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...

French Abstract. L’objectif de cette étude est d’analyser l’évolution du profil de risque des hedge funds pour parvenir à mieux se protéger contre un risque de faillite. L’étude de cas porte sur la débâcle d’Amaranth Advisors, hedge fund multi-stratégique qui a perdu plus de 6...

This paper investigates the relation between shareholders' portfolio concentration and firm performance. Using data on more than 1.3 million unique shareholders, we create an index that measures how concentrated shareholder portfolios are in each firm. We posit that portfolio concentration will...

This articlemodels the dependence risk and resource allocation characteristics of two 20-stock coal–uranium and oil–gas sector portfolios fromthe Australian market in the context of the global financial crisis of 2008–2009. The modeling framework implemented consists of pair vine copulas...

Using data on security holdings of 10,771 institutional investors from 72 different countries, we test whether concentrated investment strategies result in excess risk-adjusted returns to institutional investors. We examine three measures of portfolio concentration: home country, foreign...