The Impact of Quantitative Methods on Hedge Fund Performance
研究了定量与定性对冲基金在管理和业绩上的差异，发现定量基金整体有更高的风险调整后收益，可能源于更好的择时能力。
Abstract In the last 20 years, the amount of assets managed by quantitative and qualitative hedge funds have grown dramatically. We examine the difference between quantitative and qualitative hedge funds in a variety of ways, including management differences and performance differences. We find that both quantitative and qualitative hedge funds have positive risk‐adjusted returns. We also find that overall, quantitative hedge funds as a group have higher αs than qualitative hedge funds. The outperformance might be as high as 72 bps per year when considering all risk factors. We also suggest that this additional performance may be due to better timing ability.