Hedge Funds and Financial Markets An Asset Management and Corporate
Hedge funds have started to play an important role in financial markets during the last decade. They have affected important aspects of financial intermediation such as asset allocation decisions and corporate governance. Julian Holler provides an excelle
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GABLER RESEARCH Geld – Banken – Börsen Herausgegeben von Prof. Dr. Wolfgang Bessler
Mit der Schriftenreihe Geld – Banken – Börsen wird der zunehmenden Bedeutung der kapitalmarktorientierten Sichtweise innerhalb der Betriebswirtschaftslehre Rechnung getragen. In diese Reihe sollen Dissertationen und Habilitationen aufgenommen werden, die aktuelle Fragestellungen in den Themengebieten Finanzierung und Geldanlage sowie Finanzmärkte und Finanzinstitutionen behandeln und sich durch neue, für Theorie und Praxis relevante Forschungsergebnisse auszeichnen.
Julian Holler
Hedge Funds and Financial Markets An Asset Management and Corporate Governance Perspective With a foreword by Prof. Dr. Wolfgang Bessler
RESEARCH
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de.
Dissertation Justus-Liebig Universität Gießen, 2011
1st Edition 2012 All rights reserved © Gabler Verlag | Springer Fachmedien Wiesbaden GmbH 2012 Editorial Office: Marta Grabowski | Sabine Schöller Gabler Verlag is a brand of Springer Fachmedien. Springer Fachmedien is part of Springer Science+Business Media. www.gabler.de No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the copyright holder. Registered and/or industrial names, trade names, trade descriptions etc. cited in this publication are part of the law for trade-mark protection and may not be used free in any form or by any means even if this is not specifically marked. Cover design: KünkelLopka Medienentwicklung, Heidelberg Printed on acid-free paper Printed in Germany ISBN 978-3-8349-3277-8
Foreword
V
Foreword During the last decade, hedge funds have beco
me one of the m ost important institutional
investors in global financial m arkets. Although their activities have been viewed critically by regulators, politicians, and the public, this negative perspective is often based m ore on myth than on thorough econom ic analysis and em pirical facts. Most people lack the necessary information and understanding of the role that hedge funds play in financial markets. Blaming them for the financial crisis or oth er market turbulences is often based on specific conjectures and not on rigorous research. Interestingly, most of the regulations proposed by Germ
an
politicians, restricting hedge fund a ctivities have not yet been im plemented due to weak support from other countries. In contrast to public op inion, most academic studies suggest that h edge funds as a n ew asset class have important implications for professional portfolio managers and for asset allocation decisions in that hedge f unds widen the spectrum of new investment opportunities. The most compelling evidence is the relativ ely high percentage that U.S. university end
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