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Autor
Wajszczuk Jerzy J.
Tytuł
Fundusze hedgingowe na globalnym rynku finansowym
Hedge funds on the global financial market
Źródło
Bank i Kredyt, 2006, nr 4, s. 71-79, bibliogr. 32 poz.
Słowa kluczowe
Rynki finansowe, Rynek globalny, Fundusze hedgingowe, Fundusze inwestycyjne, Strategia inwestycyjna, Banki inwestycyjne
Financial markets, Global market, Hedge fund, Investment funds, Investment strategy, Investment banks
Uwagi
summ.
Abstrakt
Fundusze hedgingowe specjalizują się w inwestycjach o dużym ryzyku. W artykule przedstawiono rozwój i aktywność tych funduszy na globalnym rynku finansowym, a także łączące się z tym dylematy i problemy dla instytucji regulacyjnych. Zamieszczono szczegółowy opis strategii kilku relatywnie niewielkich brytyjskich oraz amerykańskich funduszy hedgingowych i inwestycyjnych. Strategia ta doprowadziła do przejęcia przez nie w maju 2005 r. kierownictwa niemieckiej giełdy - Deutsche Boerse AG we Frankfurcie.

The aim of this article is to provide an overview of the hedge fund global industry's development and the regulation dilemmas and issues it has triggered. Beginning in the US and then growing in the UK and continental Europe the hedge fund industry now manages more then USD 1 trillion of capital, increasing about 20-30% per year. Hedge funds usually are the buyers when others are sellers and the sellers when others are buyers. They will short-sell stocks and bonds and buy and sell more complex instruments such as distressed securities and other derivatives to hedge their risk. Hedge funds may also borrow money to leverage their investments, thereby increasing the level of risk. The hedge funds managers often use carry trade strategies to place their investment in different currency markets. Global investment banks act as prime brokers for the hedge fund managers, making money on them by clearing trades, loaning stock, providing leverage, carrying out research, marketing and providing other services. A substantial part of their profits nowadays is generated there. Hedge funds, both individually and as an industry are able to switch strategies rapidly. The article brings a detailed scenario how the "crowding" strategy of some relatively small British hedge funds and American equity funds ousted in May 2005 the top management of the German exchange operator Deutsche Börse AG. They were famously dubbed as a "locusts capitals", by Franz Müntefering, then the President of the ruling Social Democratic Party. The wave of similar cases in Europe and in the USA, and the trend in more conventional fund managers to adopt hedge fund strategies brought an intensive debate among the regulators in the EU (and first of all in the UK), the US and changed the regulations which are appropriate for hedge funds as important players in the global financial markets.(original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
  1. Atzler E., Larsen P. T. (2005), EZB fordert mehr Aufsicht über Hedge-Fonds, "Financial Times Deutschland", 28 October.
  2. Coggan P (2005), The Increasing Influence of Hedge Funds, "Financial Times", 14-15 May.
  3. Cohn L., Reed S., Ewing J. (2005), A Little Fund with Big Demands, "BusinessWeek", 23 May.
  4. Deupmann V., Kellner B. (2005), SPD - Chef Franz Müntefering in BamS - Interview, Kapitalismus mag ich nicht, "Bild am Sonntag", 16 April.
  5. Deutsche Börse (2005), Chairman Breuer, Further Members of the Supervisory, Werner Seifert to Leave Deutsche Börse, Deutsche Börse Group, 9 May.
  6. Die Zeit (2005), Kapitalismuskritik, Staat, wo bist du, Ein ZEIT-Interview des SPD-Vorsitzenden Franz Müntefering, "Die Zeit", 18 April.
  7. ECB (2006), Hedge Funds: Developments and Policy Implications, "ECB Monthly Bulletin", January, Frankfurt.
  8. Endlich L. (1999), Goldman Sachs, The Culture of Success, Little, Brown and Company, London.
  9. European Commission (2005), On the Enhancement of the EU Framework for Investment Funds, "Green Paper", Commission of the European Communities, Brussels, 12.7.2005. COM (2005) 314 final.
  10. Financial Times (2006), Tight German Disclosure Rules, "Financial Times", 14-15 January.
  11. Fung W., Hsieh D.A. (1999), A Primer on Hedge Funds, "Journal of Empirical Finance", Vol. 6, No. 3.
  12. Guerra F. (2005), Raise and Empty Glass of Funds, "Financial Times", 14-15 May.
  13. Hargreaves D. (2005), Bid Battle for LSE Masks Wider Issue, "Financial Times", 19-20 February.
  14. Ho T.S.Y., Lee S.B. (2004), The Oxford Guide to Financial Modeling, Applications for Capital Markets, Corporate Finance, Risk Management, and Financial Institutions, Oxford University Press, Oxford.
  15. Hovanesian M., Dawson Ch., Capell K. (2005), Taking Risk to Extremes, "BusinessWeek", 23 May.
  16. Jenkins P., Cohen N. (2004), Man in the News, Werner Seifert, "Financial Times", 18-19 December.
  17. Kay J. (2003), The Truth About Market, Their Genius, their Limits, their Follies, Alien Lane, The Penguin Press, London.
  18. Liaw K.T. (1999), The Business of Investment Banking, John Wiley & Sons, Inc., New York.
  19. Patterson S. (2005), Race to Rate Hedge Funds, "The Wall Street Journal Europe", 28 September.
  20. Pütz A. (2005), Hedge Fund Opportunities in Germany, Practical Guidance Q&A for BAI Members, Bundesverband Alternative Investments e.V. (BAI), Bonn.
  21. Radley & Associates (2005), The Hedge Fund Industry and the City, Corporation of London, London.
  22. Reilly D., von Reppert-Bismarck J. (2005), EU Plans No New Regulations To Govern Hedge-Fund Sector, "The Wall Street Journal Europe", 15-17 July.
  23. Schurr S. (2005), A. Chink in The Armour of Hedge Funds, "Financial Times", 21-22 May.
  24. SEC (2003), Hedging Your Bets: A Heads Up on Hedge Funds and Pounds of Hedge Funds, U.S. Securities and Exchange Commission, Washington D.C.
  25. Seifert W.G. (2005), The letter to Mr. Christopher Hohn, Deutsche Börse AG.
  26. Stern J.M., Chew D.H. Jr. (ed.) (2003), The Revolution in Corporate Finance, Fourth Edition, Blackwell, Oxford.
  27. Tett G. (2005), Who Owns Your Loan - Why Europe's Business will Face Sunrises if Trouble Hits, "Financial Times", 29 July.
  28. Thornton K., Zegel S. (2005), Hedge Funds, The New Raiders, "BusinessWeek", 28 February.
  29. Wighton D. (2005), No Fretting on Wall St over Hedge Fund Threat, "Financial Times" z 23 September.
  30. Williamson H., Milne R., Jenkins P. (2005), Germany to Probe Hedge Funds, "Financial Times", 14-15 May.
Cytowane przez
Pokaż
ISSN
0137-5520
Język
pol
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