Regulation issues on the hedge fund market
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- Tez No: 401400
- Danışmanlar: DR. KIP BECKER
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, Ekonomi, İşletme, Banking, Economics, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2007
- Dil: İngilizce
- Üniversite: Boston University (Metropolitan College)
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Finans Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 46
Özet
Özet yok.
Özet (Çeviri)
Hedge funds and regulation were, until relatively recently, often seen as occupying the opposite ends of the spectrum. But recently the regulators and investors and the industry as a whole have been arguing the regulation issue from Germany to USA. For many investors, hedge funds seem like unregulated high risk ventures where people use all their money. Others might see them high return investment pool regardless of market condition. As the return of the hedge funds investment grows, they started to attract the public interest. Meanwhile, the pension funds, charities and foundations intended to invest these unregulated and mostly off shore investment tools. Thus smaller investment involved in the hedge funds via these institutions. While these happen, the SEC, as a protector for the small investor, doesn't want to stay inactive. The SEC introduced a new rule requiring most hedge fund advisers to register with the SEC. Prior to this rule; hedge fund managers were often exempt from registration. But the SEC's new rule was challenged by a hedge fund manager, Philip Goldstein, and the US Court of appeals for the District of Colombia overturned it in July 2006, and sent it back to the agency to be reviewed. The courts decision mainly based on the argument that investment vehicles that remain private and available only to highly sophisticated private investors have historically been understood not to present the same dangers to public markets as more widely available public investment companies However in reality there are already lots of small investors who cannot absorb the risk in the hedge fund market and more importantly they don't even know they invest to hedge funds via pension funds. The question is that who will, if not SEC, protect these investors from the volatile investment strategies of some hedge funds. Another important issue is the systemic risk, which is originated by the growth of the hedge funds and their high leveraged liability structure. When we see the LTCM failure the financial system might more often meet the“too big to fail”issue if hedge funds are kept to be completely unregulated. What we should to consider is that if our financial system can absorb more LTCM and Amaranth case and if more regulation is the solution. I will argue all these issues giving the international examples in this thesis.
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