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Publications : Noël Amenc et Mathieu Vaissié, EDHEC Position Paper, 12/2005


Amenc, N., M. Vaissié (2005),  "Response to the Statement of the Financial Economists Roundtable on Hedge Funds", EDHEC Risk & Asset Management Research Centre, EDHEC Position Paper, Décembre

Présentation

(in english)


Following its meeting in Sonoma, California on July 10-11, 2005, the Financial Economists Roundtable (FER), an international group of senior financial economists, issued a statement in which it warned about the risks involved in investing in hedge funds. The EDHEC Risk and Asset Management Research Centre, which has carried out a multi-faceted research programme on hedge funds over the past three years, has published a paper by Noël Amenc, PhD, and Mathieu Vaissié in response to the FER statement in which it comments on the FER's recommendations.
Noteworthy points on the subject of the FER's concerns include the following:...

[ Suite : 2 pages - Pdf - 106 Ko ]

Résumé

(in english)

Following its meeting in Sonoma, California on July 10-11, 2005, the Financial Economists Roundtable (FER), an international group of senior financial economists, issued a statement in which it warned about the risks involved in investing in hedge funds. The FER notably considers that the investment strategies of hedge funds are very risky, with a small likelihood of extreme loss, and that the management fees are very high. The FER feels that these and other risks are not understood by all investors.

The recommendations put forward by the FER include a limitation on investment in hedge funds to a low percentage of assets under management; a commitment by regulators not to rescue troubled hedge funds; and the  tandardization of performance and risk measures among hedge funds.

In this paper, the EDHEC Risk and Asset Management Research Centre, which has carried out a multifaceted research programme on hedge funds over the past three years, provides its response to the abovementioned statement and comments on the FER's recommendations.

The full text of the FER statement can be found in Appendix 1. For more details on the role and composition of the FER, please refer to Appendices 2 and 3. The structure of this paper follows that of the FER's statement.


 
Noël Amenc et Mathieu Vaissié, EDHEC Position Paper, 12/2005
[Texte intégral : 20 pages - Pdf - 1,15 Mo]



En savoir plus


Ce document constitue une synthèse de travaux scientifiques conduits au sein de l'EDHEC. Pour plus d'informations, nous vous prions de vous adresser à Joanne Finlay, Direction de la recherche de l'EDHEC [ joanne.finlay@edhec.edu]

Les opinions exprimées sont celles de l'auteur et n'engagent pas la responsabilité de l'EDHEC.




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mise à jour le 27 juillet 2007

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