Foreign Exchange notes

Hedge Fund Leverage∗ Andrew Ang† Columbia University and NBER Sergiy Gorovyy‡ Columbia University Gregory B. van Inwegen§ Citi Private Bank This Version: 25 January, 2011 JEL Classification: G11, G18, G23, G32 Keywords: Capital structure, long-short positions, alternative investments, exposure, hedging, systemic risk

Hedge Fund Leverage∗ Andrew Ang† Columbia University and NBER Sergiy Gorovyy‡ Columbia University Gregory B. van Inwegen§ Citi Private Bank This Version: 25 January, 2011 JEL Classification: G11, G18, G23, G32 Keywords: Capital structure, long-short positions, alternative investments, exposure, hedging, systemic risk