This paper analyzes the life cycles of hedge funds. Using the Lipper TASS database it provides category and fund specific factors that affect the survival probability of hedge funds. The findings show that in general, investors chasing individual fund performance, thus increasing fund flows,...

The purpose of the article is to assess the level of any overlap between the second and third lines of defense in the global market. The level of overlap influences the independence of the two lines and the maturity of risk management and audit function. The data is obtained by conducting a poll

We examine the overall and individual analyst performance of 12-month-ahead target price forecasts over the 10-years, 2000-2009. Implied target price-based returns exceed actual returns by an average of 15%, and absolute target price forecast errors average 45%. At the end of the 12-month...

Extant research has focused on mutual fund managers' ability to time market returns or volatility. In this paper, we offer a new perspective on the traditional timing issue by examining fund managers' ability to time market wide liquidity. Using the CRSP mutual fund database, we find strong...

VaR_Delta-Normal fails in two counts: subadditivity and potentially producing losses larger than its portfolio value. This paper solves the second inconsistency developing formulas derived from a put option, named PVaR_Delta-Normal and Put_Expected_Shortfall, PSF_Delta-Normal; the latter also...

This chapter is written to help those new to risk management and who want to understand the fundamentals of risk management. This chapter is based on my reading of various risk management contents and experience gained over the working period. The chapter covers the definition of risk, benefits...

This paper analyzes the application of crowdfunding to finance the production of music recordings. The analysis is based, albeit not only, on a case study of a crowdfunding platform located in Poland (MegaTotal). The case study illustrates how pooling contributions of crowdfunders and...

This paper analyses the systemic risk in an emerging market context, with two innovations. It uses the average of the percentile ranking of three widely used measures of systemic risk of a firm to calculate a single systemic risk index (SRI) for the firm. It then uses the SRI to identify...

This paper addresses the growing concern of shock propagation in crypto asset markets. The integration of conventional Financial institutions (CeFi) and decentralized Financial protocols (DeFi) has introduced a set of complexities that are not adequately accounted for in current models. We build...