关于对冲基金创造额外利润问题的研究

A Study on Ability of Hedge Funds in Generating Excess Returns

作为一种重要的投资工具,对冲基金因其市场表现一般优于共同基金并且能为投资者创造额外利润,而被基金经理和投资者广泛应用。然而,近年来关于对冲基金创造额外利润的能力,学者们存在很多分歧。本文尝试从对冲基金的积极影响和消极影响两方面出发,评估其市场表现,并探究对冲基金的一些主要特征和由此产生的偏差理论,以进一步探讨传统衡量对冲基金影响方法的缺陷。

As a crucial investment vehicle, hedge funds can outperform mutual funds and generate excess returns for the investors. Therefore, it gains plenty of popularity from the fund managers and investors. However, there is dispute and debate on the ability of hedge funds in generating excess returns during these years. This essay attempts to assess the performance of hedge funds from both positive and negative aspects, to explore some main features of hedge funds and the related bias and to discuss the flaws of the traditional measurements.