沃尔克规则之后诞生：监管变化、经理薪酬和对冲基金业绩

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2023-09-06 DOI:10.1111/eufm.12457

Michael Bowe, Olga Kolokolova, Lijie Yu

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引用次数: 0

摘要

在沃尔克规则实施后新成立的对冲基金的经理，如果其前任雇主是一家大型美国银行，那么他们将获得巨大的报酬收益。规则实施后，与同期成立的其他新对冲基金相比，前银行家的基金收取更高的管理费，获得更多的资金流。这种现象与投资者对新基金经理技能分布看法的变化有关，而不是与技能的实际差异有关。在沃尔克规则实施前后，前银行家基金在业绩、风险和清算概率方面与其他基金没有区别。

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Born after the Volcker Rule: Regulatory change, managerial remuneration and hedge fund performance

Substantial remunerative benefits accrue to managers of new hedge funds launched after the implementation of the Volcker Rule if their previous employer is a large US bank. After the rule, ex-bankers' funds charge higher management fees and receive more flows as compared with other new hedge funds established during the same period. This phenomenon is related to changes in investor perception of the distribution of skills of new fund managers rather than to the actual differences in skills. Ex-bankers' funds are indistinguishable from other funds in terms of performance, risk, and liquidation probability, both before and after the Volcker Rule.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.