θ è

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

S&P 500 Index

1.514

1.183

0.950

0.830

0.853

1.085

1.690

3.164

8.002

30-Day T-Bill

1.534

1.666

1.838

2.070

2.398

2.892

3.720

5.382

10.377

Long-Short Equity Hedge Funds

Mean

1.134^***

0.514^***

−0.020^***

−0.460^***

−0.779^***

−0.918^***

−0.718^***

0.308^***

4.652^***

Median

1.409

1.168

0.962

0.870

0.880

1.117

1.728

3.217

8.056

Standard Deviation

1.480

2.813

4.326

6.033

7.978

10.215

12.809

15.834

19.377

Maximum

4.055

3.547

3.220

3.065

3.096

3.399

4.133

5.716

10.645

Minimum

−17.530

−37.431

−59.198

−82.950

−108.800

−136.835

−167.056

−199.142

−243.788

Number (%) above the Market

157 (39.5)

193 (48.6)

200 (50.4)

203 (51.1)

203 (51.1)

203 (51.1)

204 (51.4)

202 (50.9)

202 (50.9)

Number (%) below the Market

240 (60.5)

204 (51.4)

197 (49.6)

194 (48.9)

194 (48.9)

194 (48.9)

193 (48.6)

195 (49.1)

195 (49.1)