preliminary draft not for quotation or citation hedge funds risk and return december 1 2004 burton g malkiel atanu saha working paper the authors are with princeton university analysis group respectively we enormously indebted to chia hsun chang derek jun jonathan blumenstein alison jonas invaluable research assistance also want acknowledge help of emil czechowski kevin laughlin frank vannerson basak yeltekin this work was supported by s center economic policy please note content is under review some still being refined intended be used discussion purposes only 2 abstract constructing a data base that relatively free bias provides measures returns as well distinctly non normal characteristics provide adjusted performance tests degree which live up their claim market neutrality examine substantial attrition analyze determinants fund survival
