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The purpose of this paper is to examine the ability of hedge funds and funds of hedge funds to generate absolute returns using fund level data.

The absolute return profiles are identified using properties of the empirical distributions of fund returns. The authors use both Bayesian multinomial probit and frequentist multinomial logit regressions to examine the relationship between the return profiles and fund characteristics.

Some evidence is found that only some hedge funds strategies, but not all of them, demonstrate higher tendency to produce absolute returns. Also identified are some investment provisions and fund characteristics that can influence the chance of generating absolute returns. Finally, no evidence was found for performance persistence in terms of absolute returns for hedge funds but some limited evidence for funds of funds.

This paper is the first attempt to examine the hedge fund return profiles based on the notion of absolute return in great details. Investors and managers of funds of funds can utilize the identification method in this paper to evaluate the performance of their interested hedge funds from a new angle.

Using the properties of the empirical distribution of the hedge fund returns to classify them into different absolute return profiles is the unique contribution of this paper. The application of the multinomial probit and multinomial logit models in the fund performance and fund characteristics literature is also new since the dependent variable in the authors' regressions is multinomial.

Wayfinding efficiency is an extremely influential factor to improve users' library interior experience. However, few research has studied the different functions of various wayfinding signages for university library users through mobile visual experiment. To fill this gap, the purpose of this paper is to explore the relationship between university library signage system design and patrons' wayfinding behavior features.

In this article, an eye movement tracking method was introduced to record eye movement data during the wayfinding process of participants in the library interior, targeting the cognition and psychology of library users in the wayfinding signage system. The visual guiding usability of landmarks, informational signages and directional signages were quantitatively tested, and the fixation on the signage system between orientation strategy users and route strategy users was compared. This study also investigated the effects of library users' spatial anxiety and environmental familiarity on their fixation on the area of interest of the wayfinding signage system using the differential test and regression.

This paper observed that informational signage had the best visual navigating competence. The difference of fixation duration and searching duration between patrons used various wayfinding strategies was significant. The informational signage was most attended by the route strategy users, and the orientation strategy users rarely focused on the directional signage. And participants with high anxiety tended to ignore the visually auxiliary function of the landmarks but paid attention to the directional signage. The participants with low anxiety could capture the landmarks that could not be easily found by the route strategy users. And participants less familiar with the environment were more sensitive to the landmarks. Furthermore, this paper offers optimization measures for university library wayfinding signage system, from the perspectives of informational signage understandability improvement, directional signage physical specification design and wayfinding assistant system with automatic landmark technology.

This article adds to the relatively sparse literature on university library user wayfinding experimental study in China. The experimental findings of this paper also have important practical implications for academic libraries' wayfinding system evaluation. The whole process could be seen as a repeatable and standard framework and methodology to inspect university library's wayfinding signage system usability and user wayfinding behavior performance.