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Handbook of Hedge Funds

ISBN-10: 0470026634
ISBN-13: 9780470026632
Edition: 2006
List price: $235.00 Buy it from $48.82
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Description: Handbook of hedge funds Hedge funds are the fastest growing sector of the financial industry, and this trend is set to continue. Non technical yet sophisticated, the Handbook of Hedge Funds removes the veil of secrecy that surrounds these often  More...

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Book details

List price: $235.00
Copyright year: 2006
Publisher: John Wiley & Sons, Incorporated
Publication date: 1/23/2007
Binding: Hardcover
Pages: 654
Size: 7.00" wide x 10.00" long x 1.75" tall
Weight: 1.496
Language: English

Handbook of hedge funds Hedge funds are the fastest growing sector of the financial industry, and this trend is set to continue. Non technical yet sophisticated, the Handbook of Hedge Funds removes the veil of secrecy that surrounds these often misunderstood investment vehicles. Blending facts, practical tips, and personal insights, written by an expert in the field, it provides a complete analysis of what hedge funds are, how they operate, and how they should be used in a portfolio. The Handbook of Hedge Funds provides: A discussion on the history and regulation of hedge funds Detailed analysis of hedge fund strategies illustrated by trade examples from successful hedge fund managers A complete guide on the various risk and return statistics used by hedge funds A description of existing hedge fund databases and indices. An overview of how to use hedge funds in portfolio construction New material on structured products and funds of hedge funds This book included a foreword by Mark Anson, CIO of Hermes Investments.

Foreword
Introduction
Hedge Fund Overview
History Revisited
The very early years: The 1930s
The formative years (1949-1968)
The dark ages (1969-1974)
The renaissance (1975-1997)
The Asian and Russian crises (1997-1998)
The equity bubble years
Hedge funds today
The key characteristics of modern hedge funds
The future
Legal Environment
The situation in the US
The Securities Act (1933)
Securities Exchange Act (1934)
Investment Company Act
Investment Advisers Act (1940)
Blue-sky laws
National Securities Markets Improvement Act (1996)
Employee Retirement Income Security Act (1974)
Other regulations
The Commodity Futures Trading Commission
The situation in Europe
The UCITS directives and mutual fund regulation
The case of European hedge funds
Germany
France
Italy
Switzerland
Ireland
Spain
The situation in Asia
Internet and the global village
Operational and Organizational Structures
Legal structures for stand-alone funds
In the United States ("onshore")
Outside the United States ("offshore")
A network of service providers
The sponsor and the investors
The board of directors
The investment adviser
The investment manager or management company
The brokers
The fund administrator
The custodian/trustee
The legal counsel(s)
The auditors
The registrar and transfer agent
The distributors
The listing sponsor
Specific investment structures
Mirror funds
Master/feeder structures
Managed accounts
Umbrella funds
Multi-class/multi-series funds
Side pockets
Structured Products
Disclosure and documents
Private placement memorandum (PPM)
Memorandum and articles of association
ADV form
Limited partnership agreements
Side letters
Understanding the Tools Used by Hedge Funds
Buying and selling using a cash account
Buying on margin
Mechanics
Buying on margin: an example
Short selling and securities lending
Mechanics of short selling
A detailed example
Restrictions on short selling
Potential benefits of short selling
Alternatives to securities lending: repos and buys/sell backs
Derivatives
Terminology
Basic derivatives contracts
Credit derivatives
Benefits and uses of derivatives
Leverage
Hedge Fund Strategies and Trade Examples
Introduction
Long/Short Equity Strategies
The mechanics of long/short equity investing
A single position
Sources of return and feasible portfolios
Disadvantages of long/short equity investing
Investment approaches
The valuation-based approach
Sector specialist hedge funds
Quantitative approaches
Equity non-hedge hedge funds
Activist strategies
Historical performance
Dedicated Short
The pros and cons of dedicated short selling
Typical target companies and reactions
Historical performance
Equity Market Neutral
Definitions of market neutrality
Dollar neutrality
Beta neutrality
Sector neutrality
Factor neutrality
A double alpha strategy
Examples of equity market neutral strategies and trades
Pairs trading
Statistical arbitrage
Very-high-frequency trading
Other strategies
Historical performance
Distressed Securities
Distressed securities markets
The origins: railways
From high yield to distressed securities
The distressed securities market today
Distressed securities investing
Why distressed securities?
Legal framework
Valuation
Active versus passive
Risks
Examples of distressed trades
Kmart
Failed leveraged buyouts
Direct lending
The case of airlines
Histo

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