master s thesis of arts in economics johns hopkins university august 2003 hedge funds returns and market factors isariya sinlapapreechar advisor professor carl christ abstract as a group are highly heterogeneous different strategies exhibit very risk return tradeoffs the goal this paper is to examine performance various some perform well bear markets while others do not part 1 introduces characteristics provide description investment styles discuss drivers trade off review existing literature on financial theories related 2 involves an empirical study that observes fund based situations over 110 month period between april 1994 may done with awareness there major lack transparency data which casts doubt accuracy results represent universe for reason it exploring before after estimated biases corrected acknowledgements i would also
