Seit Jahresanfang ist in Deutschland die Auflage von Hedge-Fonds erlaubt. In der Beurteilung solcher Fonds gibt es erhebliche Unterschiede. Während viele Beobachter vor dem Hintergrund ausländischer Erfahrungen die einzel- und gesamtwirtschaftlichen Gefahren der „Zockerportfolios“...

Das Gutachten behandelt steuerliche Aspekte der Aktivitäten von Private-Equity-Fonds und Hedge-Fonds. Welche wirtschaftliche Rolle spielen sie?Braucht die deutsche Volkswirtschaft diese Kapitalbeteiligungsgesellschaften etwa wegen Kapitalmangels? Und dann die zentrale Frage: Werden sie so...

Recent research reveals that hedge fund returns exhibit a range of different,possibly non-linear pay-off patterns. It is difficult to qualify all these patternssimultaneously as being rational in a traditional framework for optimal financial decisionmaking. In this paper we present a simple...

This paper investigates dynamically optimal risk-taking by an expected-utility maximizing manager of a hedge fund. We examine the effects of variations on a compensation structure that includes a percentage management fee, a performance incentive for exceeding a specified highwater mark, and...

The hedge fund industry has risen in 2007 to the top of the international political agenda, yet the debate surrounding it is limited by a lack of understanding of how the industry functions, or even how it is to be defined. The industry consists largely of investment funds operating from...

Ratios that indicate the statistical significance of a fund's alpha typically appraise its performance. A growing literature suggests that even in the absence of any ability to predict returns, holding options positions on the benchmark assets or trading frequently can significantly enhance...

"Publicly-held pools of assets have grown dramatically over the last several years, and they are playing an increasingly prominent role in cross-national investments. This paper examines how to better secure prudent and economically sound public fund management practices, focusing on ways to...