Description
Hedge Funds: Structure, Strategies, and Performance provides a synthesis of the theoretical and empirical literature on this intriguing, complex, and frequently misunderstood topic.The book dispels some common misconceptions of hedge funds, showing that they are not a monolithic asset class but pursue highly diverse strategies. Furthermore, not all hedge funds are unusually risky, excessively leveraged, invest only in illiquid asses, attempt to profit from short-term market movements, or only benefit hedge fund managers due to their high fees. Among the core issues addressed are how hedge funds are structured and how they work, hedge fund strategies, leading issues in this investment, and the latest trends and developments.The authors examine hedge funds from a range of perspectives, and from the theoretical to the practical. The book explores the background, organization, and economics of hedge funds, as well as their structure. A key part is the diverse investment strategies hedge funds follow, for example some are activists, others focusing on relative value, and all have views on managing risk. The book examines various ways to evaluate hedge fund performance, and enhances understanding of their regulatory environment. The extensive and engaging examination of these issues help the reader understands the important issues and trends facing hedge funds, as well as their future prospects.
Table of Contents
ContentsList of FiguresList of TablesAcknowledgmentsAbout the EditorsAbout the ContributorsAbbreviationsPart One INTRODUCTION1. Hedge Fund FundamentalsH. Kent Baker and Greg Filbeck2. The Economics of Hedge FundsShantanu Dutta, Arup Ganguly, and Lin Ge3. The Life Cycle of Hedge Funds: A New PerspectiveMila Getmansky and Rachel (Kyungyeon) Koh4. Characteristics of Successful Hedge Fund ManagersAshrafee T. Hossain, Samir Saadi, and Maxim TreffPart Two STRUCTURE OF HEDGE FUND5. Hedge Fund OrganizationDouglas Cumming, Na Dai, and Sofia Johan6. Hedge Fund GovernanceLamia Chourou, Ashrafee T. Hossain, and Samir Saadi7. Activist Hedge FundsTony Calenda, Chris Milliken, and Andrew C. Spieler8. The Tax Framework of Hedge FundsFrançois-Serve Lhabitant and Michel Brocard9. Compensation and Incentives in Hedge FundsGarrett C. C. Smith and Gaurav Gupta10. Off Shore Hedge FundsRoberto J. Santillán-Salgado and Juan José García-SantosPart Three INVESTMENT STRATEGIES OF HEDGE FUNDS11. Directional Equity Hedge Fund StrategiesOreste Auleta and Filippo Stefanini12. Event Driven Hedge Fund StrategiesCaroline Farrelly and François-Serge Lhabitant13. Global Derivatives Hedge Fund StrategiesChristopher Barnes, Ehsan Nikbakht, and Andrew C. Spieler14. Relative Value Hedge Funds StrategiesGeorge Dikanorov, Joseph McBride, and Andrew C. Spieler15. Multi-strategy Hedge FundsPaul-Henri Bayart-De-Germont and Daniel CapocciPart Four RISKS AND REGULATION16. Risk Measurement and Management for Hedge FundsGuillaume Weisang17. Hedge Funds and Systemic RiskWulf A. Kaal and Timothy A. Krause18. Operational Risk Management for Hedge FundsClaus Huber and Daniel Imfeld19. Hedge Fund Due DiligenceJason Scharfman20. Hedge Fund RegulationWulf A. Kaal and Dale OesterlePart Five HEDGE FUND PERFORMANCE21. Issues in Hedge Fund ResearchThuy Bui and Abhishek Ganguly22. Hedge Fund PricingDavid Hampton23. Evaluating Hedge Fund PerformanceDavid M. Smith24. Financial Crises and Evaporating Diversification Benefits of Hedge FundsMonica Billio, Mila Getmansky Sherman, and Loriana Pelizzon25. Hedge Fund ReplicationPaul Lajbcygier and Mikhail Tupitsyn26. Hedge Funds and Performance PersistenceNan Qin and Ying Wang27. Benchmarking and Bias in Hedge FundsJeffrey S. Smith, Kenneth Small, and Phillip Njoroge28. Style Analysis and ConsistencyWilliam R. McCumber and Jyotsaana ParajuliPart Six ISSUES, TRENDS, AND FUTURE PROSPECTS OF HEDGE FUNDS29. Current Hedge Fund Debates and ControversiesDianna Preece30. Trends and Future Prospects of Hedge FundsHunter M. HolzhauerDiscussion Questions and AnswersIndex
