|PDF Title||:||Alternative Investments|
|Author||:||Donald R. Chambers, Mark J.P. Anson, Keith H. Black & Hossein Kazemi|
|Total Page||:||957 Pages|
|PDF Size||:||5.24 MB|
|PDF Link||:||Read and Download|
Here on this page, we have provided option to read “Alternative Investments – CAIA Level I PDF” and please feel free to download PDF file for offline reading it from download link Given below to Your Computer/Mobile Storage. For more books from Same Author You can visit Wiley.com.
Alternative Investments – CAIA Level I- Download PDF Book:
“Beta nonstationarity is one reason why return can be attributed to systematic risk with error. Beta nonstationarity is a general term that refers to the tendency of the systematic risk of a security, strategy, or fund to shift through time.
For example, a return series containing leverage is generally expected to have a changing systematic risk through time if the leverage changes through time. An example is the stock of a corporation with a fixed dollar amount of debt. As the assets of the firm rise, the leverage of the equity falls (or if the assets fall, leverage of the equity rises), causing the beta of the equity to shift.
A type of beta nonstationarity that is sometimes observed in hedge funds is beta creep. Beta creep is when hedge fund strategies pick up more systematic market risk over time.
When assets pour into hedge funds, it might be expected that the managers of the funds will allow more beta exposure in their portfolios in an attempt to maintain expected returns in an increasingly competitive and crowded financial market.
This causes the creeping effect: that over time, as more funds flow to hedge fund managers, the amount of systematic risk in their portfolios will creep upward.”
PDF Preview – Read, Think and Grow
Download Link: Alternative Investments – CAIA Level I PDF File
Our intention with this initiative is only to help needy people. If the PDF file download link is not working or this PDF Content is Copyright material and if you want to unpublish it, Please REPORT IT.