| IML | ||||
---|---|---|---|---|---|
 | Crises | Outside crises | Subprime | Outside subprime | Whole sample |
General index | − 0.09 | − 0.10 | − 0.03 | − 0.01 | − 0.02 |
 | − 0.74 | − 0.85 | − 1.86 | − 1.13 | 2.00 |
Convertibles | − 0.07 | − 0.33 | − 0.10 | − 0.04 | − 0.06 |
 | − 2.53 | − 1.21 | − 2.95 | − 1.85 | − 2.95 |
Distressed securities | − 0.04 | − 0.28 | − 0.05 | − 0.04 | − 0.04 |
 | − 2.68 | − 1.88 | − 2.08 | − 3.04 | − 3.50 |
Event driven | − 0.04 | − 0.27 | − 0.02 | − 0.05 | − 0.04 |
 | − 2.40 | − 1.77 | − 0.76 | − 3.75 | − 3.11 |
Equity market neutral | − 0.03 | − 0.26 | − 0.01 | − 0.05 | − 0.04 |
 | − 1.71 | − 1.67 | − 0.47 | − 3.26 | − 2.68 |
Fixed income | − 0.03 | − 0.16 | − 0.06 | − 0.02 | − 0.03 |
 | − 2.78 | − 1.49 | − 4.09 | − 2.20 | − 4.11 |
Futures | − 0.03 | − 0.32 | − 0.02 | − 0.04 | − 0.04 |
 | − 0.88 | − 1.09 | − 0.59 | − 1.74 | − 1.68 |
Growth | − 0.04 | 0.02 | 0.05 | − 0.01 | − 0.02 |
 | − 0.87 | 0.41 | 0.77 | − 0.14 | − 0.52 |
Long-short credit | − 0.02 | − 0.01 | − 0.03 | − 0.02 | − 0.02 |
 | − 1.70 | − 1.10 | − 1.64 | − 2.22 | − 2.47 |
Macro | − 0.01 | − 0.01 | − 0.04 | − 0.01 | − 0.01 |
 | − 0.10 | − 0.19 | − 0.78 | − 0.07 | − 0.46 |
Mergers | 0.00 | 0.00 | 0.02 | 0.00 | − 0.01 |
 | 0.91 | 0.04 | 1.86 | 0.65 | − 0.51 |
Multistrategy | 0.02 | 0.02 | − 0.03 | 0.03 | 0.01 |
 | 0.61 | 0.63 | − 0.63 | 1.08 | 0.59 |
Opportunity index | − 0.05 | 0.01 | − 0.05 | − 0.02 | − 0.03 |
 | − 1.43 | 0.23 | − 1.04 | − 0.67 | − 1.09 |
Short-sellers | − 0.03 | − 0.1 | 0.07 | − 0.11 | − 0.03 |
 | − 0.35 | − 1.13 | 0.06 | − 1.47 | − 0.81 |
Value index | − 0.02 | − 0.04 | − 0.09 | − 0.01 | − 0.07 |
 | − 0.28 | − 0.62 | − 1.30 | − 1.13 | − 1.15 |
All strategies | 0.02 | − 0.05 | − 0.04 | − 0.02 | − 0.02 |
 | 0.75 | − 2.41 | − 3.79 | − 5.85 | − 3.93 |