About Hedge Funds
- 7. Hedge Fund Research, Inc., “Hedge Fund Industry Assets Surge as Performance Leads Industry Recovery.” Press Release. July 21, 2009. Available at: https://www.hedgefundresearch.com/pdf/pr_20090721.pdf.
- 8. There is no statutory or regulatory description of a hedge fund. Securities and Exchange Commission, Staff Report: Implications of the Growth of Hedge Funds. September 2003. Available at: http://www. sec.gov/news/studies/hedgefunds0903.pdf.
- 9. Reuters, “Hedge Funds a Positive Force in Markets—Bernanke.” November 16, 2005. Available at: http://www.hedgeco.net/news/11/2005/hedge-funds-a-positive-force-in-markets-bernanke.html
- 10. An individual is considered to be an “accredited investor” if they have a net worth of at least $1 million or have made at least $200,000 each year for the last two years ($300,000 with his or her spouse if married) and have the expectation to make the same amount this year. Qualified purchasers include: (a) Individuals who own $5 million in investments; (b) Institutional investors who own $25 million in investments; (c) A family-owned company that owns $5 million in investments; and, (d) A “qualified institutional buyer” under Rule 144A of the 33 Act.
- 11. SEI, “SEI White Paper: Maturing Hedge Fund Industry Must Shift Gears to Grow Institutional Business.” Press Release. February 11, 2008. Available at: http://seic.com/enUS/about/683.htm
- 12. Chanos, op. cit., footnote 5. James Chanos, Testimony before the Senate Banking, House, and Urban Affairs Committee. May 16, 2006. Available at: http://banking.senate.gov/public/_files/ACF82BA.pdf. An overview of hedge fund strategies by the Hedge Fund Center is available at: http://hedgefundcenter.com/hfc/hedge-fund-strategiesstyles. Information about the CFSB Tremont Index categories of investment strategies is available at: http://www.hedgeindex.com/hedgeindex/en/default.aspx?cy=USD
- 13. See: Emmanual Zur, “The Power of Reputation: Hedge Fund Activists.” December 15, 2008. AAA 2009 Financial Accounting and Reporting Section (FARS) Paper. Available at: http://ssrn.com/abstract=1267397. See also: Alon Brav, Wei Jiang, Frank Partnoy, and Randall S. Thomas, “Hedge Fund Activism, Corporate Governance and Firm Performance.” Available at: http://www. fdic.gov/bank/analytical/CFR/2006/oct/hedge_fund.pdf.
- 14. Michael R. King and Philipp Maier, “Hedge Funds and Financial Stability: Regulating Prime Brokers Will Mitigate Systemic Risks.” October 30, 2008. Available at SSRN: http://ssrn.com/abstract=1297188.
- 15. Research provided by Hedge Fund Research, Inc.
- 16. Ibid.
- 17. Ravi Jagannathan, Alexey Malakhov, Dmitry Novikov, “Do Hot Hands Persist Among Hedge Fund Managers? An Empirical Evaluation,” National Bureau of Economic Research Working Paper No. 12015, February 2006. Available for purchase at: http://www.nber.org/papers/w12015.
- 18. Mark Hulbert, “That Hedge Fund May Be More Than a Flash in the Pan,” The New York Times. June 4, 2006. Available at: http://www.nytimes.com
- 19. Ibid.
- 20. Casey Quirk, op. cit., footnote 4. See also: Prequin, op. cit., footnote 4.
- 21. McKinsey Global Institute, Mapping the Global Capital Markets: Fifth Annual Report. October 2008. Available at: http://www.mckinsey.com.
