Emergence of a New Regulation: Informational Disclosure Modalities in the Hedge Fund Opacity World
AbstractThe 2007-2008 crisis has highlighted the tensions related to lack of transparency and asymmetrical information in the hedge fund industry. Damage can be estimated at a micro level by a misallocation induced by a double (ex ante and ex post) asymmetry and at a macro level by increasing financial and banking instability. One way to resolve market failures is to require hedge funds to disclose more information, but information can be revealed in different ways. We propose an original typology of disclosure modalities by distinguishing the aim of informational disclosure (macro/ micro allocation) and the modality (by free bargaining, by a standardized contract, by an obligation toward the regulatory authorities, by publicity). We use Kohonen maps to classify issued proposals and reports. We define two typologies: one of informational disclosure modalities and of financial regulation policy.
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Bibliographic InfoArticle provided by CEPII research center in its journal International Economics/Economie Internationale.
Volume (Year): (2010)
Issue (Month): 123 ()
Informational asymmetry; disclosure; financial regulation; hedge funds;
Find related papers by JEL classification:
- D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
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- V. Bouvatier & S. Rigot, 2013.
"Pension funds' allocations to hedge funds: an empirical analysis of US and Canadian defined benefit plans,"
Taylor & Francis Journals, vol. 45(26), pages 3701-3710, September.
- Vincent Bouvatier & Sandra Rigot, 2013. "Pension funds’allocations to hedge funds: an empirical analysis of US and Canadian defined benefit plans," EconomiX Working Papers 2013-4, University of Paris West - Nanterre la Défense, EconomiX.
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