem well wrtien! Easy to understand,
.
Andrew W. Lo needs no introduction if you are working in the Financial Indutsry :)
I love princeton Books, some of them are not that easy to read/understand, but they are extremly well Researched
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