{"id":"https://openalex.org/W1990899423","doi":"https://doi.org/10.3905/jpm.2002.319857","title":"Informationless Investing and Hedge Fund Performance Measurement Bias","display_name":"Informationless Investing and Hedge Fund Performance Measurement Bias","publication_year":2002,"publication_date":"2002-07-31","ids":{"openalex":"https://openalex.org/W1990899423","doi":"https://doi.org/10.3905/jpm.2002.319857","mag":"1990899423"},"language":"en","primary_location":{"id":"doi:10.3905/jpm.2002.319857","doi":"https://doi.org/10.3905/jpm.2002.319857","is_oa":false,"landing_page_url":"https://doi.org/10.3905/jpm.2002.319857","pdf_url":null,"source":{"id":"https://openalex.org/S143806524","display_name":"The Journal of Portfolio Management","issn_l":"0095-4918","issn":["0095-4918","2168-8656"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320662","host_organization_name":"Euromoney Institutional Investor","host_organization_lineage":["https://openalex.org/P4310320662"],"host_organization_lineage_names":["Euromoney Institutional Investor"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Portfolio Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5026837727","display_name":"Andrew B. Weisman","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Andrew B. Weisman","raw_affiliation_strings":["A managing partner at Strativarius Capital Management in New York (NY 10152). weisman@strativarius.com"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"A managing partner at Strativarius Capital Management in New York (NY 10152). weisman@strativarius.com","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5026837727"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":10.9409,"has_fulltext":false,"cited_by_count":70,"citation_normalized_percentile":{"value":0.97836893,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"28","issue":"4","first_page":"80","last_page":"91"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11413","display_name":"Risk and Portfolio Optimization","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/asset-allocation","display_name":"asset allocation","score":0.8149999976158142},{"id":"https://openalex.org/keywords/hedge-funds","display_name":"hedge funds","score":0.4410000145435333}],"concepts":[{"id":"https://openalex.org/C204434749","wikidata":"https://www.wikidata.org/wiki/Q105611","display_name":"Hedge fund","level":2,"score":0.8229809403419495},{"id":"https://openalex.org/C139819358","wikidata":"https://www.wikidata.org/wiki/Q462748","display_name":"Asset allocation","level":3,"score":0.6558898091316223},{"id":"https://openalex.org/C40331085","wikidata":"https://www.wikidata.org/wiki/Q17082595","display_name":"Returns-based style analysis","level":5,"score":0.6068263649940491},{"id":"https://openalex.org/C30755413","wikidata":"https://www.wikidata.org/wiki/Q1245402","display_name":"Risk\u2013return spectrum","level":3,"score":0.5403040647506714},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5070102214813232},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4997742176055908},{"id":"https://openalex.org/C26584437","wikidata":"https://www.wikidata.org/wiki/Q6060874","display_name":"Investment performance","level":4,"score":0.4737613797187805},{"id":"https://openalex.org/C18123600","wikidata":"https://www.wikidata.org/wiki/Q4736495","display_name":"Alternative beta","level":5,"score":0.47323474287986755},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.46495115756988525},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.45815786719322205},{"id":"https://openalex.org/C103144560","wikidata":"https://www.wikidata.org/wiki/Q2670999","display_name":"Investment strategy","level":3,"score":0.44778358936309814},{"id":"https://openalex.org/C36588987","wikidata":"https://www.wikidata.org/wiki/Q4201895","display_name":"Investment fund","level":3,"score":0.4396460950374603},{"id":"https://openalex.org/C169029255","wikidata":"https://www.wikidata.org/wiki/Q4867577","display_name":"Basis risk","level":3,"score":0.43322473764419556},{"id":"https://openalex.org/C134221152","wikidata":"https://www.wikidata.org/wiki/Q4736525","display_name":"Alternative investment","level":3,"score":0.42866265773773193},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.42433440685272217},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3845897912979126},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.3628386855125427},{"id":"https://openalex.org/C169549615","wikidata":"https://www.wikidata.org/wiki/Q939134","display_name":"Return on investment","level":3,"score":0.3482779264450073},{"id":"https://openalex.org/C155301685","wikidata":"https://www.wikidata.org/wiki/Q493177","display_name":"Open-end fund","level":4,"score":0.2850249409675598},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.27060142159461975},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.1662079095840454},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.1526113748550415},{"id":"https://openalex.org/C55286048","wikidata":"https://www.wikidata.org/wiki/Q5508875","display_name":"Fund administration","level":4,"score":0.13938558101654053},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.07170292735099792},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.06094139814376831},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.05958414077758789},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.05309164524078369},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3905/jpm.2002.319857","doi":"https://doi.org/10.3905/jpm.2002.319857","is_oa":false,"landing_page_url":"https://doi.org/10.3905/jpm.2002.319857","pdf_url":null,"source":{"id":"https://openalex.org/S143806524","display_name":"The Journal of Portfolio Management","issn_l":"0095-4918","issn":["0095-4918","2168-8656"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320662","host_organization_name":"Euromoney Institutional Investor","host_organization_lineage":["https://openalex.org/P4310320662"],"host_organization_lineage_names":["Euromoney Institutional Investor"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Portfolio Management","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.44999998807907104,"display_name":"Industry, innovation and infrastructure","id":"https://metadata.un.org/sdg/9"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":8,"referenced_works":["https://openalex.org/W1995531391","https://openalex.org/W2005939812","https://openalex.org/W2046231845","https://openalex.org/W2096918774","https://openalex.org/W2101833972","https://openalex.org/W2118320195","https://openalex.org/W2892288797","https://openalex.org/W2991695108"],"related_works":["https://openalex.org/W34873436","https://openalex.org/W4237074766","https://openalex.org/W7010593963","https://openalex.org/W152025910","https://openalex.org/W7095540167","https://openalex.org/W3124076339","https://openalex.org/W3123625919","https://openalex.org/W2030662721","https://openalex.org/W2550431932","https://openalex.org/W6989102310"],"abstract_inverted_index":{"Asset":[0],"managers":[1],"have":[2,45],"the":[3,15,42,51,56,75],"ability":[4],"to":[5,25,74,85],"engage":[6],"in":[7],"essentially":[8],"\u201cinformationless\u201d":[9],"investment":[10,38,67],"strategies":[11],"that":[12],"can":[13],"produce":[14],"appearance":[16],"of":[17,30,58],"return":[18],"enhancement":[19],"without":[20],"necessarily":[21],"providing":[22],"any":[23],"value":[24],"an":[26],"investor.":[27],"Statistical":[28],"estimates":[29],"risk,":[31],"return,":[32],"and":[33,55,79,88],"association":[34],"therefore":[35],"frequently":[36],"mischaracterize":[37],"returns.":[39],"These":[40],"mischaracterizations,":[41],"author":[43],"argues,":[44],"significant":[46],"negative":[47],"implications":[48],"for":[49],"both":[50],"asset":[52,89],"allocation":[53],"process":[54],"validity":[57],"related":[59],"academic":[60],"research.":[61],"He":[62],"presents":[63],"three":[64],"specific":[65],"informationless":[66],"strategies,":[68],"which":[69],"he":[70],"believes":[71],"are":[72],"endemic":[73],"hedge":[76],"fund":[77],"industry,":[78],"assesses":[80],"their":[81],"consequences":[82],"with":[83],"respect":[84],"performance":[86],"measurement":[87],"allocation.":[90]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":5},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-28T10:33:24.094632","created_date":"2016-06-24T00:00:00"}