Are fund of hedge fund returns asymmetric

摘要: We examine the return distributions of 332 funds hedge and associated indices. Over half sample is significantly skewed according to skewness statistic, these are split 50/50 positive negative. However, we argue that statistic can lead erroneous inferences regarding nature distribution, because test based on normal distribution. Using a series tests make minimal assumptions about shape underlying find very little in returns funds, when do evidence asymmetry it close mean rather than tails. ____________________________________________________________________ *Corresponding author. Contact details: Elaine Hutson, Department Banking Finance, Michael Smurfit Graduate School Business, University College Dublin, Blackrock, Co Dublin. Tel: 7168828; email: elaine.hutson@ucd.ie.