LEADER 04606nam 2200661Ia 450 001 9910220157003321 005 20200520144314.0 010 $a0-8330-7786-4 010 $a0-8330-7788-0 035 $a(CKB)2550000001039433 035 $a(EBL)1365154 035 $a(SSID)ssj0000760684 035 $a(PQKBManifestationID)11432627 035 $a(PQKBTitleCode)TC0000760684 035 $a(PQKBWorkID)10715298 035 $a(PQKB)11592464 035 $a(Au-PeEL)EBL1365154 035 $a(CaPaEBR)ebr10678746 035 $a(OCoLC)857365332 035 $a(MiAaPQ)EBC1365154 035 $a(EXLCZ)992550000001039433 100 $a20120828d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHedge funds and systemic risk /$fLloyd Dixon, Noreen Clancy, Krishna B. Kumar 205 $a1st ed. 210 $aSanta Monica, Calif. $cRAND Corporation$d2012 215 $a1 online resource (147 p.) 225 1 $aRand Corporation monograph series 300 $a"MG-1236-CCEG"--P. 4 of cover. 311 $a0-8330-7684-1 320 $aIncludes bibliographical references (p. 107-115). 327 $aCover; Title Page; Copyright; Preface; Contents; Figures; Tables; Summary; Acknowledgments; Abbreviations; CHAPTER ONE: Introduction; Potential Contribution of Hedge Funds to Systemic Risk; Research Methods; Organization of This Report; CHAPTER TWO: Background on the Hedge Fund Industry; Overview of the Hedge Fund Industry; Legal Structure and Role in the Financial System; Number of Hedge Funds and Assets Under Management; Restrictions on Investor Withdrawals from Hedge Funds; Characteristics of Hedge Fund Investors 327 $aDistribution of Funds in the Industry, by Size and Characteristics of Hedge Fund Advisers Hedge Fund Returns and Investment Strategies; Attributes of Hedge Funds That Amplify and Mitigate Their Potential Contribution to Systemic Risk; CHAPTER THREE: The Collapse of Long-Term Capital Management; Factors Leading to the Collapse of Long-Term Capital Management; The Rescue of Long-Term Capital Management; The Aftermath of the Collapse of Long-Term Capital Management; Lessons from the Collapse of Long-Term Capital Management; CHAPTER FOUR: Hedge Funds and the Financial Crisis of 2007-2008. 327 $aFactors Underlying the Financial Crisis Hedge Fund Contribution to the Financial Crisis Through the Credit Channel; Impact of Hedge Fund Losses on Creditors; The Failure of the Bear Stearns Hedge Funds; Hedge Fund Contribution to the Financial Crisis Through the Market Channel; Hedge Fund Contribution to the Buildup of the Housing Bubble; Hedge Fund Deleveraging; Short Selling; Hedge Fund Runs on Investment Banks; Assessment of Hedge Fund Contributions to the Financial Crisis; CHAPTER FIVE: Potential Hedge Fund Threats to Financial Stability and Reforms to Address Them 327 $aPotential Hedge Fund Threats to Financial Stability Lack of Information on Hedge Funds; Lack of Appropriate Margin in Derivatives Trades; Runs on Prime Brokers; Short Selling; Compromised Risk-Management Incentives; Lack of Portfolio Liquidity and Excessive Leverage; Financial Reforms That Address Hedge Fund Contributions to Systemic Risk; Reforms That Address Lack of Information on Hedge Funds; Reforms That Address Lack of Appropriate Margin in Derivatives Trades; Reforms That Address Hedge Fund Runs on Prime Brokers; Reforms That Address Short Selling 327 $aReforms That Address Risk-Management Incentives Reforms That Address the Liquidity and Leverage of Hedge Fund Portfolios; Summary; CHAPTER SIX: Conclusion; APPENDIX: Regulatory Reforms That Address Potential Systemic Risks; References 330 $aThis report explores the extent to which hedge funds create or contribute to systemic risk, the role they played in the financial crisis, and whether and how the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 addresses the potential systemic risks posed by hedge funds. 410 0$aRand Corporation monograph series. 606 $aHedge funds$zUnited States 606 $aMutual funds$zUnited States 615 0$aHedge funds 615 0$aMutual funds 676 $a332.64524 700 $aDixon$b Lloyd S$0910145 701 $aClancy$b Noreen$0910146 701 $aKumar$b Krishna B$048418 712 02$aRand Corporation. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910220157003321 996 $aHedge funds and systemic risk$92256796 997 $aUNINA