Sadka (2009)shows That Exposure to Unexpected Declines in ________ Is

Multiple Choice

Sadka (2009) shows that exposure to unexpected declines in ________ is an important determinant of average hedge fund returns and that the spreads in average returns across funds with the highest and lowest ________ may be as much as 6% annually.

A) market risk; systematic risk
B) market liquidity; liquidity risk
C) unsystematic risk; unique risk
D) default risk; default risk
E) A and D