Understanding how Windows does Pattern Matching in Command Prompt

I have 500 files in a directory, test1.txt to test500.txt

From Microsoft's link http://msdn.microsoft.com/en-us/library/ff469270.aspx, I did not clearly understand the difference between * and <

The following command in cmd-prompt throws "File  Not Found"
    dir "test5<"

However dir "test5<<" lists all test5* files.

What is the reason for this behavior. I couldn't find any other article that better explains how "<" is expected to behave.

PS: If this is not the right fourm, please redirect it to the appropriate forum.