Hedge Funds and Financial Markets : An Asset Management and Corporate Governance Perspective

by Julian Holler

Hedge funds have started to play an important role in financial markets during the last decade. They have affected important aspects of financial intermediation such as asset allocation decisions and corporate governance. Julian Holler provides an excellent theoretical and empirical analysis of these issues. His analysis offers strong support that hedge funds enable investors to improve asset allocation decisions. Consequently, hedge funds are an interesting alternative asset class for institutional investors. In contrast to results for the U.S. capital market his research provides evidence that hedge fund activism does not persistently increase the value of firms in Germany. This result suggests that the institutional environment has a strong influence on the effectiveness of corporate governance mechanisms

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Year of publication:	2012
Authors:	Holler, Julian
Publisher:	Wiesbaden : Gabler Verlag / Springer Fachmedien Wiesbaden GmbH
Subject:	Hedgefonds \| Hedge fund \| Portfolio-Management \| Portfolio selection \| Institutioneller Investor \| Institutional investor \| Corporate Governance \| Corporate governance \| Unternehmenswert \| Firm value \| Deutschland \| Germany \| Hedge Fund \| Portfoliomanagement
Description of contents:	Table of Contents [d-nb.info] ; Description [swbplus.bsz-bw.de]

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Extent:	Online-Ressource (XXV, 410 p. 48 illus, digital)
Series:	Geld – Banken – Börsen SpringerLink / Bücher
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Foreword; Preface; Short Contents; Contents; List of Figures; List of Tables; Abbreviations; Introduction; Part I. Hedge Funds from an Asset Management Perspective; Chapter I. Hedge Funds and their Trading Strategies; A. The Legal and Contractual Structure of Hedge Funds; I. Regulation and Legal Structure; II. Incentive Structure; III. Lock-Up Arrangements; IV. Prime Brokerage; B. The Trading Strategies of Hedge Funds; I. Directional strategies; II. Relative Value Strategies; III. Event-Driven Strategies; C. Summary Chapter II. The Portfolio Benefits of Hedge Funds as an Alternative Asset ClassA. The Statistical Properties of Hedge Fund Returns; I. The Distribution of Hedge Fund Returns; II. Biases in Hedge Fund Data; B. Methods for Analyzing Hedge Funds' Performance; I. Investor Preferences for Higher Order Moments; II. Multi-Factor Models; III. Performance Measurement Ratios; IV. Measurement of Performance Persistence; C. Risk-Adjusted Performance of Hedge Funds; I. Investment Skills of Hedge Fund Managers compared to Mutual Fund Managers II. Determinants of the Cross-Section of Hedge Funds PerformanceIII. Summary; D. Diversification, Correlation Risk and Exposures to Alternative Risk Factors; I. Analysis for Individual Strategies; II. Analysis for the Aggregate Hedge Fund Universe; III. Summary and Conclusion; E. Summary and Conclusion; Chapter III. Hedge Funds and other Alternative Investments in Portfolio Choice; A. Alternative Methods for Portfolio Construction; I. Mean Variance Analysis; II. Higher-Moment Asset Allocation Models; B. Optimal Allocations to Hedge Funds and other Alternative Investments I. Optimal Allocations to Hedge Funds based on Mean-Variance AnalysisII. Optimal Allocations to Hedge Funds and Higher Order Moments; III. Comparison of Optimal Allocations with other Alternative Investments; IV. Summary and Conclusion; C. Strategic Asset Allocations for Long-Term Investors and Hedge Funds; I. Strategic vs. Tactical Asset Allocation; II. Strategic Allocations of Hedge Funds; III. Tactical Asset Allocation with Hedge Funds; IV. Summary and Conclusion; D. Hedge Fund Investments from the Perspective of Different Investor Types I. Suitability for different Types of Institutional InvestorsII. Suitability for Retail Investors; E. Conclusion; Chapter IV. Hedge Funds in Different Financial Market Environments; A. Methodology; I. Bayesian Asset Allocation Framework; II. Mean-Variance Spanning Tests; B. Data; I. Asset Classes; II. Definition of Different Market Environments; C. Optimal Allocation in Hedge Funds - Full Period; I. Risk and Return over the Full Sample Period; II. Efficient Frontiers and Optimal Asset Allocations; III. Spanning Tests; D. Hedge Fund Investments in Different Market Environments I. Risk and Return over Time Time-Varying Investment Opportunities
ISBN:	978-3-8349-3616-5 ; 978-3-8349-3277-8
Other identifiers:	10.1007/978-3-8349-3616-5 [DOI]
Classification:	Geld, Inflation, Kapitalmarkt ; Investition, Finanzierung ; Banken, Versicherungen
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014015656