Is performance persistence a viable criterion for selecting hedge funds?


There are plenty of papers published in the academic literature on the search for the performance indicator that is best adapted to the specific characteristics of hedge-fund return distributions.

The debate remains open, and new propositions are regularly formulated to replace traditional performance measures such as the Sharpe ratio. After the calculation of risk-adjusted returns, whatever the formulae employed, another aspect of performance takes on particular importance: namely the

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