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Journal Article
Preface: hedge funds: creators of risk?
Dwyer, Gerald P. (2006-10-04)
Economic Review , Volume 91 , Issue Q 4 , Pages v-vi

Working Paper
Reputation and Investor Activism: A Structural Approach
Swem, Nathan; Johnson, Travis L. (2020-10-15)
We measure the impact of reputation for proxy fighting on investor activism by estimating a dynamic model in which activists engage a sequence of target firms. Our estimation produces an evolving reputation measure for each activist and quantifies its impact on campaign frequency and outcomes. We find that high reputation activists initiate 3.5 times as many campaigns and extract 85% more settlements from targets, and that reputation-building incentives explain 20% of campaign initiations and 19% of proxy fights. Our estimates indicate these reputation effects combine to nearly double the ...
Finance and Economics Discussion Series , Paper 2017-036r1

Journal Article
Statement to Congress, May 6, 1999 (hedge funds, leverage and the lessons of Long-Term Capital Management)
Parkinson, Patrick M. (1999-07)
Federal Reserve Bulletin , Issue Jul , Pages 477-479

Working Paper
Credit Supply and Hedge Fund Performance: Evidence from Prime Broker Surveys
Li, Dan; Monin, Phillip J.; Petrasek, Lubomir (2024-11-21)
Constraints on the supply of credit by prime brokers affect hedge funds' leverage and performance. Using dealer surveys and hedge fund regulatory filings, we identify individual funds' credit supply from the availability of credit under agreements currently in place between a hedge fund and its prime brokers. We find that hedge funds connected to prime brokers that make more credit available to their hedge fund clients increase their borrowing and generate higher returns and alphas. These effects are more pronounced among hedge funds that rely on a small number of prime brokers, and those ...
Finance and Economics Discussion Series , Paper 2024-089

Speech
Hedge funds: testimony before the Committee on Financial Services, U.S. House of Representatives, July 11, 2007
Warsh, Kevin M. (2007)
Speech , Paper 308

Working Paper
Hedge Fund Treasury Trading and Funding Fragility: Evidence from the COVID-19 Crisis
Kruttli, Mathias S.; Monin, Phillip J.; Petrasek, Lubomir; Watugala, Sumudu W. (2021-06-24)
Hedge fund gross U.S. Treasury (UST) exposures doubled from 2018 to February 2020 to $2.4 trillion, primarily driven by relative value arbitrage trading and supported by corresponding increases in repo borrowing. In March 2020, amid unprecedented UST market turmoil, the average UST trading hedge fund had a return of -7% and reduced its UST exposure by close to 20%, despite relatively unchanged bilateral repo volumes and haircuts. Analyzing hedge fund-creditor borrowing data, we find the large, more regulated dealers provided disproportionately more funding during the crisis than other ...
Finance and Economics Discussion Series , Paper 2021-038

Report
Performance maximization of actively managed funds
Wang, Zhenyu; Huberman, Gur; Guasoni, Paolo (2010)
Ratios that indicate the statistical significance of a fund's alpha typically appraise its performance. A growing literature suggests that even in the absence of any ability to predict returns, holding options positions on the benchmark assets or trading frequently can significantly enhance performance ratios. This paper derives the performance-maximizing strategy--a variant of buy-write--and the least upper bound on such performance enhancement, thereby showing that if common equity indexes are used as benchmarks, the potential performance enhancement from trading frequently is usually ...
Staff Reports , Paper 427

Speech
Hedge funds and systemic risk
Bernanke, Ben S. (2006)
a speech at the Federal Reserve Bank of Atlanta?s 2006 Financial Markets Conference, Sea Island, Georgia
Speech , Paper 198

Working Paper
Reputation and Investor Activism
Swem, Nathan; Johnson, Travis L. (2017-02)
We show that an activist's reputation is a critical determinant of the success of their campaigns. We model reputation as target managers' belief about the activist's willingness to initiate a proxy fight. Our model indicates reputation, rather than stake size, induces managers to settle without a proxy fight. We present empirical evidence supporting our model's predictions: target companies more-frequently increase payouts, change management or board composition, engage in a merger or acquisition, or otherwise reorganize in response to high reputation activist campaigns, while target actions ...
Finance and Economics Discussion Series , Paper 2017-036

Journal Article
Statement to Congress, March 3, 1999 (near collapse of Long-Term Capital Management, LTCM)
McDonough, William J. (1999-05)
Federal Reserve Bulletin , Issue May , Pages 306-309

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