Hedge Funds

The hedge-fund industry has grown dramatically over the last two decades, with more than eight thousand funds now controlling close to two trillion dollars. Originally intended for the wealthy, these private investments have now attracted a much broader following that includes pension funds and retail investors. Because hedge funds are largely unregulated and shrouded in secrec...

The hedge-fund industry has grown dramatically over the last two decades, with more than eight thousand funds now controlling close to two trillion dollars. Originally intended for the wealthy, these private investments have now attracted a much broader following that includes pension funds and retail investors. Because hedge funds are largely unregulated and shrouded in secrecy, they have developed a mystique and allure that can beguile even the most experienced investor.In "Hedge Funds", Andrew Lo - one of the world's most respected financial economists - addresses the pressing need for a systematic framework for managing hedge-fund investments. Arguing that hedge funds have very different risk and return characteristics than traditional investments, Lo constructs new tools for analyzing their dynamics, including measures of illiquidity exposure and performance smoothing, linear and nonlinear risk models that capture alternative betas, econometric models of hedge-fund failure rates, and integrated investment processes for alternative investments. He concludes with a case study of quantitative equity strategies in August 2007, and presents a sobering outlook regarding the systemic risks posed by this industry.

罗闻全，一个从生物学进化论角度解释人类行为选择的天才，华人，罗伯特C.默顿（Robert C.Merton）在MIT教的最出众的学生之一。现为麻省理工大学斯隆管理学院金融学教授，麻省理工大学金融工程实验室主任。世界著名金融学家，金融工程学界的领军人物，生物金融学创始人。他的研究领域包括金融理论、金融信息技术、风险管理、证券组合管理以及金融统计学。他尤其擅长金融工程及计算金融，是斯隆管理学院金融工程实验室的创建人之一。并使该实验室成为全美金融工程界最高水平的代表。他因不断把金融工程的研究前沿应用于金融实践而在学术界和华尔街享有盛誉，被《商业周刊》评为金融学术界最有前途的三颗新星之一，堪称华人中最顶尖的金融学者。