What exactly are "absolute returns" anyway? Ask 10 different investors and you'll probably get 10 different answers.

A study based on newly available pension fund data suggests that there are significant economies of scale in pension fund management. But a recent study based on the same data seemed to conclude the opposite.

A new academic paper puts more blame on hedge funds for the 2008 credit crisis and market collapse, arguing that liquidity risk in stocks is inherently higher among securities held by hedge funds than in securities held in the portfolios of individual investors and banks.

An article in this quarter's Journal of Alternative Investments is among the first to examine the market timing ability of bear market funds.

Quarterly government filings allow "copy-cats" to mimic hedge fund portfolios. But in an ironic twist, hedge funds themselves may actually have the last laugh.

Those who blame alternative investments for the travails of US university endowments may want to read this recent paper.

Should the fund of funds business be left to the big players only? A new study compares the fund-picking skills of managers in various kinds of markets.

We all know that stock markets are pretty efficient. But what about the market for real estate investment trusts (REITs)?

When assets are beating a path to their door, hedge fund managers will take their lumps. But when investors are starting to revolt, a negative return can really ruin their day.

Researchers have always known that some hedge funds seem to exercise a certain degree of "flexibility" with regard to valuing less liquid positions. But a new study of hedge funds' publicly-traded positions suggest some managers may be a little too flexible.

After the financial crisis - indeed after any crisis - pundits invariably proclaim a "new normal". But is the "new" normal really that different from the old one? At least one academic says "no".

Hedge funds are used to taking their lumps when it comes to fees. But at least one noted academic says the mutual fund industry actually has a far bigger problem on its hands.

A lot has been said about the liquidity of private equity funds. But what about the liquidity of the individual private investments held by PE investors (both funds and direct investors)?

An academic report capitalizes on the "real-life" disaster scenario that unfolded following Lehman Brothers' bankruptcy, concluding that the equity holdings of the defunct prime broker's hedge fund clients suffered even more than others.

Mutual funds have learned that holding stock market "darlings" is bad for performance, but good for marketing. Thankfully for hedge funds, less transparency may have allowed them to avoid this trap.

Funds of funds are an important link between end investors and hedge fund managers. But according to this academic, they're also a critical filter for information. Remove that filter, and the hedge fund industry isn't half as interesting.

Apparently, executives outside of Hedgistan could benefit from mimicking how hedge fund managers get compensated.

A new study uses a major fund of fund's private stash of data to examine hedge fund leverage. Regulators take note...

If you sold your hedge fund in May, you're probably relaxing on the beach right now. If not, you may want to check out this research...

As researchers discover new genes that influence hedge fund returns, new medicines are possible - and new questions need to be raised.

Move over "momentum factor", there's a new kid in town and it's one that is familiar to the alternative investment industry.

In an age where hair-trigger investors exploit information in nanoseconds, here's a trade you can apparently take your sweet time to make.

Performance fee arrangements can be a dog's breakfast.

Hedge funds and the mass media have always had a love/hate relationship (with emphasis on the "hate" part). But it turns out that an analysis of media word choices - and the choices of words in funds' own press releases - may contain valuable information.

A new white paper proposes assigning a haircut to fund NAVs before a liquidity-demanding event occurs - rather than after.

A new white paper by Credit Suisse Asset Management suggests liquid alternative beta will soon be as common an investing concept as index-linked investments in the long-only space.

While hedge funds are known for their relentless focus on niche investment opportunities, a new academic study finds that many are still fans of good old-fashioned diversification.

As policymakers debate the value of hedge funds as liquidity providers, they should take note of this recent academic paper.

Policymakers have grown increasing concerned about the so-called "shadow banking system" where non-banks provide credit. But a recent study shows that hedge funds actually have a pretty solid record as primary lenders.

The press had a field day coming up with shocking headlines about a recent research report published by the European School of Management & Technology. Too bad the headlines weren't exactly accurate.

A report by a social policy think-tank pins a portion of the blame for the financial crisis on US university endowments.

Most research on the fund management industry focuses on the funds themselves. But when researchers studied the returns experienced by US pension plans, they broke new ground.

A recent study of dedicated short biased hedge funds reveals that when markets go up, their managers still have a trick or two up their sleeves.

An update on a study of the infamous 2008 short-selling bans pins the blame squarely on regulators for inadvertently making a bad situation worse.

A study published this month in the Journal of Alternative Investments finds that agricultural commodities futures in various markets are actually served with dollops of diversifiable risk.

If market inefficiencies beget alpha, then is it any surprise emerging market private equity is attracting so much capital?

A paper by a pair of institutional investment consultants challenges the notion of a "stock-picker's market" and finds that "beta-alpha" is the real source of returns - at least for US large cap managers.

A new research paper suggests mutual funds that adopt hedge fund-like strategies were aided by their short positions - especially during the financial crisis.

A 2010 update of a 2006 study on hedge fund alpha shows some interesting changes resulting from the financial crisis.

At the very least, NASCAR and Formula One share two things in common with the alternative asset management industry...

A new paper tries to make an "extension" of the so-called "Kat-Palaro" model of hedge fund replication. According to its authors, it would have worked way better in 2008 (at least for replicating a CTA index).

A study of seven hedge fund strategies concludes that there is an uncomfortably high level of "consistency" among their returns. So much for non-correlation...