This paper analyzes the economics of the private equity fund compensation. We build a novel model to estimate the expected revenue to fund managers as a function of their investor contracts. In particular, we evaluate the present value of the fair-value test (FVT) carried interest scheme, which...

This Note discusses the Seventh Circuit decision in Jones v. Harris Associates, a case which was granted certiorari by the Supreme Court. Oral argument was heard on November 2, 2009 and a decision in the case is expected in early 2010. The Note weighs the standard promoted by Jones for...

This Article attempts to define hedge funds and to distinguish them from a variety of similar investment funds. After reviewing the hedge fund definition in the U.S. and the EU, this Article argues that the current regulatory framework, which defines hedge funds by reference to what they are not...

Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that the targets in PE acquisitions, particularly poorly performing targets, targets with high R&D intensity, and targets whose boards have...

This article analyzes the regulatory measures adopted to address the potential contribution of hedge funds to financial instability in the U.S. and the EU in the wake of the Global Financial Crisis. The relevant provisions of the Dodd-Frank Act include two sets of direct regulatory measures. The...

This paper investigate the effects of investor protection on hedge fund activism. Using a parsimonious measure of investor protection constructed from fund organizational characteristics, we document that higher investor protection is strongly correlated with superior performance of activists....

This paper analyzes the economics of the private equity fund compensation. We build a novel model to estimate the expected revenue to fund managers as a function of their investor contracts. In particular, we evaluate the present value of the fair-value test (FVT) carried interest scheme, which...

This study examines the effect of ETF on the volatility of its underlying asset in Nigeria. Newgold ETF that tracks daily prices of gold/g in rand was used in the study. We collected data on daily prices from January, 2014 to May, 2015 on the ETF and the gold and tested for volatility using ARCH...