Recent literature implies that despite being more diversified, fund of hedge funds (FOFs) are
exposed to tail risk. We propose an explanation for this phenomenon; tail risk is a systematic …

Asset bubbles—characterized by investment booms, euphoria, and then panic—have been
a feature of the financial landscape for centuries. They have become more frequent in recent …

We present a life cycle view of systemic risk and crises that incorporates and synthesizes a
number of views and organizes the theoretical and empirical research evidence in a clear …

We present a life cycle view of how systemic risks build during a boom, are realized during
the following crisis, and are addressed in the aftermath. We also offer potential explanations …

Alternative investments, by definition, are chosen by investors to be relatively less correlated
with broad market factors. However, recent events have demonstrated that during periods of …