SELECTED PUBLICATIONS BY PAAMCO PROFESSIONALS*

The Determinants of Operational Risk in U.S. Financial Institutions (Forthcoming 2012)
Anna Chernobai, Philippe Jorion and Fan Yu, Journal of Financial and Quantitative Analysis

Is There a Cost to Transparency? (Forthcoming 2012)
Rajesh K. Aggarwal and Philippe Jorion, Financial Analysts Journal

How Macro is Your Event? (1Q 2012)
Anne-Gaelle Pouille, PAAMCO Perspectives

Credit Investing in ‘Demerging’ Europe (January 2012)
Carl Ludwigson and Putri S. Pascualy, P&I Investments Digest

Head in the Freezer, Feet in the Fire (January 2012)
Neale Safaty and Jeffrey Willardson, PAAMCO Viewpoint

Legal and Operational Due Diligence Best Practices for Hedge Fund Investors (January 2012)
Charlie Nightingale and Marc Towers, Hedge Fund Law Report

Credit Investing in ‘Demerging’ Europe (December 2011)
Carl Ludwigson and Putri S. Pascualy, PAAMCO Viewpoint

Investing in Asia and Asia-Focused Hedge Funds (Irvine – December 7, 2011)
PAAMCO Webinar

Market Volatility Proves Lucrative for Fixed Income Relative Value Managers (November 2011)
Sam Diedrich, PAAMCO Viewpoint

The Long (column): Market Correlation (November 2011)
Stephen Oxley, HFM Week

Managing Liquidity: Getting a Proper Balance in Hedge Fund Investing (October/November 2011)
Misha Graboi, The Hedge Fund Journal

Hedge Fund Investing – Legal and Operational Best Practice Considerations (4Q 2011)
Charles Nightingale and Marc Towers, PAAMCO Perspectives

The Foundation of an Effective Operational Due Diligence Program (London – October 20, 2011)
PAAMCO Webinar

Compliance: A Key Cornerstone of Operational Due Diligence (October 2011)
Nick Rice, FINalternatives

Compliance: A Key Cornerstone of Operational Due Diligence (October 2011)
Nick Rice, PAAMCO Viewpoint

Will the ‘New Balanced' Be the New Bland? (October 2011)
Stephen Oxley, Investment & Pensions Europe

Inflation-Linked Bonds Not Always the Best Answer to Inflation (3Q 2011)
Sam Diedrich, PAAMCO Research Paper

Recent Market Developments and Opportunities for Hedge Funds (September 2011)
Alper Ince, PAAMCO Viewpoint

Brazil: Misperception Creates Opportunity for Institutional Investors (August 2011)
Jeffrey Willardson, Pensions and Investments

Event-Driven Hedge Funds: Considerations for Profitable Investing (August 2011)
Anne-Gaelle Pouille, European Pensions

Managing Hedge Fund Liquidity (August 2011)
Misha Graboi, PAAMCO Viewpoint

The Long (Column): We are all Macro Traders Now (July 2011)
Stephen Oxley, HFM Week

How Macro is Your Event? (July 2011)
Anne-Gaelle Pouille, Funds Europe

Expert Networks: What to Expect from Hedge Funds Today (July 2011)
Josh Barlow, COO Connect

Event-Driven Hedge Funds: Considerations for Profitable Investing (July 2011)
Anne-Gaelle Pouille, PAAMCO Viewpoint

Operational Due Diligence: Assessing Hedge Fund Governance, Structures and Processes (Irvine – June 29, 2011)
PAAMCO Webinar

The Long (Column): Managed Accounts (June 2011)
Stephen Oxley, HFM Week

Is There a Cost to Transparency? (June 2011)
Philippe Jorion, PAAMCO Viewpoint

Discovering Asia’s Idiosyncrasies (May 2011)
David Walter, Investment & Pensions Asia

Hedge Funds and Inflation: Considerations for Portfolio Construction (May 2011)
Scott Warner, PAAMCO Viewpoint

The Long (Column): Hedge Fund Fees (May 2011)
Stephen Oxley, HFM Week

Expert Networks: What To Expect From Hedge Funds Today (May 2011)
Joshua Barlow, PAAMCO Viewpoint

Hedge Funds and Macro Unrest (April 2011)
Alper Ince, Portfolio Institutional Friday View

Better Together: Closer Interaction Between MENA SWFs and Hedge Funds Can Be Mutually Beneficial, Particularly in Times of Crisis (April 2011)
Judith Posnikoff, Comment MENA SWFs and Hedge Funds

March Madness: A Volatile Month for Basketball and Markets (April 2011)
Sam Diedrich, PAAMCO Viewpoint

Post-Reorganization Equities: Security Selection Still Matters (April 2011)
Kateryna Chernova, PAAMCO Viewpoint

QE2: What are Macro Hedge Funds Doing? (Q1 2011)
Sam Diedrich, AIMA Journal

Comment Piece: European Equity Markets Developments (March 2011)
Alper Ince, HFM Week

Beware Prop Traders Offering Hedge Fund Riches (March 2011)
Nicolae Cristea, Financial News

Brazil: Alpha Potential, But Do Your Homework (March 2011)
Jeffrey Willardson, PAAMCO Viewpoint

Investing in Asia: Overcoming the Challenges and Finding the Opportunities (March 2011)
David Walter, PAAMCO Viewpoint

Operational Due Diligence: Developing Your Process and Evaluating Counterparty Risk and Valuation (Irvine – March 10, 2011)
PAAMCO Webinar

European Equity Markets: Recent Developments and Outlook (March 2011)
Alper Ince, PAAMCO Viewpoint

PAAMCO Issues SAS 70 – Type I Report (February 2011)
James Rankin, PAAMCO Viewpoint

Comment and Opinion: Calculating Leverage for a FoF (L³) (January 2011)
Mayer Cherem, HFM Week

Another Surprising Year? (January 2011)
Erik Bernhardt, PAAMCO Viewpoint

Limited Liability Leverage (L³): A New Measure of Leverage (January 2011)
Philippe Jorion and Mayer Cherem, The Journal of Alternative Investments, Volume 13 Issue 3

Corporate Governance in Hedge Fund Investing - Some Areas to Consider (December 2010)
Charlie Nightingale & Marc Towers, PAAMCO Viewpoint

Risk Management (December 2010)
Philippe Jorion, published in Annual Review of Financial Economics, Volume 2

The Foundation of an Effective Operational Due Diligence Program (Irvine – December 9, 2010)
PAAMCO Webinar

QE2: What are Macro Hedge Fund Managers Doing? (November 2010)
Sam Diedrich, PAAMCO Viewpoint

Financial Risk Manager Handbook, sixth edition, Wiley (2010)
Philippe Jorion

Operational Due Diligence: Ten Central Elements of an Effective Program (November 2010)
Mike Levin and Josh Barlow, published in Pensions Management

Comment and Opinion (November 2010)
Putri Pascualy, published in HFM Week

Views from the Top: Focus on Funds of Hedge Funds (November 2010)
Stephen Oxley, published in Financial News

Information Transfer Effects of Bond Rating Downgrades (October 2010)
Philippe Jorion and G. Zhang, published in Financial Review 45

L3: A New Measure of Leverage (October 2010)
Mayer Cherem, PAAMCO Viewpoint

Coping with Unknown Unknowns (October 2010)
Philippe Jorion, published in Canadian Investment Review

Stay in the Driving Seat with Alternatives (October 2010)
Kevin Williams, published in Financial Times

Comment and Opinion (September 2010)
Stephen Oxley, published in HFM Week

The Volcker Rule and Hedge Funds: Impact and Outlook (September 2010)
Putri Pascualy, PAAMCO Viewpoint

Longevity Risk: Hedging Perspectives for Pension Plans (August 2010)
Jim Meehan and Misha Graboi, published in European Pensions

Operational Due Diligence: Ten Central Elements of an Effective Program (August 2010)
Michael Levin & Joshua Barlow, PAAMCO Viewpoint

The Betrayal of Memory (July/August 2010)
Mayer Cherem, published in Swiss Business

Here We Go Again? Regulators Move to Change Short-Selling Restrictions (July/August 2010)
Scott Warner, published in The Hedge Fund Journal

Bank Loans: A Primer and Look at Investment Strategies (July 2010)
Putri Pascualy, PAAMCO Research Paper

Sector Commentary: Factor Models – Start of a Golden Era or More of the Same? (July 2010)
Kateryna Chernova, PAAMCO Viewpoint

Comment and Opinion (July 2010)
Stephen Oxley, published in HFM Week

Comment and Opinion (May 2010)
Erik Bernhardt, published in HFM Week

Comment and Opinion (March 2010)
Stephen Oxley, published in HFM Week

The Long (May 2010)
Erik Bernhardt, published in HFM Week

The Performance of Emerging Hedge Funds and Managers (May 2010)
Philippe Jorion and Rajesh K Aggarwal, published in Journal of Financial Economics

Hidden Survivorship in Hedge Fund Returns (March/April 2010)
Rajesh K. Aggarwal and Philippe Jorion, published in Financial Analysts Journal

Longevity Risk: Hedging Perspectives for Pension Plans (April 2010)
Jim Meehan & Misha Graboi, PAAMCO Viewpoint

European Sovereign Risk – Beyond Greece (April 2010)
Carl Ludwigson, PAAMCO Viewpoint

Event-Driven Strategies – Back in Style? (March 2010)
Anne-Gaelle Pouille, PAAMCO Viewpoint

Here We Go Again? Regulators Move to Change Short-Selling Restrictions (March 2010)
Scott Warner, PAAMCO Viewpoint

Does Your Hedge Fund Program Measure Up? (February 2010)
Jane Buchan, PAAMCO Viewpoint

Comment and Opinion (January 2010)
Stephen Oxley, published in HFM Week

In Dark Places (January 2010)
Scott Warner, published in Pensions Age

No Cheap Asset Classes, But Plenty of (Relatively) Cheap Assets (January 2010)
Peter Stein, PAAMCO Viewpoint

Dividend Swaps (December 2009)
Wai Yee Cheng, PAAMCO Viewpoint

Emerging Manager Hedge Fund Landscape and Opportunities (December 2009)
Jeff Willardson, PAAMCO Viewpoint

Dark Pools: The Impact on Hedge Funds and Equity Markets (November 2009)
Scott Warner, PAAMCO Viewpoint

Are Convertible Bonds Back? (3Q 2009)
Ronan Cosgrave & Neale Safaty, PAAMCO Viewpoint

Achieving Transparency in Hedge Funds (August 2009)
Philippe Jorion, PAAMCO Viewpoint

BASIS: Corporate Bonds & Credit Default Swaps (July 2009)
Mayer Cherem, PAAMCO Research Paper

TALF (July 2009)
Wai Yee Cheng, PAAMCO Viewpoint

Proposed Regulatory Changes in the US and EU (2Q 2009)
Stephen Oxley, PAAMCO Viewpoint

Big Bang Protocol (June 2009)
Kristoffer Houlihan, PAAMCO Viewpoint

Bank Loans (June 2009)
Putri Pascualy, PAAMCO Viewpoint

PAAMCO’s Separate Fund Platform (1Q 2009)
Susan Hallgren, PAAMCO Viewpoint

Risk Management Lessons from the Credit Crisis (June 2009)
Philippe Jorion, published in European Financial Management

Risk Management Lessons from the Credit Crisis (March 2009)
Philippe Jorion, PAAMCO Viewpoint

Credit Contagion from Counterparty Risk (2009)
Philippe Jorion and Gaiyan Zhang, forthcoming in Journal of Finance

Financial Risk Manager Handbook (June 2009)
Philippe Jorion, fifth edition published by Wiley

Tightening Credit Standards: The Role of Accounting Quality (March 2009)
Philippe Jorion, Charles Shi, and Sanjian Zhang, published in Review of Accounting Studies

The Risk of Emerging Hedge Fund Managers (Spring 2009)
Philippe Jorion and Rajesh K Aggarwal, published in Journal of Investing

Do Hedge Funds Still Make Sense? (January 2009)
Whitney Gomez, PAAMCO Viewpoint

Why Did So Many Institutional Fund of Funds Not Have Madoff (4Q 2008)
Josh Barlow, Michael Levin, & Marc Towers, PAAMCO Viewpoint

Hedge Funds and Market Crisis (October 2008)
Jim Meehan, PAAMCO Viewpoint

The Road Ahead (3Q 2008)
Whitney Gomez, PAAMCO Viewpoint

What the Current Crisis Will Mean Longer-Term (September 2008)
Whitney Gomez, PAAMCO Viewpoint

PAAMCO Update on Further SEC Regulation Announcements (September 2008)
PAAMCO Portfolio Management Team, PAAMCO Viewpoint

PAAMCO on the Latest SEC Regulation Announcements (September 2008)
Whitney Gomez, PAAMCO Viewpoint

PAAMCO on the Lehman Situation (September 2008)
Whitney Gomez, PAAMCO Viewpoint

Fannie Mae and Freddie Mac Seizure (September 2008)
Whitney Gomez, PAAMCO Viewpoint

Plan of Attack: Active Risk Management Out of the Defensive Zone (Summer 2008)
Philippe Jorion, published in Canadian Investment Review

Fannie Mae and Freddie Mac Situation (July 2008)
Whitney Gomez, PAAMCO Viewpoint

SEC Emergency Order on Short Sales (July 2008)
Whitney Gomez, PAAMCO Viewpoint

LongShort Equity-Adapting to the Changing Market Landscape (2Q 2008)
Bill Knight, Alper Ince, Kemmy Koh, & Charlie Armendarez, PAAMCO Viewpoint

How to Resolve Hedge Fund Transparency (June 2008)
Philippe Jorion, published in Pensions & Investments

The Collapse of Bear Stearns and Counterparty Risk (1Q 2008)
Ronan Cosgrave, PAAMCO Viewpoint

How Portfolio Transparency Can Help Manage Hedge Fund Risk (March 2008)
Philippe Jorion, published in The Capco Institute – Journal of Financial Transformation

Risk Management for Event Driven Funds (January/February 2008)
Philippe Jorion, published in Financial Analysts Journal

Risk Budgeting (4Q 2007)
Philippe Jorion, PAAMCO Viewpoint

Downside Leverage and Event Risk in Fund-of-Funds Portfolios (Fall 2007)
Steven Christie, published in The Journal of Alternative Investments

Risk Management for Hedge Funds with Position Information (Fall 2007)
Philippe Jorion, published in The Journal of Portfolio Management

Equity Market Neutral-Lessons from August (3Q 2007)
Judy Posnikoff, PAAMCO Viewpoint

What Happened in August? (August 2007)
Stephen Oxley, PAAMCO Viewpoint

What Happened in July? (July 2007)
Stephen Oxley, PAAMCO Viewpoint

Sub-Prime Mortgage Asset Backed Securities (2Q 2007)
Mayer Cherem, PAAMCO Viewpoint

ABCDS: Credit Default Swaps on Asset Backed Securities (March 2007)
Mayer Cherem, PAAMCO Research Paper

Evaluating Long Short Equity Hedge Funds (1Q 2007)
Bill Knight, PAAMCO Viewpoint

Detecting Performance Persistence in Fund Managers (2007)
Rajesh K Aggarwal, Galin Georgiev, and Jake Pinato, published in The Journal of Portfolio Management

Opportunities in Longer Lock-up Strategies (4Q 2006)
Jim Berens, PAAMCO Viewpoint

Focus on Total Risk to Seek out All Sources of Returns (October 2006)
Philippe Jorion, published in Financial Times

Risk Budgeting (3Q 2006)
Philippe Jorion, PAAMCO Viewpoint

Value at Risk: The New Benchmark for Managing Financial Risk (August 2006)
Philippe Jorion, third edition published by McGraw-Hill

Convertible Bond Hedging (2Q 2006)
Rob Dudley, PAAMCO Viewpoint

Portable Alpha (1Q 2006)
Geoffrey Lasry, PAAMCO Viewpoint

A Practical Approach to Implementing a Portable Alpha Strategy (February 2006)
Geoffrey Lasry and Stephen Oxley, published in Hedge Fund Manager

Long Short Equity Opportunities Outside the US (4Q 2005)
Alper Ince, PAAMCO Viewpoint

Beware of Greeks Bearing Jargon (October 2005)
Stephen Oxley, published in Financial News

Fund Selection: FoHF or DIY? (August 2005)
Stephen Oxley, published in Hedge Funds Review

Understanding Process, Not Managing Positions (May 2004)
M. Jane Buchan and Von M. Hughes, published in Hedgeworld’s Accredited Investor

Risk Management in a Fund of Hedge Funds (March 2004)
M. Jane Buchan and Stephen Oxley, published in Risk Magazine

Eye on the Ball: Monitoring Risk in a Portfolio of Hedge Funds (February 2004)
Stephen Oxley, published in Global Pensions Magazine

Institutional Investors: Incorporating Hedge Funds into the Asset Allocation Process (2003)
James L. Berens, Judith F. Posnikoff, and Alexandra L. Coffey, published in Evaluating and Implementing Hedge Fund Strategies: The Experience of Managers and Investors, Third Edition

Institutional Investors and Hedge Funds (2003)
Judith F. Posnikoff, Goshin Mizuno, and Alexandra L. Coffey, published in Security Analysts Journal (Japan)

Market Neutral Investing Through Funds of Funds (2001)
James L. Berens and Judith F. Posnikoff, published in The Capital Guide to Alternative Investment

Practical Approaches to Incorporating Hedge Funds in the Asset Allocation Process for Institutional Investors (1999)
James L. Berens and Judith F. Posnikoff, published in Evaluating and Implementing Hedge Fund Strategies: The Experience of Managers and Investors

Fund of Funds and Market Neutral Investing (2000)
James L. Berens and Judith F. Posnikoff, published in The Capital Guide to Alternative Investments

Liquid Alternative Investments: What You’re Getting and What You’re Giving Up (1998)
James L. Berens and M. Jane Buchan, published in Investment Policy

The Pricing of Convertible Bonds with Stochastic Term Structures and Corporate Default Risk (1998)
M. Jane Buchan, working paper

Inter-Market Inefficiency: A Case Study of Convertible Bond Hedging (1998)
M. Jane Buchan, working paper

Fixed Income Arbitrage Strategies (1997)
James L. Berens and Robert Friend, published in Managing Fixed Income Portfolios

Disinvestment from South Africa: They Did Well by Doing Good (1997)
Judith F. Posnikoff, published in Contemporary Economic Policy, vol. XV, 1997

The Spectrum of Hedge Funds (1996)
James L. Berens and Budge Collins, published in Hedge Fund Strategies

Diversifying Market-Neutral Strategies (1996)
M. Jane Buchan, published in Market Neutral

The Capital Structure Puzzle Revisited (1995)
James L. Berens and Charles Cuny, in Review of Financial Studies

* Publications available upon request