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Journal Article
Corporate governance and hedge fund management
Lehmann, Bruce N. (2006-10-04)
Conventional thinking about governance issues for hedge funds is to view them as mutual funds or money managers. This article proposes an alternative view -- that hedge fund governance is best understood by looking at limited partnerships or public firms that are similar in terms of either their assets or liabilities. This reasoning suggests that most hedge funds can be classified into only two groups for the purpose of understanding governance issues: funds that engage in proprietary trading and those that are more like private equity partnerships. ; The analysis implicitly explains why ...
Economic Review , Volume 91 , Issue Q 4 , Pages 81-91

Speech
The role of hedge funds in the capital market: testimony before the Subcommittee on Securities and Investment, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, May 16, 2006
Parkinson, Patrick M. (2006)
Speech , Paper 204

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
Information in Financial Markets : Who Gets It First?
Swem, Nathan (2017-02)
I compare the timing of information acquisition among institutional investors and sell-side analysts, and I show that hedge fund trades predict the direction of subsequent analyst ratings change reports while other investors' trades do not. In addition, hedge funds reverse trades after analyst reports, while other investors follow the analysts. Finally, I show that hedge funds perform best among stocks with high analyst coverage. These results suggest that hedge funds have superior information acquisition skills, and that analysts assist hedge funds in exploiting information acquisition ...
Finance and Economics Discussion Series , Paper 2017-023

Journal Article
Gov. Warsh: marketplace best discipline for hedge funds
anonymous (2007)
Federal Reserve Gov. Kevin Warsh recently told Congress that while hedge funds present risk management challenges, the market provides necessary discipline. He added that the Fed and other agencies are monitoring institutions' exposure to risk.
Financial Update , Volume 20 , Issue 3

Working Paper
Fundamental Arbitrage under the Microscope: Evidence from Detailed Hedge Fund Transaction Data
von Beschwitz, Bastian; Schmidt, Daniel; Lunghi, Sandro (2021-03-31)
We exploit detailed transaction and position data for a sample of long-short equity hedge funds to study the trading activity of fundamental investors. We find that hedge funds exhibit skill in opening positions, but that they close their positions too early, thereby forgoing about a third of the tradesâ€™ potential profitability. We explain this behavior with the limits of arbitrage: hedge funds close positions early in order to reallocate their capital to more profitable investments and/or to accommodate tightened financial constraints. Consistent with this view, we document that hedge ...
Finance and Economics Discussion Series , Paper 2021-022

Journal Article
Hedging the risk
Atz, Michael (2000-07)
Emerging Issues , Issue Jul

Discussion Paper
Bank-Intermediated Arbitrage
Boyarchenko, Nina; Gupta, Pooja; Eisenbach, Thomas M.; Van Tassel, Peter; Shachar, Or (2018-10-18)
Since the 2007-09 financial crisis, the prices of closely related assets have shown persistent deviations—so-called basis spreads. Because such disparities create apparent profit opportunities, the question arises of why they are not arbitraged away. In a recent Staff Report, we argue that post-crisis changes to regulation and market structure have increased the costs to banks of participating in spread-narrowing trades, creating limits to arbitrage. In addition, although one might expect hedge funds to act as arbitrageurs, we find evidence that post-crisis regulation affects not only the ...
Liberty Street Economics , Paper 20181018

Working Paper
Returns to Active Management: The Case of Hedge Funds
Islamaj, Ergys; Kazemi, Maziar (2014-08-08)
Do more active hedge fund managers generate higher returns than their less active peers? We attempt to answer this question. Using Kalman Filter techniques, we estimate the risk exposure dynamics of a large sample of live and dead equity long-short hedge funds. These estimates are then used to develop a measure of activeness for each hedge fund. Our results show that there exists a nonlinear relationship between activeness and performance. Using raw returns as a measure of performance, it is found that more active funds outperform the less active ones. However, when risk adjusted returns are ...
International Finance Discussion Papers , Paper 1112

Conference Paper
The costs and benefits of moral suasion: evidence from the rescue of long-term capital management
Furfine, Craig H. (2001)
Proceedings , Paper 725

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