The paper investigates the effect of recent EU regulations on hedge fund performance. The expansion of hedge funds attracts the attention from authorities who are responsible for monitoring the market risks but the influence of the oversight has been argued for a long time. Prior studies usually...

This thesis represents a qualitative study analyzing a comprehensive interview dataset of long-standing target executives, investment bankers, and activist specialists to improve our understanding of the effects of hedge fund activism on target firms. Hedge funds possess a broad set of tools to...

This paper studies how Treasury market dynamics depend on adjustments to the central bank balance sheet. We introduce a dynamic model of Treasury bonds with traditional and shadow banks. In the model, both Treasury and repo market disruptions arise as a joint consequence of three frictions: (i)...

This paper studies the rapid increase since 2019 of Government of Canada (GoC) debt issuance alongside greater hedge fund participation at GoC bond auctions. We find a systematic relationship between GoC debt stock and hedge fund bidding shares at auction. We attribute this to hedge funds'...

This study investigates the impact of a company's shareholder structure, particularly hedge fund ownership, on its likelihood to become target of a takeover offer. Additionally, it explores the consequences of such an offer within the context of the German takeover market. In line with prior...

We investigate whether eponymous hedge funds-those named after their founder/manager-signal managerial ability or ethical behavior. While such funds do not outperform non-eponymous peers, they exhibit lower operational and fraud risks. Survey evidence supports these findings. Eponymous funds...

This study investigates the impact of a company's shareholder structure, particularly hedge fund ownership, on its likelihood to become target of a takeover offer. Additionally, it explores the consequences of such an offer within the context of the German takeover market. In line with prior...

Die Arbeit untersucht die rechtlichen Anforderungen an sog. hellgrüne und dunkelgrüne Investmentfonds unter Berücksichtigung der EU-Taxonomie- und Offenlegungsverordnung. Ziel war es, die bestehende Gesetzeslage zu analysieren und dogmatische Unklarheiten aufzuzeigen. Anschließend wurde...

The existing literature on finance, debt and inequality depicts economic elites as a creditor class. According to a popular thesis, over the past four decades, the rich and ultra-rich households in the top 1 percent have experienced a saving glut (excess income), which they have invested in the...

Hedge funds have a track record of profiting on stock market crashes and sociopolitical crises. In 2008, hedge fund managers made billions betting that the US housing bubble would burst (Lewis 2011). Despite the fact that hedge funds contributed to bringing about the crisis (Lysandrou 2011) and...

We examine the factors influencing published estimates of hedge fund performance. Using a sample of 1,019 intercept terms from regressions of hedge fund returns on risk factors (the "alphas") collected from 74 studies, we document a strong downward trend in the reported alphas. The trend...

Based on the typical positions of S&P 500 option market makers, we derive a funding illiquidity measure from quoted prices of S&P 500 derivatives. Our measure significantly affects the returns of leveraged managed portfolios; hedge funds with negative exposure to changes in funding illiquidity...

Over the past decade, European investment funds have substantially increased their investment in dollar-denominated assets to more than 3.8 USD trillion, which should give raise to substantial currency hedging if US investor have reciprical currency exposures in their international portfolios....

This book focuses on the relevance of equity-side innovative financial tools for SMEs in overcoming financial threats. Scholars identify difficulties in the financial sphere as the main causes of SME mortality. Such problems do not allow them to reach sustainable growth. It thus becomes critical...

The paper investigates the effect of recent EU regulations on hedge fund performance. The expansion of hedge funds attracts the attention from authorities who are responsible for monitoring the market risks but the influence of the oversight has been argued for a long time. Prior studies usually...

Expert networks provide investors with in-depth discussions with subject matter experts. Expert call demand is higher for younger, technology-oriented firms and those with greater intangible assets, consistent with demand for information on hard-to-value firms. Expert calls are more (less)...

This paper examines the causes and consequences of hedge fund investments in exchange traded funds (ETFs) using U.S. data from 1998 to 2018. The data indicate that transient hedge funds and quasi-indexer hedge funds are substantially more likely to invest in ETFs. Unexpected hedge fund inflows...

We study events in which activist hedge funds and short sellers target the same stock using unique European data on activism and mandatory disclosures of large short positions. The presence of large short sellers is associated with a 22.6% increase in the probability of becoming an activist...