The hedge fund industry has grown from $200 billion in assets under management around the turn of the millennium to now over $3 trillion. Many reports have criticized hedge funds for poor performance, particularly since the 2008 global financial crisis (GFC). In this paper, I seek to demystify...

In establishing the foundation for their investment process, investors typically set up the investment framework first by dividing their investment universes into different buckets along the combinations of multiple sensible dimensions such as geography and industry. As the framework is applied...

The present article contains a brief but comprehensive overview of the development of the Capital Markets Union (CMU) project in the EU to further deepen EU capital markets’ integration. After the Introduction, it first discusses the Commission’s 2015 CMU Action Plan and its follow-up,...

Long/short portfolio trading is the most classic arbitrage trading strategy. By creating a market neutral platform, it affords hedge funds the freedom to chase alpha, but leaves prime brokers to deal with the nuisance of securities financing. Repo funding for buying and securities-lending for...

The aim of the present University notes is to provide a brief but comprehensive overview of the European Commission’s proposal for a Regulation of the European Parliament and of the Council “on Markets in Crypto-Assets (…)” (MiCAR), which was submitted on 24 September 2020. It is not...

The systematic style is a combination of a systematic strategy's (model's) decisions and those of the portfolio manager's. Whilst the model's trades are implemented via changing positions in financial instruments, the systematic manager's trades are changes made to the systematic strategy...

We examine the geographic distribution of the shareholders of the U.S. Regional Bell Operating Companies (RBOCs) and document that a customer of an RBOC is more likely to invest in his local company than in an RBOC in another service area. Holdings of the local RBOC tend to be larger than...

This paper applies specific quantitative methods to demonstrate a general theoretical model for measuring strategic performance. The theoretical concepts are universal and measurable for all types of strategic activity by applying the methodology through alternative quantitative analytical...

The central role of the media for people's minds and for capital markets has been analyzed by a broad range of literature, nourished from several strands of academic research. Applying a vector autoregression on a unique set of TV news, consumer sentiment and excess flows of mutual funds, I find...