This article deals with the Directive and the context within which it was promulgated and, as a preliminary matter, discusses the idea of regulation itself. However, this article deals only with certain selected issues arising from the Directive and focuses on hedge funds (the alternative...

As interest in art as an alternative asset class has grown in recent years so has the emergence of art investment vehicles. These vehicles seek to capitalize on the inherent inefficiencies of the art market and provide the potential to identify, create and execute transactions in works of art at...

This is the introductory chapter to the third edition of the book ' The Alternative Investment Fund Managers Directive', 3rd. ed. 2020, provided with kind permission by the publisher WoltersKluwer.The chapter provides an overview of the legislative history leading to the AIFMD, introduces to the...

In the aftermath of Brexit, the European alternative investment fund industry is confronted with legal uncertainty regarding the post-Brexit relationship between market participants in the EU and the UK. The aim of this article is to shed light on the potential implications of Brexit on AIFMs...

On the 10th of November 2021, the European crowdfunding regulation (“ESCPR”), as well as a related directive to amend Directive 2014/65/EU (“MiFID II”), entered into force. The ESCPR facilitates the scaling up of crowdfunding services across the internal market to increase access to...

We provide the first quantitative survey of the empirical literature on hedge fund per- formance. We examine the impact of potential biases on the reported results. Empirical analysis in prior studies has been plagued by fragmentation of underlying data and by lim- ited consensus on how hedge...

Short sellers are perceived as informed, sophisticated investors. Yet little is known about their actual performance and trading strategies. Using a novel, hand-collected data set of daily position disclosures in Europe, we identify the entry, change, and exit dates of large short-sale positions...

We develop a new tail risk measure for hedge funds to examine the impact of tail risk on fund performance and to identify the sources of tail risk. We find that tail risk affects the cross-sectional variation in fund returns, and investments in both, tailsensitive stocks as well as options,...