The Not-So-Real McCoy

Two leading academics show how easy it is for unskilled managers to fake alpha.

Dean Foster and H Peyton Young December 23, 2008

The current shakeout in the hedge fund industry is capturing headlines, as managers who suffered large double-digit losses in 2008 are likely to have little choice but to shutter their funds. But even if the past year’s turbulent financial markets had been more forgiving, the

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