Seeking Alpha or Creating Beta? Charting the Rise of Hedge Fund-Based Financial Ecosystems

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Notes

I am very grateful to Matthew Watson, James Brassett and one anonymous reviewer for excellent comments and advice on earlier versions of this paper.

It should be noted that ecology is not the only source of useful metaphors for financial activity. See Erturk et al. (forthcoming 2010) for an interesting analysis of hedge funds understood through the military analogy of war.

Although no detailed research exists on investable indices, see Schneeweis et al. 2005 for a very basic introduction.

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Christopher Holmes

WINNER OF THE 2008–09 NPE GRADUATE STUDENT PRIZE PAPER COMPETITION