Trotz einer sehr positiven Entwicklung des weltweiten Hedgefonds-Marktes undsehr positiver Erwartungen der deutschen Fondsindustrie hinsichtlich der Marktentwicklungist bislang in Deutschland eher ein zurückhaltendes Interesse anHedgefonds zu beobachten. Was sind die Gründe für die...

In der Literatur wird häufig vermutet, dass eine zunehmende Anzahl Hedgefondseinen negativen Einfluss auf die Renditen dieser Fonds haben könnte. DieserVermutung wird in diesem Beitrag nachgegangen. Wir verfolgen dabei zweiZiele: Zum einen geben wir einen Überblick über die Entwicklung des...

The Sharpe ratio is adequate for evaluating investment funds when the returns ofthose funds are normally distributed and the investor intends to place all his risky assetsinto just one investment fund. Hedge fund returns differ significantly from anormal distribution. For this reason, other...

Eine zentrale Fragestellung in der wissenschaftlichen Auseinandersetzung auf dem GebietHedgefonds stellt deren Performancemessung dar. Ausgangspunkt unserer Untersuchungbildet die in der Literatur verbreitete Meinung, dass Hedgefonds aufgrund ungewöhnlicherAusprägungen der höheren...

Hedge funds have become an increasingly popular investment tool in the past decade,due to their general lack of correlation with stocks and bond markets. Whenevaluating using the Markowitz portfolio selection theory, hedge funds appear tooffer a remarkable opportunity. Yet use of the Markowitz...

The paper examines the investment activities of Swiss National Bank during last years and especially what is the nature of these activities, what is their scope, what are their financial grounds, what possible consequences could they lead to, and why are they so disconcerting for the financial...

This paper studies the Performances of Italian Fund of Hedge Funds (FoHFit), in comparison with those of Italian Funds of Mutual Funds (FoFit) and of a sample of European Funds of Hedge Funds (FoHFeu). The first objective is to build a methodology able to both deal with a limited number of data...

On the surface, hedge funds seem to have much higher fees than actively managed mutual funds. However, the true cost of active management should be measured relative to the size of the active positions taken by a fund manager. A mutual fund combines active positions with a passive position in...

The hedge funds industry has evolved tremendously in recent years. According to the CASAM CISDM Industry Report, assets under management in hedge funds had grown from less than USD 50 billion at the end of 1990 to over USD 2.1 trillion at the end of 2007. However, assets managed by hedge funds...

This paper provides a risk framework for fiduciaries considering using a core-satellite approach to investing. While the article mainly covers the additional risk measurement techniques, which are needed when investing in hedge funds, its recommendations are also relevant for other investments...