The study was carried out by the Singapore Management University on hedge fund investing in China and India. It sought to test the notion that these funds are simply closet indexers, which 'hug their respective indices: and load up market risks' with their huge exposure. 'Indian funds suffer from the lack of external market for shorts and have not been able to maintain as low a market exposure,' The Business Times quoted Shirin Ismail, director of Fullerton Fund Management which commissioned the study, as saying. Such concerns have stemmed from a perceived lack of options to short-sell in these markets, the study said, referring to a technique used by hedge funds to take profit of a declining security price.   more »