Securities Regulation Law Journal最新文献

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Equity Markets and Institutions: The Case of Japan 股票市场和机构:以日本为例
4区 社会学
Securities Regulation Law Journal Pub Date : 2009-03-18 DOI: 10.2139/SSRN.1362613
J. Franks, C. Mayer, H. Miyajima
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引用次数: 12
Capital Flows and Hedge Fund Regulation 资本流动和对冲基金监管
4区 社会学
Securities Regulation Law Journal Pub Date : 2008-09-01 DOI: 10.2139/ssrn.1026683
Douglas J. Cumming, Na Dai
{"title":"Capital Flows and Hedge Fund Regulation","authors":"Douglas J. Cumming, Na Dai","doi":"10.2139/ssrn.1026683","DOIUrl":"https://doi.org/10.2139/ssrn.1026683","url":null,"abstract":"This paper introduces a cross-country law and finance analysis of the regulatory impact on the level of capital flows and the sensitivity of capital flows in response to prior performance (that is, the ‘flow-performance’ relationship) in the hedge fund industry. The data indicate that distribution channels in the form of wrappers (securities that combine different products) mitigate flow-performance sensitivity. Distribution channels via investment managers and fund distribution companies enhance flow-performance sensitivity. Funds registered in countries which have larger minimum capitalization requirements have higher levels of capital flows. Funds registered in countries which restrict the location of key service providers have lower levels of capital flows. Further, offshore fund flows and calendar effects evidenced in the data are consistent with tax factors influencing capital flows. The findings are robust to selection effects for offshore registrants, among other robustness checks.","PeriodicalId":40570,"journal":{"name":"Securities Regulation Law Journal","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79696546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 25
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