| IML | ||||
---|---|---|---|---|---|
 | Crises | Outside crises | Subprime | Outside subprime | Whole sample |
General index | 0.11 | 0.03 | 0.10 | 0.04 | 0.09 |
 | 3.58 | 1.31 | 2.17 | 1.71 | 4.02 |
Convertibles | 0.17 | − 0.62 | 0.26 | − 0.03 | 0.09 |
 | 3.37 | − 0.02 | 4.55 | − 0.96 | 2.91 |
Distressed securities | 0.14 | − 0.02 | 0.17 | − 0.01 | 0.07 |
 | 4.48 | − 0.76 | 3.73 | − 0.54 | 3.33 |
Event driven | 0.11 | 0.02 | 0.12 | 0.02 | 0.08 |
 | 3.35 | 0.64 | 2.63 | 0.67 | 3.40 |
Equity market neutral | 0.01 | − 0.03 | 0.01 | − 0.05 | 0.01 |
 | 0.02 | − 1.18 | 0.33 | − 2.24 | 0.07 |
Fixed income | 0.01 | − 0.04 | 0.05 | − 0.07 | 0.01 |
 | 0.49 | − 1.65 | 0.99 | − 2.71 | 0.05 |
Futures | − 0.15 | − 0.09 | − 0.10 | − 0.15 | − 0.10 |
 | − 2.01 | − 1.21 | − 1.08 | − 2.30 | − 2.01 |
Growth | 0.19 | 0.13 | 0.23 | 0.11 | 0.17 |
 | 2.66 | 1.89 | 2.41 | 1.85 | 3.39 |
Long-short credit | 0.01 | − 0.05 | 0.03 | − 0.06 | − 0.01 |
 | 0.65 | − 1.91 | 0.62 | − 2.59 | − 0.01 |
Macro | 0.05 | 0.06 | 0.03 | 0.04 | 0.07 |
 | 1.12 | 1.35 | 0.54 | 1.15 | 2.23 |
Mergers | 0.04 | 0.01 | 0.06 | 0.01 | 0.03 |
 | 2.53 | 0.48 | 5.36 | 0.79 | 2.45 |
Multistrategy | 0.12 | 0.01 | 0.11 | 0.03 | 0.08 |
 | 3.81 | 0.14 | 2.19 | 0.96 | 3.43 |
Opportunity index | 0.13 | 0.09 | 0.16 | 0.06 | 0.12 |
 | 2.83 | 2.11 | 2.61 | 1.72 | 0.79 |
Short-sellers | − 0.27 | − 0.25 | − 0.18 | − 0.32 | − 0.24 |
 | − 1.88 | − 1.78 | − 1.01 | − 2.61 | − 2.49 |
Value index | 0.15 | 0.08 | 0.08 | 0.11 | 0.13 |
 | 2.52 | 1.28 | 1.02 | 2.13 | 2.99 |
All strategies | 0.06 | − 0.75 | 0.08 | − 0.01 | 0.04 |
 | 3.13 | − 0.39 | 2.30 | − 0.92 | 4.43 |