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Autor
Perez Katarzyna (Uniwersytet Ekonomiczny w Poznaniu)
Tytuł
Wyniki inwestycyjne funduszy hedge : czynniki wpływające na ich interpretację
Hedge Fund Performance : Determinants of Its Interpretation
Źródło
Bank i Kredyt, 2011, nr 6, s. 85-124, aneks, bibliogr. 101 poz.
Słowa kluczowe
Fundusze hedgingowe, Stopa zwrotu, Wynik finansowy
Hedge fund, Rate of return, Financial performance
Uwagi
streszcz., summ.
Abstrakt
Artykuł traktuje o wynikach inwestycyjnych funduszy hedge i czynnikach, które należy brać pod uwagę, analizując ich stopy zwrotu dostępne w komercyjnych bazach danych. Ich interpretacja ma bardzo duże znaczenie poznawcze i aplikacyjne, ponieważ wspiera decyzje alokacyjne uczestników tego rynku. Jest też istotna dla porównania wyników tych funduszy z efektywnością tradycyjnych form inwestowania. Artykuł składa się z pięciu części. Na początek przybliżono istotę i sposoby pomiaru nieograniczonej stopy zwrotu stosowane w literaturze, które wpływają na jej pojmowanie przez uczestników rynku funduszy hedge. Następnie zaprezentowano związki między wynikami inwestycyjnymi tych funduszy a ich cechami. Dalej skupiono się na błędach (biases) występujących w bazach danych funduszy hedge, mogących przyczyniać się do niepoprawnej interpretacji ich stóp zwrotu i indeksów tego rynku. W podsumowaniu nakreślono wnioski z podjętych rozważań dla polskich inwestorów, których zainteresowanie inwestycjami o charakterze alternatywnym znacznie się zwiększyło po wybuchu kryzysu finansowego z lat 2007-2008. (abstrakt oryginalny)

The article deals with the hedge fund performance and the factors which should be considered when analyzing the hedge fund data bases. The right interpretation of the data on the hedge fund performance is very important since it allows making the accurate allocation decisions of the market participants. It is also useful for comparing hedge funds to mutual funds. The article consists of five parts. After the introduction we present the essence of absolute return and different ways of its measurement which may influence its understanding by the investors. Later we show the relation between hedge fund performance and the fund attributes. Then we concentrate on the biases typical for the hedge fund data bases which may cause the incorrect interpretation of the performance of funds and market indices. In conclusion we summarize the findings of the paper and underline their meaning for Polish investors, who - after the financial crisis of 2007/2008 - become very interested in alternative investments. (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
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Bibliografia
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ISSN
0137-5520
Język
pol
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