Regulation and its Impact on Hedge-Fund Return Distribution Characteristics

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Projektart und Laufzeit

FFF-Förderprojekt, Januar 2009 bis Dezember 2012 (abgeschlossen)

Koordinator

Lehrstuhl für Betriebswirtschaftslehre, Bank- und Finanzmanagement

Forschungsschwerpunkt

Wealth Management

Forschungsgebiet/e

Banking and Finance

Beschreibung

Hedge-Funds (HF) are well known alternative investment undertakings using alternative investment strategies. Recently, these alternative investment undertakings heated up discussions on regulatory issues such as disclosure and transparency.

Our objective is to show, if any specific distribution characteristics of various HF domiciles exist and if a comprehensive regulation of HF does refer or does not refer to specific regulation characteristics.

Intended goals of the project are (1) to gain a better understanding of alternative investment undertakings regarding HF specific regulations, (2) to provide policy makers with arguments towards a comprehensive national regulation for HF and (3) to advise asset managers and fund promoters in their choice of a HF domicile.

Wirkungen in Wissenschaft, Wirtschaft und Gesellschaft

This research project has a particular significance for Liechtenstein as a growing fund domicile and a place with a good reputation in the professional advisory service. Our project supports the ongoing development of Liechtenstein as a fund domicile by offering investment vehicles to use alternative investment strategies like HF.

In addition we are able to contribute to the ongoing discussion of alternative investment undertakings in Europe.

With our findings Liechtenstein can improve its regulatory framework to become a more competitive HF domicile. This is strengthening both Liechtensteins postion as a growing fund domicile for alternative investment undertakings and its professional advisory service in private wealth management.

Schlagworte

Finanzwissenschaft

Förderer

  • Centrum Bank AG
  • Liechtensteinischer Anlagefondsverband
  • Forschungsförderungsfonds der Universität Liechtenstein

Publikationen

  • Menichetti, M. J., & Hilty R. (2009). Hedge Fund Classifications and Portfolio Construction. In I. Bruna & E. Zelgalve (Eds.), Finance and Accounting, International Scientific Conference Proceedings (pp. 172-186). Riga.

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  • Vaschauner, M., & Menichetti, M. (2009). Mergers and Acquisitions by Large Financial Investors in Germany - What does the market believe?. Paper presented at the International Scientific Conference Paper: Finance and Accounting - Theory and Practice, Development and Trends, Riga.

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