Can you explain this in detail?
these are some research papers.
Berk, J. B., & Green, R. (2004). Mutual fund flows, and perfor-mance in rational markets. Journal of Political Economy, 112(6), 1269–1295 .
Bollen, N. P., & Pool, V. K. (2009). Do hedge fund managers mis-report returns? Evidence from the pooled distribution. Journal of Finance, 64(5), 2257–2288.
Bollen, N. P., & Whaley, R. (2009). Hedge fund risk dynamics: Implications for performance appraisal. Journal of Finance, 64(5), 907–1037 .
Brave, A. P., Jiang, W., Partnoy, F., & Thomas, R. S. (2008). Hedge fund activism corporate governance, and firm perfor-mance. Journal of Finance, 63(4), 1729–1775. Brown, S. J., & Goetzmann, W. N. (2003). Hedge funds with style. Journal of Portfolio Management, 29(2), 101–112. Brown, S. J., Goetzmann, W. N., & Ibbotson, R. G. (1999). Offshore hedge funds: Survival and performance 1989–1995. Journal of Business, 72(1), 91–117. Brunmermeir, M. K., & Nagel, S. (2004). Hedge funds and the technology bubble. Journal of Finance, 59(5), 2013–2040. Cassar, G., & Gerakos, J. J. (2011). Hedge funds: Pricing controls and the smoothing of self-reported returns. Review of Financial Studies, 24(5), 1689–1734 . Duarte, J., Longstaff, F. A., & Yu, F. (2007). Risk and return in fixed income arbitrage: Nickels in front of a steamroller?. Review of Financial Studies, 20(3), 769–811. Edelman, D., Fung, W., Hsieh, D. A., & Naik, N. (2012). Funds of hedge funds: performance, risk and capital formation 2005 to 2010. Financial markets and portfolio management, 26(1), 87–108. Eichengreen, B., Mathieson, D., Chadha, B., Jansen, A., Kodres, L., & Sharma, S. (1998). Hedge fund and financial market dynam-ics. Washington, D.C. : International Monetary Fund. Fama, E., & French, K. (1992). The cross-section of expected stock returns. Journal of Finance, 47(2), 427–465. Fung, W., & Hsieh, D. A. (1997a). Empirical characteristics of dynamic trading strategies: The case of hedge funds. Review of Financial Studies, 10(2), 275–302. Fung, W., & Hsieh, D. A. (1997b). Survivorship bias and invest-ment style in the returns of CTAs. Journal of Portfolio Manage-ment, 24(1), 30–41. Fung, W., & Hsieh, D. A. (2000a). Performance characteristics of hedge funds and CTA funds: Natural versus spurious biases. Journal of Financial and Quantitative Analysis, 35(3), 291–307. Fung, W., & Hsieh, D. A. (2000b). Measuring the market impact of hedge funds. Journal of Empirical Finance, 7(1), 1–36.
Fung, W., & Hsieh, D. A. (2001). The risk in hedge fund strate-gies: Theory and evidence from trend followers. Review of Financial Studies, 14(2), 313–341.
Fung, W., & Hsieh, D. A. (2002). The risk in fixed-income hedge fund styles. Journal of Fixed Income, 12(2), 1–21. Fung, W., & Hsieh, D. A. (2004a). Extracting portable alphas from equity long-short hedge funds. Journal of Investment Man-agement, 2(4), 57–75. Fung, W., & Hsieh, D. A. (2004b). Hedge fund benchmarks: A risk based approach. Financial Analysts Journal, 60(5), 65–80. Fung, W., & Hsieh, D. A. (2006). Hedge funds: An industry in its adolescence. Federal Reserve Bank of Atlanta Economic Review, 91(4), 1–33. Fung, W., & Hsieh, D. A. (2009). Measurement biases in hedge fund performance data: An update. Financial Analysts Journal, 65(3).
Fung, W., & Hsieh, D. A. (2011). The risk in hedge fund strate-gies: Theory and evidence from long short equity hedge funds. Journal of Empirical Finance, 18(4), 547–569. Fung, W., Hsieh, D. A., Naik, N., & Ramadorai, T. (2008). Hedge fund: Performance, risk and capital formation. Journal of Finance, 63(4), 1777–1803. Fung, W., Hsieh, D. A., & Tsatsaronis, K. (2000). Do hedge funds disrupt emerging markets? In: Litan, R. E., & Santomero, A. M. (Eds.), Brookings-Wharton Papers on Financial Services, pp. 377–401.
Getmansky, M., Lo, A. W., & Makarov, I. (2004). An econometric model of serial correlations and illiquidity in hedge fund returns. Journal of Financial Economics, 74(3), 529–609.
Goldman, M. B., Sosin, H., & Gatto, M. A. (1979). Path depen-dent options: Buy at the low, sell at the high. Journal of Finance, 34(5), 1111–1127.