performance analysis of global hedge funds

The purpose of this paper is to provide an overview of research on hedge fund performance. in the first step, we review recent studies and put them into a joint evaluation of hedge fund performance. stressful market conditions have a negative impact on hf performance in terms of alphas as the majority of hf strategies do not provide significant excess returns. in addition, fund managers are concerned more about risk at times when it is difficult to find opportunities and deliver high returns. there are some strategies such as long short that even see statistically significant reversals of their exposures to some factors, to protect themselves from risk. furthermore, we conclude that performance stability is related to the type of strategy. this study examines the performance of hedging funds that are active in the world and evaluates the feasibility of its creation in iran. to conduct this study and evaluate the performance of hedging funds, for the first time, the international data of hedging funds from barclay hedge, eurkhedge, and credit suisse databases during the last 20 years were examined. the statistical population of the present study was international hedging funds from the years 2000 to 2020. the sample size according to the screening method and after removing the pert observations is equal to 150 international hedging funds. in this study, spss, amoz, and lisrel software were used. has been. the results of hedge fund data analysis using multivariate regression at a 90% confidence level show that there is a significant and positive relationship between institutional investor strategy and fund returns. other research results also show that cost stickiness has a positive effect on the efficiency of hedging funds. also, according to the results of this research, in the short-term return, the performance of the hedging fund is better than the long-term time horizon. this study reviewed the laws of hedge funds in various countries, including the united states, germany, the united arab emirates, and other countries. we concluded that first, short-term persistence for horizons of up to six months is reported by nearly all authors. second, investment strategies have a correlation with the return of hedge funds.