hedge funds risk and return by burton g malkiel princeton university atanu saha analysis group ceps working paper no 104 october 2004 the authors are enormously indebted to chia hsun chang derek jun jonathan blumenstein alison jonas for invaluable research assistance we also want acknowledge help of emil czechowski kevin laughlin frank vannerson basak yeltekin this work was supported s center economic policy please note content is under review some still being refined intended be used discussion purposes only preliminary draft not quotation or citation 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 perform persistence finally
