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Hedge Fund Structure, Regulation, and Performance around the World

Author

Listed:
  • Cumming, Douglas

    (York University - Schulich School of Business)

  • Dai, Na

    (SUNY at Albany)

  • Johan, Sofia A.

    (Tilburg Law and Economics Center)

Abstract

Hedge funds and their managers have been vilified in recent times for their high-risk activities and relative lack of regulatory oversight. A recurrent concern shared by market participants and regulators around the world is that the increasing size of the hedge fund industry coupled with potential agency problems, activist investment practices, and herding behavior may exacerbate financial instability. However, while it is frequently suggested that hedge funds are unregulated, they are in fact regulated to some degree in every country around the world. It is important to consider differences in legal and institutional settings across countries as they directly affect the structure, governance, and performance of hedge funds. In this book, the authors consider data from a multitude of countries to understand how and why hedge fund markets differ around the world. While hedge funds are hardly regulated in the US, other jurisdictions implement different and sometimes more onerous sets of regulatory requirements. As explained in the book, international differences in hedge fund regulation include, but are not limited to, minimum capitalization requirements, restrictions on the location of key service providers, and different permissible distribution channels via private placements, banks, other regulated or non-regulated financial intermediaries, wrappers, investment managers, and fund distribution companies. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/9780199862566/toc.html

Suggested Citation

  • Cumming, Douglas & Dai, Na & Johan, Sofia A., 2013. "Hedge Fund Structure, Regulation, and Performance around the World," OUP Catalogue, Oxford University Press, number 9780199862566.
    • Handle: RePEc:oxp:obooks:9780199862566
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    Citations

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    Cited by:

    1. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    2. Oehler, Andreas & Schmitz, Jonas Tobias, 2021. "Does intensified communication of hedge funds with letters affect abnormal returns?," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 127-142.
    3. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    4. Cumming, Douglas & Dai, Na & Johan, Sofia, 2020. "Dodd-Franking the hedge Funds," Journal of Banking & Finance, Elsevier, vol. 119(C).
    5. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    6. Douglas Cumming & Sofia Johan & Denis Schweizer, 2017. "Information systems, agency problems, and fraud," Information Systems Frontiers, Springer, vol. 19(3), pages 421-424, June.
    7. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    8. Cumming, Douglas J. & Monteiro, Pedro, 2023. "Hedge fund investment in ETFs," CFS Working Paper Series 699, Center for Financial Studies (CFS).
    9. Cumming, Douglas & Monteiro, Pedro, 2022. "Hedge fund sales fees and the flow of funds around the world," Economic Modelling, Elsevier, vol. 112(C).
    10. Sofia Johan & Minjie Zhang, 2021. "Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance," Journal of Business Ethics, Springer, vol. 174(1), pages 199-220, November.
    11. Cumming, Douglas & Dai, Na & Johan, Sofia, 2015. "Are hedge funds registered in Delaware different?," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 232-246.

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