While most studies analysing in great detail the origins of the current financial crisis concentrate on banks, little attention has been given to the mechanisms and role of shadow banking. In this contribution the role of money market funds, commercial paper and securitization in the growth of...

While most studies analysing in great detail the origins of the current financial crisis concentrate on banks, little attention has been given to the mechanisms and role of shadow banking. In this contribution the role of money market funds, commercial paper and securitization in the growth of...

In this paper we investigate to what extent hedge funds are a superior investment alternative. While it is easy to demonstrate that hedge funds dominate traditional investment alternatives when using the standard measures of risk adjusted return, it is also apparent that they are exposed to a...