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Monday, 20 April 2009 |
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This report by Sovan Mitra was originally written as an industry white paper and gives an overview of Hedge Funds, with a focus on risk management issues. |
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Monday, 20 April 2009 |
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Subscribe in a reader Subscribe by Email Hedge Fund Resources Hedge Fund Focus Home Service Providers Tutorials Communities Blogs Papers & Research Introductions & Guides Papers & Research People & Profiles Research Centres Hedge Fund Books: UK Hedge Fund Books: US General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law [Externalrss-FinanceFocus-titles-rssl-6-30] Resources Focus On Financial Recruitment Financial Education Financial Publishing Financial Technology Financial Services Hedge Funds Forex Financial Conferences Financial Training Link Library > Blogs & Blogging > Research & Learning >> General Math >> Historical Resources >> Introductions & Guides >> Reading Lists >> Research Engines >> Study Guides & Strategies >> Tutorials & Lecture Notes > Web Links by Subject > Publications & Papers >> Featured Articles >> eBooks >> Scholarly Journals >> Papers & research >> Preprint & ePrint Servers >> Review Papers > General Resources >> Recruitment & Careers >> Communities & Groups >> Directories & Portals >> Financial Calculators >> Financial Glossaries >> Forums & Discussion >> Fun & Games >> Gambling & Markets >> Podcasts & Audio >> Software & Coding >> Video Resources Financial Services Directory Accounting Services Banking & Investment Business Schools Conferences & Events Communications & Marketing Consulting Services Financial Publishing Hedge Fund Services Legal Services Recruitment Services Software & Technology Stocks & Trading Training Providers More 100 Most Recent Posts Financial Intelligence Bookshop US Financial Intelligence Bookshop UK Wiley Finance Library Hedge Fund Tutorials Information Base General Fund News March sees slowdown in hedge fund redemptions London Stock Exchange - London, England, UK Withdrawals from hedge funds eased last month as average returns for the quarter moved into positive territory, a new report has found. HedgeFund.net (HFN) said the figures mark the third consecutive month that the rate of redemptions has slowed. Hedge fund, funds-of-funds indexes up in Q1 Pensions & Investments - Chicago, IL, USA Hedge funds and funds of funds indexes were in positive territory in the first quarter, outperforming major market indexes. Judging hedge funds Reuters - USA The whole point of investing in a hedge fund is that it’s an absolute-return vehicle and does not benchmark the S&P 500. If there’s any benchmark, it should either be Libor (or some other simple ultra-low-risk rate of return), or else it should simply be zero. Man Charged With Lying To Employer About Hedge Fund Clients FINalternatives - New York, NY, USA Hedge fund fraud comes in all shapes and sizes: A Chicago man has been charged with ripping off his employer, claiming he had won a deal with an east coast hedge fund to develop software. Hedge funds to shrink by 60% as scandals and downturn batter sector Scotland on Sunday - Edinburgh, Scotland, UK The controversial hedge fund industry is likely to shrink by 60% as a result of the Bernie Madoff fraud and other recent crises, according to sector insiders. A Novel Approach to Monitoring Hedge Fund Returns HedgeCo.net - West Palm Beach, FL, USA Daniel Li & Michael Markov (of quantitative investment software vendor Markov Processes) and Russ Wermers of the University of Maryland have released a paper last month called “Monitoring Daily Hedge Fund Performance When Only Monthly Data is Available.” White House ponders: Are some hedge funds too big to fail? Boston Herald - United States When the $9.2 billion Connecticut hedge fund Amaranth Advisors collapsed in 2006, securities attorneys jumped all over each other to express gleefully how the markets absorbed such a mega-fund failure. In fact, the markets did soak up the implosion fairly well. However, two and a half years later, policy-makers aren’t so sure the volatile and fragile markets of 2009 could handle another mega-hedge fund collapse. Europe’s Hedge Fund Oversight May Fall Only On Largest Firms FINalternatives - New York, NY, USA The European Union’s draft proposal to tighten hedge fund oversight is likely to focus exclusively on the largest hedge fund and private equity managers. We're Not A Hedge Fund Wall Street Journal - USA As regulators gear up to monitor private pools of capital more, private equity firms have a message they really, really want to get across: we’re not hedge funds. Hedge-Fund Firm Dips Into Mutuals Wall Street Journal - USA As the hedge-fund industry shrinks in size, some of its players are turning to mutual-fund investors for new money. [RandomProduct-134] [Externalrss-twitter2-titles-rssl-10-30] Featured School Featured Company Featured Company More hedge fund rules may prove counterproductive The Detroit News - Detroit, MI, USA Declining account values are painful enough, but significant financial downturns have another unfortunate byproduct in that long-running investment frauds are often revealed. Public Pension Managers Rethink Hedge Fund Ties New York Times - United States From New York to California, public pension funds staked billions in good times on the highest of Wall Street high rollers: hedge fund managers and corporate buyout specialists. But for many of these pension funds — and the millions of people who are relying on them for their retirements — that gamble is not paying off as hoped. Top UK fund may invest up to 20 pct in alternatives Reuters - USA The UK's largest pension scheme, the BT Pension Scheme could invest up to 20 percent of its assets in alternative asset classes including hedge funds, a senior executive in charge of its investments said. Calpers Weighs Expanding Own Hedge-Fund Investments Wall Street Journal - USA In a move likely to be watched by peers, the giant California pension fund Calpers is considering expanding its own internal hedge-fund investments even as it presses established external funds to cut fees and make other client-friendly changes that many money managers have resisted. massprim Names Ennis Knupp New Hedge Fund Consultant FINalternatives - New York, NY, USA The Massachusetts Pension Reserves Investment Management board has hired a new hedge fund consultant. 15 More Hedge Fund ETFs On The Way FINalternatives - New York, NY, USA Just weeks after launching the first hedge fund index-linked exchange-traded fund in the U.S., IndexIQ has rolled out an ambitious plan for a whole suite of hedge fund replication ETFs. Hedgers aren't hiding in the bushes, new ETF attests InvestmentNews - New York, NY, USA For more proof that the hedge fund mystique continues, or at least is expected to continue, look no further than the IQ Hedge Multi-Strategy Tracker ETF. Funds That Aim to Conquer the Zigzags New York Times - United States IF nothing else good comes from the bear market, it does offer a chance to re-examine investing orthodoxies. As a result, style-based investing — the idea that a fund manager should pick an investing strategy and stick with it — has come under scrutiny from people who note that holding, say, only small-capitalization stocks over the last year would have been disastrous. A manager might have beaten her benchmark, but her shareholders would have still lost a lot of money. var skin = {}; skin['HEIGHT'] = '250'; skin['BORDER_COLOR'] = '#cccccc'; skin['ENDCAP_BG_COLOR'] = '#e0ecff'; skin['ENDCAP_TEXT_COLOR'] = '#333333'; skin['ENDCAP_LINK_COLOR'] = '#0000cc'; skin['ALTERNATE_BG_COLOR'] = '#ffffff'; skin['CONTENT_BG_COLOR'] = '#ffffff'; skin['CONTENT_LINK_COLOR'] = '#0000cc'; skin['CONTENT_TEXT_COLOR'] = '#333333'; skin['CONTENT_SECONDARY_LINK_COLOR'] = '#7777cc'; skin['CONTENT_SECONDARY_TEXT_COLOR'] = '#666666'; skin['CONTENT_HEADLINE_COLOR'] = '#333333'; google.friendconnect.container.setParentUrl('/' /* location of rpc_relay.html and canvas.html */); google.friendconnect.container.renderMembersGadget( { id: 'div-1229701438917', site: '16193895887062730248'}, skin); var skin = {}; skin['BORDER_COLOR'] = '#cccccc'; skin['ENDCAP_BG_COLOR'] = '#e0ecff'; skin['ENDCAP_TEXT_COLOR'] = '#333333'; skin['ENDCAP_LINK_COLOR'] = '#0000cc'; skin['ALTERNATE_BG_COLOR'] = '#ffffff'; skin['CONTENT_BG_COLOR'] = '#ffffff'; skin['CONTENT_LINK_COLOR'] = '#0000cc'; skin['CONTENT_TEXT_COLOR'] = '#333333'; skin['CONTENT_SECONDARY_LINK_COLOR'] = '#7777cc'; skin['CONTENT_SECONDARY_TEXT_COLOR'] = '#666666'; skin['CONTENT_HEADLINE_COLOR'] = '#333333'; skin['DEFAULT_COMMENT_TEXT'] = 'Comment on the News this week'; skin['HEADER_TEXT'] = 'Comments'; skin['POSTS_PER_PAGE'] = '4'; google.friendconnect.container.setParentUrl('/' /* location of rpc_relay.html and canvas.html */); google.friendconnect.container.renderWallGadget( { id: 'div-1232116131401', site: '16193895887062730248', 'view-params':{"scope":"PAGE"} }, skin); [RandomProduct-51] People and Funds Hedge fund boss gives £463m to charity Times Online - UK A Hedge fund manager has emerged as one of Britain’s biggest philanthropists – giving £463m to children’s charities in just one year. Christopher Cooper-Hohn, the son of a mechanic, is viewed as one of the City’s most aggressive operators. He has, however, amassed a fortune for charitable projects in Africa and the rest of the developing world. TCI’s John Ho Said to Leave UK Fund for New Venture Bloomberg - USA John Ho, Asia chief of The Children’s Investment Fund Management UK LLP, will leave the hedge fund after disagreement with the firm’s founder on the investment strategy in the region, according to a person familiar with the matter. Avast! Hedge-fund Pirate Bill Ackman Sets His Sights on Big Banks New York Magazine - NY, USA Bill Ackman, the notoriously arrogant manager of hedge fund Pershing Square, has said several times he's been "humbled" by his woefully miscalculated bet on Target's real-estate holdings. He says it again to the Times today. "I was full of myself years ago, and experience has humbled me." Porn Hedge Fund Accused Of Fraud The Business Insider - New York, NY, USA Back in January, The Atlantic ran a story about AdultVest -- a hedge fund that claimed an improbable 50% return last year by investing in adult businesses. We say improbable, because although there's the notion that sin sells in any economy, that storyline has been decidedly busted this time around. Barsky to Shut Down His $3.5 Billion Fund Wall Street Journal - USA Neil Barsky, a former journalist turned hedge-fund manager, has decided to shut Alson Capital Partners LLC after losses and redemptions hit the $3.5 billion fund, according to one fund investor. UBS Is Losing a Key Voice in Hedge-Fund Research Wall Street Journal - USA Alexander Ineichen has left UBS AG after more than eight years at the Swiss bank, where he honed a reputation as an influential voice on hedge funds. Hedge fund manager Odey eyes new bull market Reuters - USA The current rally in stock markets may be the start of a new bull market, said hedge fund manager Crispin Odey, founding partner at Odey Asset Management and one of the hedge fund industry's highest profile figures. Hedge Fund Guru: Buy & Hold Far from Dead The Guru Investor - West Hartford, CT, USA Is buy-and-hold dead? Lloyd Khaner, whose hedge fund has a successful two-decade track record, tells Forbes.com that he doesn’t think so — though he says successful implementation of a buy-and-hold approach isn’t as simple as many assume. Stratton Street's Japan-Focused Dejima Fund Shut Down Wall Street Journal - USA Stratton Street Capital LLP has shut down its Dejima Fund, adding another name to the list of hedge funds gone extinct this year. Hedge fund firm Cheyne Capital to buy Altedge Reuters - USA Hedge fund firm Cheyne Capital Management is to buy fund of hedge funds manager Altedge Capital, the firms said on Tuesday, as the once-booming industry consolidates in the face of client outflows. General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law [RandomProduct-10] Launches Unigestion to Start Credit Fund of Hedge Funds as Defaults Rise Bloomberg - USA Unigestion Holding SA, backed by HSBC Holdings Plc, plans to start a fund to invest in hedge funds focusing on distressed debt as the deepest economic slowdown since World War II leads to rising defaults. General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law [Externalrss-HedgeFundNews-titles-rssl-5-30] [Externalrss-fintag-titles-rssr-5-30] Activism Activist investor Ackman likely to gain seat on General Growth board Chicago Tribune - United States Activist investor William Ackman is expected to join the board of General Growth Properties Inc., the shopping mall operator that filed for Chapter 11 bankruptcy Thursday, according to a filing with the Securities and Exchange Commission. General Growth's Reliance on Debt May Allow Rivals to Buy Malls Bloomberg - USA When General Growth Properties Inc. bought Rouse Co. for $11.3 billion in 2004, then-Chief Executive Officer John Bucksbaum said the deal amounted to “five years worth of acquisitions in one fell swoop.” Now the challenge will be keeping those assets. General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law [Externalrss-HedgeFundEvents-titles-rssl-8-30][Externalrss-hfintro-titles-rssr-6-30] Crime and Law Fund Manager Pleads Guilty in New York Pension Probe Bloomberg - USA Barrett Wissman, a Dallas hedge fund manager, pleaded guilty to securities fraud as part of an investigation of corruption at New York’s $122 billion pension fund, state officials said. Hedge Fund Manager Accused Of Ignoring Madoff Scheme NY1 - NY, USA A hedge fund manager was accused Friday of knowing about Bernard Madoff's $65 billion Ponzi scheme and continuing to invest tens of millions of dollars anyway MassMutual hedge fund sued in loss Boston Globe - United States A Boston law firm has filed a class-action lawsuit against a hedge fund controlled by Massachusetts Mutual Life Insurance Co. for placing all of the fund's assets with Bernard Madoff, who is facing life in prison for conducting a massive fraud. Rattner Firm Used Indicted Adviser to Gain New Mexico Business Bloomberg - USA New York-based Quadrangle Group LLC, an investment firm founded by federal auto taskforce head Steven Rattner, used an indicted political adviser to gain the business of the New Mexico State Investment Council. A Hedge Fund Executive Is Guilty of Securities Fraud New York Times - United States A hedge fund executive has pleaded guilty to securities fraud and is cooperating with New York State Attorney General Andrew M. Cuomo’s investigation of corruption at the state pension fund, according to court records unsealed in Manhattan on Tuesday. Clients of John Lawton are suing to recover their hedge fund ... Minneapolis Star Tribune - Minneapolis, MN, USA Clients of former Wayzata investor John Lawton and his Paramount Partners hedge fund have sued to get their investments back even though his dwindling assets have been frozen by the Securities and Exchange Commission (SEC). Carlyle’s Pension Investment Said to Spark Probe Bloomberg - USA Carlyle Group is being investigated by New York prosecutors and the U.S. Securities and Exchange Commission over whether it illegally paid intermediaries to secure $1.3 billion in investments from the state’s pension fund, according to a person with knowledge of the matter. Ore. sues fund company for college savings losses The Associated Press State officials are seeking $36.2 million in damages from OppenheimerFunds Inc., which managed a fund responsible for steep losses in the Oregon College Savings Plan. Madoff victims seek assets of those who helped him The Associated Press Only one person has gone to jail so far in Bernard Madoff's massive stock fraud: Madoff himself. But that hasn't stopped prosecutors, regulators and victims from going after others who got gloriously rich off his scheme. General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law [RandomProduct-1] |
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Friday, 17 April 2009 |
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Globalization has fueled the good times for business schools. Since the 1980s, billions of people have joined the world's market-oriented economies, and massive improvements in the well-being of diverse societies have spiked demand to learn how to market products, become entrepreneurs, and lead organizations. When properly done, an MBA education provides deep insights into how organizations work and the nature of competition. For business schools themselves, the good times have meant more money—tuition increases have exceeded inflation for each of the past 27 years. More students have gained entry into management education through a somewhat odd mix of schools, ranging from high-end universities deciding that they couldn't do without a business school to stand-alone entrants in hot spots around the world. The number of new business schools is so staggering that accreditation agencies have only a rough handle on the 10,000 schools now operating throughout the world... Edward A. Snyder writes for BusinessWeek. Financial Education Focus Subscribe by Email Jump to Financial Education Focus Homepage --------------------------- Featured Business Schools UK Business Schools US Business Schools EMEA Business Schools ROW Business Schools --------------------------- Research and Learning Resources Tutorials and Lecture Notes [Externalrss-businessschoolevents-titles-rssl-6-30] [Externalrss-educationnews-titles-rssr-6-30] [RandomProduct-48] |
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Friday, 17 April 2009 |
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Modern continuous-time financial mathematics has been one of the most active research areas of mathematics during the last decades. It has repeatedly attracted public attention by its spectacular results and many parts of this are successfully applied daily in numerous banks. Despite this already successful transfer of knowledge to the industry, many theoretical results still have to be examined with regard to their practical applicability and their transformation to the industry on the basis of application oriented algorithms and software. The workshop aims to bring together both sides: scientists from universities and research institutions as well as practitioners from the industry. In the morning and after-lunch sessions recent results in financial mathematics will be presented while in the afternoon sessions an overview on current topics at Fraunhofer ITWM will be given, showing the transfer of theory into practice. We are looking forward to welcoming you in Kaiserslautern. The conference language will be English. Programme of the workshop The conference will be held at the Fraunhofer Institute for Industrial Mathematics, Kaiserslautern, Germany. Kaiserslautern is located at about 100 km from Frankfurt. Find out how to reach us here. More information on the Cambridge-Kaiserslautern Finance Alliance can be found here For registration please print out the flyer below and fax the registration form or send us an e-mail using the link below. Workshop Flyer (PDF; 2,1MB) Contact: Dipl.-Math. Eva-Maria Zimmermann Tel: +49 (0) 6 31 / 3 16 00-43 12 Fax: +49 (0) 6 31 / 3 16 00-53 12 [Externalrss-eventsfm-titles-rssl-6-30][Externalrss-FinanceFocus-titles-rssr-6-30] |
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Monday, 13 April 2009 |
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Numerical Integrationm Golden Section Search for Max/Min, Probability Density Estimation Using Kernels, Black Scholes Option Valuation, Implied Volatility and Option Greeks. |
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Friday, 10 April 2009 |
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This blog is by Roger Yang, a proprietary equity trader on NYSE & NASDAQ with over two years experience in discretionary trading. |
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Friday, 10 April 2009 |
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Bankling Blog is your guide to the intersection of three topics: money, the Web and life. |
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Friday, 10 April 2009 |
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Nicholas Barbaris and Richard Thaler's review chapter in the Handbook of Finance. |
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Friday, 10 April 2009 |
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By Veronique Bessiere, Michael Kaestner and Anne-Laurence Lafont Abstract Research Question/Issue: This article investigates the ability of two hedge funds, Centaurus and Pardus, to successfully act as activists in one of their targets, Atos Origin. Research Findings/Insights: This paper provides a clinical study analysing how and why two hedge funds failed in the activist battle against the French IT company Atos Origin from October 2006 to May 2008. This case study provides a detailed analysis of the actions of both parties during the whole activism process. We present evidence of hedge funds difficulties in defining target corporate strategy and in facing target resistance. Theoretical/Academic Implications: Unlike cross-sectional studies, the clinical case shows how a hedge fund manages its position in a target company, and analyses skills and limits of hedge fund activism, particularly in defining corporate strategy. Practitioner/Policy Implications: The results provide support for important legal and contextual factors in activism success. The French law provides little protection for shareholders while political standards and public opinion are to the advantage of employees rather than to shareholders, which provides legitimacy for managerial resistance to activism. Get the Full Paper from SSRN. [Externalrss-HedgeFundNews-titles-rssl-6-30] [Externalrss-hedgefundblogger-titles-rssr-8-30] [RandomProduct-143] |
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