Gregory Connor and Mason Woo
An Introduction to Hedge Funds Introductory Guide
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Introduction
International Ast Management (‘IAM’) is the proud sponsor of the IAM Hedge Fund Rearch Programme of the Financial Markets Group. Within this programme the LSE team undertakes independent rearch into aspects of the hedge fund industry. It is hoped that the results of this rearch will give greater understanding about this growing area of financial innovation.
This rearch paper gives a broad introduction to the hedge fund industry, the historical background to
the evolution of hedge funds, the fund of funds industry and provides an explanation of some of the terminology ud within this area.
As an overview of the industry the document does not attempt to address the u of hedge funds within the broader context of portfolio management such as organisational risk or other areas of concern for the investor. This is a non-technical paper and as such is intended for students or practitioners eking a general introduction and reference tool. It is not a survey of the rearch literature and citations are kept to a minimum.
If you wish to keep updated on the IAM Hedge Fund Rearch Programme plea let us know. If you have any questions plea contact IAM at our London office or visit our website:
34 Sackville Street
London W1S 3EF
Tel. +44 (0)20 7734 8488gossip girl第四季
www.
大学英语四级多少分过For information about the rearch activities of the Financial Markets Group e the following page or visit the FMG website (fmg.l.ac.uk.)
London School of Economics - Financial Markets Group
The Financial Markets Group (‘FMG’) rearch centre was established in 1987 at the LSE. FMG is now one of the leading centres in Europe for academic rearch into financial markets.
The FMG has developed strong links with the financial community, in particular investment banks, commercial banks and regulatory bodies and attracts support from a large number of City institutions, both private and public.
The FMG is led by Professor David Webb and Professor Charles Goodhart and brings together a cor
傀儡是什么意思e team of nior academics and young rearchers to undertake cutting edge theoretical and empirical rearch in the areas of financial markets, financial decision-making and financial regulation. Through its Visitors’ Programme the FMG attracts each year some of the world’s renowned finance academics and outstanding rearchers who participate fully in the FMG’s rearch activities.
Rearch at the FMG is conducted through a number of thematic rearch programmes. Each thematic programme hosts a number of associated projects on key rearch areas and the Centre’s dismination activities such as minars, conferences, public lectures and publications are organized around the FMG’s rearch programme structure.
Gregory Connor is a professor of finance and director of the IAM/FMG Hedge Fund Rearch Programme, and Mason Woo is a graduate student in the risk and regulation programme at London School of Economics.
wipilot是什么Gregory Connor and Mason Woo
An Introduction to Hedge Funds Introductory Guide
overTable of Contents
1 What is a Hedge Fund? 5
1.1 Standard Definitions of a Hedge Fund 5
1.2 The Legal Structures of Hedge Funds 8
1.3 Legal Structures for Non-US Hedge Funds 10
2 The History of Hedge Funds 12
morninglight2.1 The First Hedge Fund 12
2.2 Hedge Funds from the 1960s to the 1990s 13
2.3 Long Term Capital Management 14
2.4 Development of Funds of Funds 16
2.5 Size and Growth of the Hedge Fund Industry 17
3 Hedge Fund Fee Structures 19
3.1 Performance-bad Fees 19
3.2 Determining Incentive Fees: High Water Marks and Hurdle Rates 20
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3.3 Equalisation 20
3.4 Minimum Investment Levels 21
3.5 Fees for Funds of Funds 22
4 Hedge Fund Investment Strategies 23
4.1 Strategy Categories for Hedge Funds 23
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4.2 Long-Short 23英国留学攻略
4.3 Relative Value 24
4.4 Event Driven 25
4.5 Tactical Trading 25
5 Risk Management 27
5.1 Sources of Risk 27
5.2 Measuring Hedge Fund Risk 29
6 Hedge Fund Performance Measurement 31
6.1 Hedge Fund Indices 31
6.2 Data Bias: Selection, Survivorship, and Clod Funds 31
7 Conclusion 33
Bibliography 34 Glossary 36
