Reviewing the hedge funds literature II: hedge funds' returns and risk management characteristics

Izidin El Kalak, Alcino Azevedo, Robert Hudson

Research output: Contribution to journalArticlepeer-review


This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to risk management characteristics (a companion piece investigates the managerial characteristics of HFs). It discusses the successes and the shortfalls to date in developing more sophisticated risk management frameworks and tools to measure and monitor HF risks, and the empirical evidence on the role of the HFs and their investment behaviour and risk management practices on the stability of the financial system. It also classifies
the HF literature considering the most recent contributions and, particularly, the regulatory developments after the 2007 financial crisis.
Original languageEnglish
Pages (from-to)55-66
Number of pages12
JournalInternational Review of Financial Analysis
Early online date21 Sept 2016
Publication statusPublished - Dec 2016

Bibliographical note

© 2016, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International


  • hedge funds
  • return characteristics
  • risk management characteristics


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