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While the unfolding financial turmoil has involved new elements, more fundamental elements have remained the same. New elements include structured credit, the originate-to-distribute business model and the tri-party repurchase agreement. The recurrence of crises reflects a basic procyclicality...
Persistent link: https://www.econbiz.de/10003855412
Hedge funds significantly reduced their equity holdings during the recent financial crisis. In 2008Q3-Q4, hedge funds sold about 29% of their aggregate portfolio. Redemptions and margin calls were the primary drivers of selloffs. Consistent with forced deleveraging, the selloffs took place in...
Persistent link: https://www.econbiz.de/10009009543
The objective of this contribution is not only to explain the position of institutional investors on global capital markets, but also evaluate their impact on the operation of financial systems. The core of this contribution is dedicated to hedge funds that in the period before the outbreak of...
Persistent link: https://www.econbiz.de/10011460151
This paper investigates the role of activist hedge funds in the restructuring of a sample of 469 firms that attempted to resolve distress either out of court, in conventional Chapter 11, or via prepackaged restructuring. Activist hedge funds strategically gain a position of influence in the...
Persistent link: https://www.econbiz.de/10013007422
Persistent link: https://www.econbiz.de/10001421115
This books explores the international aspects of pension reform, private savings and volatile capital markets and …, analysing the implications of financial reform for stimulating savings, and exploring both the benefits and risks of global … capital flows to emerging markets, Pensions, Savings and Capital Flows will inform policy and academic debates on financial …
Persistent link: https://www.econbiz.de/10012447865
This books explores the international aspects of pension reform, private savings and volatile capital markets and …, analysing the implications of financial reform for stimulating savings, and exploring both the benefits and risks of global … capital flows to emerging markets, Pensions, Savings and Capital Flows will inform policy and academic debates on financial …
Persistent link: https://www.econbiz.de/10015054652
This book explores the international aspects of pension reform, private savings and volatile capital markets and …, analysing the implications of financial reform for stimulating savings, and exploring both the benefits and risks of global … capital flows to emerging markets. Pensions, Savings and Capital Flows will inform policy and academic debates on financial …
Persistent link: https://www.econbiz.de/10015412490
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a...
Persistent link: https://www.econbiz.de/10013074694
In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds) vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds). Using a large sample of equity mutual funds spanning 2003–2012,...
Persistent link: https://www.econbiz.de/10011848243