We examine the role of hedge funds as primary lenders to corporate firms. We investigate both the reasons and the implications of hedge funds’ activities in the primary loan market. We examine the characteristics of firms that borrow from hedge funds and find that borrowers are primarily firms with lower profitability, lesser credit quality, and higher asymmetric information. Our results sugges...

Theory suggests that long/short equity hedge funds’ returns come from long/short as well as directional exposure to the stock market and the fees related to stock loans. Empirical analysis finds persistent net exposures to the spread between small versus large cap stocks in addition to the overall market. Together, these factors account for over 80% of return variation. Additional factors are p...

This paper provides an overview of the most important statistical properties of individual hedge fund returns. We find that the net-of-fees monthly returns of the average individual hedge fund exhibit significant skewness, excess kurtosis, as well as positive first-order serial correlation. The correlations between hedge funds in the same strategy group are of a similar order of magnitude as th...

Theory suggests that long/short equity hedge funds’ returns come from directional as well as spread bets on the stock market. Empirical analysis finds persistent net exposures to the spread between small versus large cap stocks in addition to the overall market. Together, these factors account for more than 80 percent of return variation. Additional factors are price momentum and market activit...

BACKGROUND Salvia divinorum is a member of the Lamiaceae family and contains the psychotropic diterpene and kappa-opioid receptor agonist salvinorin-A. Originally a shamanic inebriant used by the Mexican Mazatec Indians, the plant and its preparations are becoming increasingly popular among non-traditional users. METHODS Demographic data and information on pattern of use and subjective effect...

The study designed to evaluate the protective effect of Salvia officinalis (SO) water extract against OVAinduced asthma in mice. The OVA-induced asthmatic mice exhibited significant increase in total leukocytes count, IL-4 and IL-5 levels in bronchoalveolar lavage fluid (BALF) and eosinophils count in (BALF), in addition, to the serum total IgE level. Pathological changes in the lung were evalu...

The active ingredients of salvia (dried root of Salvia miltiorrhiza) include both lipophilic (e.g., tanshinone IIA, tanshinone I, cryptotanshinone and dihydrotanshinone I) and hydrophilic (e.g., danshensu and salvianolic acid B) constituents. The low oral bioavailability of these constituents may limit their efficacy. A solid self-microemulsifying drug delivery system (S-SMEDDS) was developed t...

Salvia hypoleuca is used in Iranian traditional medicine as an agent for treatment of some diseases and troubles. In this study, attention was focused on the antioxidant effect of Salvia hypoleuca. The aim of the present study was to determine the effects of Salvia hypoleuca extract on Endotoxin-Induced Uveitis (EIU) in rats. In addition, the endotoxin-induced expression of the inducible nitric...

We illustrate the potential of conditional hedge transformations in Web-related applications on the example of PρLog: an extension of logic programming with advanced rule-based programming features for hedge transformations, strategies, and regular constraints.

In this paper we test the idea that hedge funds‟ capacity constraints may play a significant role on the decision of fund families to open a new hedge fund. Our empirical analysis shows that fund families‟ propensity to open new funds increases with degree of capacity constraint faced by existing funds of the families. We argue that hedge fund families face diseconomies of scale because of the ...