CGN: Hedge Funds & Alternative Investment Firms (Topic)最新文献

On the Other Side of Hedge Fund Equity Trades 对冲基金股票交易的另一面

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2020-11-17 DOI: 10.2139/ssrn.3304606

Xinyu Cui, O. Kolokolova, J. Wang

引用次数: 1

Blockholders Diversity: Effect of Polyphony on the Power of Monitoring 股东多样性:复调对监管能力的影响

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2018-04-18 DOI: 10.2139/ssrn.3047469

E. Volkova

引用次数: 12

Can Hedge Funds Time the Market? 对冲基金能把握市场时机吗?

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2017-10-18 DOI: 10.2139/ssrn.2988484

Michael W. Brandt, Federico Nucera, Giorgio Valente

引用次数: 3

The Remaking of Wall Street 《华尔街》的翻拍

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2017-07-12 DOI: 10.2139/ssrn.3002822

Andrew F. Tuch

{"title":"The Remaking of Wall Street","authors":"Andrew F. Tuch","doi":"10.2139/ssrn.3002822","DOIUrl":"https://doi.org/10.2139/ssrn.3002822","url":null,"abstract":"This Article critically examines the transformation of the financial services industry during and since the Financial Crisis of 2007–2009. This transformation has been marked by the demise of the major investment banks and the related rise of a set of powerful players known as private equity firms. First, this Article argues that private equity firms now mirror investment banks in their mix of activities; ethos of entrepreneurialism, innovation, and risk-taking; role as “shadow banks”; and overall power and influence. \u0000These similarities might suggest that private equity firms pose financial risks similar to those caused by their now-defunct predecessors. But this Article suggests that private equity firms, as currently structured, are more financially stable and pose less systemic risk to the global economy. These firms are structured and funded in ways that may address the basic shortcoming that led to investment banks’ downfall – specifically, the use of short-term debt to fund longer-duration assets. It thus argues that, in the face of onerous post-Crisis reforms, Wall Street has evolved to displace investment banks with more financially resilient institutions. Importantly, however, the Article cautions that ongoing changes in private equity firms’ broker-dealer activities raise systemic concerns that require active regulatory monitoring. The Article also identifies systemic and financial stability concerns arising from the funds that these firms manage, particularly their hedge and credit funds, about which little detailed information is publicly available. \u0000Finally, the Article explores other implications of these developments, including for the effectiveness of post-Crisis regulation, the popular backlash against Wall Street, the incidence of misconduct, and the evolution of financial institutions.","PeriodicalId":428255,"journal":{"name":"CGN: Hedge Funds & Alternative Investment Firms (Topic)","volume":"239 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133981982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Art Investment Vehicles and the Challenges of the Alternative Investment Fund Manager Directive (AIFMD) 艺术投资工具和另类投资基金经理指令(AIFMD)的挑战

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2016-01-26 DOI: 10.2139/SSRN.2722743

R. J. Willette, D. Eckner

引用次数: 0

Model for Dynamic Performance Fee Evaluation 动态绩效费用评估模型

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2014-11-03 DOI: 10.2139/ssrn.2529172

Aram Gushchyan

引用次数: 0

On Tournament Behavior in Hedge Funds: High Water Marks, Managerial Horizon, and the Backfilling Bias 对冲基金的竞赛行为:高水位线、管理视界和回填偏差

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2009-11-02 DOI: 10.2139/ssrn.1361846

G. Aragon, Vikram Nanda

引用次数: 14

Recommendations for Reality-Based Regulatory Reform for Hedge Funds and Other Private Pools of Capital 对冲基金和其他私人资本池基于现实的监管改革建议

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2009-10-21 DOI: 10.2139/SSRN.1543862

J. Taub

引用次数: 1

Systematic Funds Outperform Discretionary Funds 系统化基金优于自由裁量基金

CGN: Hedge Funds & Alternative Investment Firms (Topic) Pub Date : 2009-05-30 DOI: 10.2139/ssrn.1516020

Irene E. Aldridge

{"title":"Systematic Funds Outperform Discretionary Funds","authors":"Irene E. Aldridge","doi":"10.2139/ssrn.1516020","DOIUrl":"https://doi.org/10.2139/ssrn.1516020","url":null,"abstract":"This article compares the performance of systematic and discretionary hedge funds. In systematic funds, most trades are originated and executed by computer programs written for that purpose. In discretionary funds, human traders make decisions when to buy and sell which financial securities. The analysis herein shows that systematic funds consistently outperform discretionary funds when performance is measured by Jensen’s Alpha. Systematic funds also exhibit lower correlation with the S&P 500 index and produce higher cumulative returns since inception, although with higher volatility.On the basis of absolute monthly returns, systematic hedge funds outperform discretionary hedge funds whenever markets are falling. When markets are rising, however, discretionary funds tend to deliver higher absolute returns than do systematic funds. On the absolute return basis, the difference between systematic and nonsystematic funds cannot be explained by liquidity considerations: both systematic and discretionary funds deliver comparable returns in both liquid and illiquid markets.Across a variety of other metrics, however, systematic funds perform much better than discretionary funds in limited liquidity across a variety of metrics: systematic funds produce less extreme drawdowns, higher Sharpe ratios, higher Jensen’s alpha, and attract higher Assets Under Management (AUM).Finally, systematic funds exhibit lower skewness and kurtosis than do discretionary funds. When adjusted for skewness and kurtosis, systematic returns are statistically indistinguishable from discretionary returns, suggesting that much of systematic funds’ outperformance comes from better ability to manage extreme events, performing better than discretionary funds in crisis conditions.","PeriodicalId":428255,"journal":{"name":"CGN: Hedge Funds & Alternative Investment Firms (Topic)","volume":"293 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132827570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0