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Hedge Fund Governance

Hedge Fund Governance
  • Author : Jason Scharfman
  • Publisher :Unknown
  • Release Date :2014-10-22
  • Total pages :384
  • ISBN : 0128025123
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Summary : Hedge Fund Governance: Evaluating Oversight, Independence and Conflicts summarizes the fundamental elements of hedge fund governance and principal perspectives on governance arguments. An authoritative reference on governance, it describes the tools needed for developing a flexible, comprehensive hedge fund governance analysis framework. Case studies and interviews with professional fund directors shine a bright light of pragmatism on this framework. The author’s global analysis of more than 5,000 hedge fund governance structures enables him to draw realistic conclusions about best practices. He also explores the value consequences of good vs. bad governance, estimating the actual dollar losses that can result from bad governance, as well as the operational and investment performance benefits of certain governance practices. Presents methods for evaluating qualifications, conflicts of interests, fees, obligations and liabilities of hedge fund Boards of Directors. Explains techniques for developing a hedge fund governance assessment program, including analyzing legal documentation analysis and financial statements for governance related information. Uses case studies and example scenarios in hedge fund governance successes and failures to explore investor governance rights and fund manager responsibilities in onshore and offshore jurisdictions.

Hedge Funds and Financial Markets

Hedge Funds and Financial Markets
  • Author : Julian Holler
  • Publisher :Unknown
  • Release Date :2012-01-02
  • Total pages :410
  • ISBN : 3834936162
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Summary : Hedge funds have started to play an important role in financial markets during the last decade. They have affected important aspects of financial intermediation such as asset allocation decisions and corporate governance. Julian Holler provides an excellent theoretical and empirical analysis of these issues. His analysis offers strong support that hedge funds enable investors to improve asset allocation decisions. Consequently, hedge funds are an interesting alternative asset class for institutional investors. In contrast to results for the U.S. capital market his research provides evidence that hedge fund activism does not persistently increase the value of firms in Germany. This result suggests that the institutional environment has a strong influence on the effectiveness of corporate governance mechanisms.

Hedge Fund Compliance

Hedge Fund Compliance
  • Author : Jason A. Scharfman
  • Publisher :Unknown
  • Release Date :2016-12-19
  • Total pages :208
  • ISBN : 1119240239
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Summary : The long-awaited guide for modern hedge fund compliance program development Hedge Fund Compliance + Website provides straightforward, practical guidance toward developing a hedge fund compliance program, drawn from the author's experience training financial regulators, consulting with government entities, and analyzing hedge fund compliance structures across the globe. In-depth explanations of compliance principles are backed by illustrative case studies and examples. Highly in-demand templates of popular hedge fund compliance documentation provide actionable illustrations of key compliance policies. Designed to assist investors, fund managers, service providers, and compliance job seekers directly, this book describes the fundamental building blocks of the hedge fund compliance function. Compliance is one of the fastest growing areas in the hedge fund space. This reference book provides an essential foundation in modern hedge fund compliance, reflecting the recent changes of this dynamic field. Design and run a hedge fund compliance program Access templates of core compliance documentation and checklists Discover how investors can evaluate and monitor compliance programs Interviews with hedge fund compliance practitioners A steady stream of regulatory changes, combined with the enhanced enforcement efforts of regulators, ensure that hedge funds' compliance-related expenditures will continue to grow. While hedge fund compliance legislation continues to evolve globally, little practical guidance exists for those tasked with the boots-on-the-ground aspects of developing an actual compliance program to comply with best practices and regulatory guidance from leading hedge fund regulators including the US Securities and Exchange Commission, the National Futures Association, the Commodity Futures Trading Commission and the United Kingdom's Financial Conduct Authority. Hedge fund professionals and investors need a fundamental framework for establishing and evaluating an effective program, and when compliance is the issue, trial and error carries too much risk. Hedge Fund Compliance + Website provides clear guidance and practical tools to meet today's compliance professional needs.

Corporate Governance and Regulatory Impact on Mergers and Acquisitions

Corporate Governance and Regulatory Impact on Mergers and Acquisitions
  • Author : Greg N. Gregoriou,Luc Renneboog
  • Publisher :Unknown
  • Release Date :2007-07-26
  • Total pages :304
  • ISBN : 0080549322
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Summary : Corporate Governance and regulatory presssures have been much in the news lately. How they affect the bottom line of corporations has been difficult to quantify, and research is just beginning to be published that addresses this crucial question. This book is the first collection for new research about the impact of takeover regulation and corporate governance on M&A financial results. It will be essential reading to any M&A specialist, an investment banker, a hedge fund manager, a private equity director, or a venture capitalist. Also a must read for financial analysts who follow M&A targets. The book presents research from around the world so it provides a global perspective on this important topic. *The first and only book of research on takeover regulation and corporate governance affecting M&A results *Stands out from all the "How to" books on M&A and M&A disaster books because it provides solid high-quality research on what works and how different decisions affect company and shareholder value *Research provides a guideline for decisionmakers in investment banks, private equity companies, and for financial analysts

Hedge Funds

Hedge Funds
  • Author : H. Kent Baker,Greg Filbeck
  • Publisher :Unknown
  • Release Date :2017-07-26
  • Total pages :704
  • ISBN : 0190607386
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Summary : 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.

Institutional Investor Activism

Institutional Investor Activism
  • Author : Nicholas F Gallicchio Profesor of Law and Co-Director Institute for Law & Economics William Bratton,William Bratton,Joseph A. McCahery,Program Director of Finance and Law at Duisenberg School of Finance Joseph A McCahery
  • Publisher :Unknown
  • Release Date :2015-02-01
  • Total pages :640
  • ISBN : 0198723946
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Summary : The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.

Hedge Fund Activism

Hedge Fund Activism
  • Author : Alon Brav,Wei Jiang,Hyunseob Kim
  • Publisher :Unknown
  • Release Date :2010
  • Total pages :66
  • ISBN : 1601983387
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Summary : Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.

The Hedge Fund Book

The Hedge Fund Book
  • Author : Richard C. Wilson
  • Publisher :Unknown
  • Release Date :2011-04-12
  • Total pages :208
  • ISBN : 1118107977
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Summary : An accessible guide to effectively operating in the hedge fund arena Hedge funds are now in the news more than a thousand times a day and yet it is hard to find clear, factual information about how they operate, raise capital, and invest. The Hedge Fund Book provides real-world case studies of various hedge fund managers providing a solid foundation in specialized hedge fund knowledge for both financial professionals and those aspiring to enter this field. It provides an analysis of funds within different phases of their life cycles and investment processes, and examines each cycle in ways that would be informational for marketers as well as investors, bankers, and financial professionals who would like to learn more about day-to-day hedge fund operations Addresses everything you need to know about this popular segment of the financial industry within a case study format Each chapter contains several types of investment and situational analyses, insights and best practices along with a review and "test your knowledge section" Written by a successful hedge fund consultant and head of one of the largest hedge fund networking groups in the industry with more than 30,000 members This book is required reading for participants within the hedge fund industry's leading designation program, the CHP Designation If you're looking to gain a better understanding of hedge funds, look no further than The Hedge Fund Book.

The Wolf at the Door

The Wolf at the Door
  • Author : John C. Coffee,Darius Palia
  • Publisher :Unknown
  • Release Date :2016-02-10
  • Total pages :108
  • ISBN : 9781680830767
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Summary : The Wolf at the Door: The Impact of Hedge Fund Activism on Corporate Governance has three basic aims: to understand and explain the factors that have caused an explosion in hedge fund activism; to examine the impact of this activism; and to survey and evaluate possible legal interventions with an emphasis on the least restrictive alternative.

Corporate Governance and Investment Management

Corporate Governance and Investment Management
  • Author : Roger M. Barker,Iris H.-Y. Chiu
  • Publisher :Unknown
  • Release Date :2017-12-29
  • Total pages :528
  • ISBN : 178471352X
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Summary : Shareholder engagement with publicly listed companies is often seen as a key means to monitor corporate malpractices. In this book, the authors examine the corporate governance roles of key institutional investors in UK corporate equity, including pension funds, insurance companies, collective investment funds, hedge and private equity funds and sovereign wealth funds. They argue that institutions’ corporate governance roles are an instrument ultimately shaped by private interests and market forces, as well as law and regulatory obligations, and that policy-makers should not readily make assumptions regarding their effectiveness, or their alignment with public interest or social good.

Hedge Fund Activism in Japan

Hedge Fund Activism in Japan
  • Author : John Buchanan,Dominic Heesang Chai,Simon Deakin
  • Publisher :Unknown
  • Release Date :2012-05-24
  • Total pages :377
  • ISBN : 1107016835
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Summary : Charts the rise and fall of confrontational hedge fund activism in Japan.

Hedge Fund Structure, Regulation, and Performance around the World

Hedge Fund Structure, Regulation, and Performance around the World
  • Author : Douglas Cumming,Na Dai,Sofia A. Johan
  • Publisher :Unknown
  • Release Date :2013-01-25
  • Total pages :256
  • ISBN : 0199862575
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Summary : This book uses data from a multitude of countries to explain how and why hedge fund markets differ around the world. The authors consider international differences in hedge fund regulation which include, but are not limited to, minimum capitalization requirements, 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.

Corporate Governance

Corporate Governance
  • Author : Lawrence E. Mitchell
  • Publisher :Unknown
  • Release Date :2017-05-15
  • Total pages :590
  • ISBN : 1317159497
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Summary : The study of corporate governance is a relatively modern development, with significant attention devoted to the subject only during the last fifty years. The topics covered in this volume include the purpose of the corporation, the board of directors, the role of shareholders, and more contemporary developments like hedge fund activism, the role of sovereign wealth funds, and the development of corporate governance law in what perhaps will become the dominant world economy over the next century, China. The editor has written an introductory essay which briefly describes the intellectual history of the field and analyses the material selected for the volume. The papers which have been selected present what the editor believes to be some of the best and most representative studies of the subjects covered. As a result the volume offers a rounded view of the contemporary state of the some of the dominant issues in corporate governance.

Alternative Investment Operations

Alternative Investment Operations
  • Author : Jason Scharfman
  • Publisher :Unknown
  • Release Date :2020-08-30
  • Total pages :198
  • ISBN : 9783030466282
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Summary : Alternative investments such as hedge funds, private equity, and fund of funds continue to be of strong interest among the investment community. As these investment strategies have become increasingly complex, fund managers have continued to devote more time and resources towards developing best practice operations to support the actual trade processing, fund accounting, and back-office mechanics that allow these strategies to function. Representative of this operational growth, estimates have indicated that fund managers have seen increased operating budgets of 30% or more in recent years. In today’s highly regulated environment, alternative investment managers have also increasingly had to integrate rigorous compliance and cybersecurity oversight into fund operations. Additionally, with recent advances in artificial intelligence and big data analysis, fund managers are devoting larger portions of their information technology budgets towards realizing technology-based operational efficiencies. Alternative investment fund service providers have also substantially increased their scope and breadth of their operations-related services. Furthermore, investors are increasingly performing deep-dive due diligence on fund manager operations at both fund level and management company levels. This book provides current and practical guidance on the foundations of how alternative investment managers build and manage their operations. While other publications have focused on generalized overviews of historical trading procedures across multiple asset classes, and the technical intricacies of specific legacy operational procedures, Alternative Investment Operations will be the first book to focus on explaining up-to-date information on the specific real-world operational practices actually employed by alternative investment managers. This book will focus on how to actually establish and manage fund operations. Alternative Investment Operations will be an invaluable up-to-date resource for fund managers and their operations personnel as well as investors and service providers on the implementation and management of best practice operations.

Hedge Fund Operational Due Diligence

Hedge Fund Operational Due Diligence
  • Author : Jason A. Scharfman
  • Publisher :Unknown
  • Release Date :2008-12-03
  • Total pages :320
  • ISBN : 9780470466179
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Summary : How to diagnose and monitor key hedge fund operational risks With the various scandals taking place with hedge funds, now more than ever, both financial and operational risks must be examined. Revealing how to effectively detect and evaluate often-overlooked operational risk factors in hedge funds, such as multi-jurisdictional regulatory coordination, organizational nesting, and vaporware, Hedge Fund Operational Due Diligence includes real-world examples drawn from the author's experiences dealing with the operational risks of a global platform of over 80 hedge funds, funds of hedge funds, private equity, and real estate managers.

Hedge Fund Activism in Japan

Hedge Fund Activism in Japan
  • Author : John Buchanan,Dominic Heesang Chai,Simon Deakin
  • Publisher :Unknown
  • Release Date :2012-05-24
  • Total pages :377
  • ISBN : 1107016835
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Summary : Charts the rise and fall of confrontational hedge fund activism in Japan.

Hedge Fund Structure, Regulation, and Performance around the World

Hedge Fund Structure, Regulation, and Performance around the World
  • Author : Douglas Cumming,Na Dai,Sofia A. Johan
  • Publisher :Unknown
  • Release Date :2013-01-25
  • Total pages :256
  • ISBN : 0199862575
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Summary : This book uses data from a multitude of countries to explain how and why hedge fund markets differ around the world. The authors consider international differences in hedge fund regulation which include, but are not limited to, minimum capitalization requirements, 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.

The Hedge Fund Mirage

The Hedge Fund Mirage
  • Author : Simon A. Lack
  • Publisher :Unknown
  • Release Date :2011-11-30
  • Total pages :208
  • ISBN : 1118206207
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Summary : The dismal truth about hedge funds and how investors can get a greater share of the profits Shocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good. Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent years. Plagued by high fees, complex legal structures, poor disclosure, and return chasing, investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s, a time when hedge fund investors did well in part because there were relatively few of them, The Hedge Fund Mirage chronicles the early days of hedge fund investing before institutions got into the game and goes on to describe the seeding business, a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better, and this book highlights the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance. The surprising frequency of fraud, highlighted with several examples that the author was able to avoid through solid due diligence, industry contacts, and some luck Why new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke the more profitable 1990s Hedge fund investors have had it hard in recent years, but The Hedge Fund Mirage is here to change that, by turning the tables on conventional wisdom and putting the hedge fund investor back on top.

Hedge Funds and Prime Brokers

Hedge Funds and Prime Brokers
  • Author : Mark Berman
  • Publisher :Unknown
  • Release Date :2007
  • Total pages :205
  • ISBN : 09876543XX
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Summary : Hedge Funds and Prime Brokers explores the ever-changing and dynamic hedge fund-prime broker relationship through the use of a panel comprising of some of the world's experts in investment, law and regulation.

Corporate Governance after the Financial Crisis

Corporate Governance after the Financial Crisis
  • Author : Stephen M. Bainbridge
  • Publisher :Unknown
  • Release Date :2012-01-25
  • Total pages :320
  • ISBN : 0199912793
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Summary : The first decade of the new millennium was bookended by two major economic crises. The bursting of the dotcom bubble and the extended bear market of 2000 to 2002 prompted Congress to pass the Sarbanes-Oxley Act, which was directed at core aspects of corporate governance. At the end of the decade came the bursting of the housing bubble, followed by a severe credit crunch, and the worst economic downturn in decades. In response, Congress passed the Dodd-Frank Act, which changed vast swathes of financial regulation. Among these changes were a number of significant corporate governance reforms. Corporate Governance after the Financial Crisis asks two questions about these changes. First, are they a good idea that will improve corporate governance? Second, what do they tell us about the relative merits of the federal government and the states as sources of corporate governance regulation? Traditionally, corporate law was the province of the states. Today, however, the federal government is increasingly engaged in corporate governance regulation. The changes examined in this work provide a series of case studies in which to explore the question of whether federalization will lead to better outcomes. The author analyzes these changes in the context of corporate governance, executive compensation, corporate fraud and disclosure, shareholder activism, corporate democracy, and declining US capital market competitiveness.

Investment Governance for Fiduciaries

Investment Governance for Fiduciaries
  • Author : Michael E. Drew,Adam N. Walk
  • Publisher :Unknown
  • Release Date :2019-04-22
  • Total pages :190
  • ISBN : 1944960708
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Summary : Governance is a word that is increasingly heard and read in modern times, be it corporate governance, global governance, or investment governance. Investment governance, the central concern of this modest volume, refers to the effective employment of resources—people, policies, processes, and systems—by an individual or governing body (the fiduciary or agent) seeking to fulfil their fiduciary duty to a principal (or beneficiary) in addressing an underlying investment challenge. Effective investment governance is an enabler of good stewardship, and for this reason it should, in our view, be of interest to all fiduciaries, no matter the size of the pool of assets or the nature of the beneficiaries. To emphasize the importance of effective investment governance and to demonstrate its flexibility across organization type, we consider our investment governance process within three contexts: defined contribution (DC) plans, defined benefit (DB) plans, and endowments and foundations (E&Fs). Since the financial crisis of 2007–2008, the financial sector’s place in the economy and its methods and ethics have (rightly, in many cases) been under scrutiny. Coupled with this theme, the task of investment governance is of increasing importance due to the sheer weight of money, the retirement savings gap, demographic trends, regulation and activism, and rising standards of behavior based on higher expectations from those fiduciaries serve. These trends are at the same time related and self-reinforcing. Having explored the why of investment governance, we dedicate the remainder of the book to the question of how to bring it to bear as an essential component of good fiduciary practice. At this point, the reader might expect investment professionals to launch into a discussion about an investment process focused on the best way to capture returns. We resist this temptation. Instead, we contend that achieving outcomes on behalf of beneficiaries is as much about managing risks as it is about capturing returns—and we mean “risks” broadly construed, not just fluctuations in asset values.