“…Molyboga et al [ 69 ] argued that the standard tests for persistence in hedge fund ignore performance reporting delays and advocated using a group of tests incorporating large-scale simulations framework and stochastic dominance methodology, mirroring practices in institutional investment. Canepa et al [ 70 ] discovered that top-performing hedge funds follow a distinct strategy than mediocre-performing hedge funds by accepting risk factors that anticipate the troubling economic conditions prevailing after 2006.…”