Does hedge fund performance persist? Overview and new empirical evidence M. Eling. Eling focuses on relative performance persistence, that is, the persistence of the performance ranking in a sample of funds. In an extensive literature review, the author reports the methodologies and the results of twenty-five studies, the first published in 1998, of relative persistence. These studies differ by database provider, investigation period, time horizon (the persistence of monthly or yearly returns, for example), performance measure, and persistence measure. Among the methods the papers use to measure persistence are the Cross Product Ratio test, the Chi-square test, the rank information coefficient, the Spearman rank correlation test, the regression-based parametric method, and the Kolmogorov-Smirnov goodness-of-fit test. More...