Hedge Fund Structure, Regulation, and Performance around the World

Hardcover | January 30, 2013

byDouglas Cumming, Na Dai, Sofia A. Johan

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Hedge funds and their managers have been vilified in recent times for their high-risk activities and relative lack of regulatory oversight. A recurrent concern shared by market participants and regulators around the world is that the increasing size of the hedge fund industry coupled withpotential agency problems, activist investment practices, and herding behavior may exacerbate financial instability. However, while it is frequently suggested that hedge funds are unregulated, they are in fact regulated to some degree in every country around the world. It is important to consider differences in legal and institutional settings across countries as they directly affect the structure, governance, and performance of hedge funds. In this book, the authors consider data from a multitude of countries to understand how and why hedge fund markets differaround the world. While hedge funds are hardly regulated in the US, other jurisdictions implement different and sometimes more onerous sets of regulatory requirements. As explained in the book, international differences in hedge fund regulation include, but are not limited to, minimum capitalizationrequirements, restrictions on the location of key service providers, and different permissible distribution channels via private placements, banks, other regulated or non-regulated financial intermediaries, wrappers, investment managers, and fund distribution companies.

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Hedge funds and their managers have been vilified in recent times for their high-risk activities and relative lack of regulatory oversight. A recurrent concern shared by market participants and regulators around the world is that the increasing size of the hedge fund industry coupled withpotential agency problems, activist investment p...

Douglas Cumming, JD, PhD, CFA, is a Professor of Finance and Entrepreneurship and the Ontario Research Chair at the Schulich School of Business, York University. His research spans areas that include entrepreneurship, entrepreneurial finance, venture capital, private equity, IPOs, law and finance, market surveillance, and hedge funds....

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Format:HardcoverDimensions:272 pages, 9.25 × 6.12 × 0.98 inPublished:January 30, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199862567

ISBN - 13:9780199862566

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Table of Contents

Preface1. Introduction to Hedge Funds2. Agency Problems in Delegated Portfolio Management3. International Perspectives on Hedge Fund Regulation4. Overview of Empirical Finance Methods to Study Hedge Funds5. Hedge Fund Forum Shopping6. Hedge Fund Capital Raising7. Hedge Fund Performance and Compensation8. Hedge Fund Misreporting9. Hedge Fund Performance Persistence10. Hedge Fund Liquidation and Influence on the General Market11. Conclusions, Unanswered Questions and the Future of the Hedge Fund Industry