EQIRA: Empirical and Quantitative Investment Research and Analysis

News Worth Reading: April 15, 2016

There’s always great information out there if you know where to look. The following comprises our list of news worth reading from the past week.

Hedge Funds

  • Most hedge funds fail to effectively manage both systematic risk and asset selection (cambridgenetwork)
  • Hedge funds are the new venture firms (nytimes)
  • NYCERS had trouble picking good hedge funds so they just gave up altogether (pionline)

Factor Investing


  • It’s not how often you lose, but how much you lose when you lose (fool)
  • Why you should be normalizing fees when evaluating funds (econompicdata)
  • Are 3-year track records meaningful? (thinknewfound)


  • Active managers outperform benchmarks through factor exposures, not alpha (ssrn)
  • Trading based on implied volatilities could generate significant risk-adjusted returns (ssrn)
  • Forecasting exchange rates using the term structures of sovereign yield spreads (ssrn)
  • Value stocks only earn the value premium if their market caps have declined (ssrn)
  • Emerging market funds with high active shares outperform (ssrn)

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