Log on to www.hedgeindex.com, a site run by Credit Suisse, which maintains a database of the performance of more than 2,000 hedge funds and produces indexes of investment performance for several hedge fund classes. Click the Downloads tab (free registration is required for access to this part of the Web site). From the Downloads page, you can access historical rates of return on each of the hedge fund subclasses (e.g., market neutral, event-driven, dedicated short bias, and so on). Download 5 years of monthly returns for each subclass and download returns on the S&P 500 for the same period from finance.yahoo.com. Calculate the beta of the equity-marketneutral and dedicated short bias funds. Do the results seem reasonable in terms of the orientation of these funds? Next, look at the year-by-year performance for several hedge fund classes. How does the variability of performance results in different years compare to that of the S&P 500?