Der Untergang Des Hedgefonds Long Term Capital Management
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When Genius Failed
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Author : Roger Lowenstein
language : en
Publisher:
Release Date : 2002
When Genius Failed written by Roger Lowenstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Political Science categories.
In "When Genius Failed, " bestselling author Lowenstein captures the entire roller-coaster ride of long-term capital management in gripping detail. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein crafts a story that reads like a first-rate thriller from beginning to end.
Hedge Funds Leverage And The Lessons Of Long Term Capital Management
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Author : United States. President's Working Group on Financial Markets
language : en
Publisher: CreateSpace
Release Date : 1999
Hedge Funds Leverage And The Lessons Of Long Term Capital Management written by United States. President's Working Group on Financial Markets and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Hedge funds categories.
The President's Working Group on Financial Markets recommends a number of measures designed to constrain excessive leverage in the financial system. The events in global financial markets in the summer and fall of 1998 demonstrated that excessive leverage can greatly magnify the negative effects of any event or series of events on the financial system as a whole. The near collapse of Long-Term Capital Management ("LTCM"), a private sector investment firm, highlighted the possibility that problems at one financial institution could be transmitted to other institutions, and potentially pose risks to the financial system.
Das Hedgefonds Long Term Capital Management Der Fall Ltcm
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Author : Christian Hagemann
language : de
Publisher: GRIN Verlag
Release Date : 2007-11-06
Das Hedgefonds Long Term Capital Management Der Fall Ltcm written by Christian Hagemann and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-06 with Business & Economics categories.
Studienarbeit aus dem Jahr 2007 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 2,0, Heinrich-Heine-Universität Düsseldorf, 24 Quellen im Literaturverzeichnis, Sprache: Deutsch, Abstract: 1. Einleitung Die Reputation von Hedgefonds ist in der Öffentlichkeit und in den Medien nicht besonders gut. Die politische „Heuschreckendebatte“ hat dieses negative Image weiter verstärkt. Hedgefonds wird häufig die Verantwortung für Finanzkrisen zugesprochen. Besonders spektakulär war der Fall des Hedgefonds Long-Term Capital Management, im folgenden LTCM genannt, im Jahr 1998, der die globale Finanzwelt in Atem gehalten hat. Die vorliegende Arbeit beschäftigt sich mit der Frage, warum der LTCM-Hedgefonds beinahe das globale Finanzsystem kollabieren ließ und wie es überhaupt zu dieser dramatischen Entwicklung kommen konnte. Hierzu bedarf es zunächst einer kurzen Darlegung der Charateristika und Investitionsstile von Hedgefonds, die Inhalt von Kapitel zwei sind. Das dritte Kapitel setzt sich mit dem Hedgefonds LTCM auseinander. Es wird die Geschichte von der Gründung bis zum Untergang des Fonds dargestellt. Außerdem wird die Investitionsstrategie beschrieben und an einem fiktiven Beispiel erläutert. Weiterhin werden die Ursachen für den Untergang analysiert. Das vierte Kapitel beschäftigt sich mit Maßnahmen, die das Ausfallrisiko von Hedgefonds reduzieren und dadurch die Gefahr für Finanzkrisen eindämmen können. Abgeschlossen wird die Arbeit mit einem Fazit in Kapitel fünf.
Der Untergang Des Hedgefonds Long Term Capital Management
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Author : Christian König
language : de
Publisher: GRIN Verlag
Release Date : 2016-02-17
Der Untergang Des Hedgefonds Long Term Capital Management written by Christian König and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-17 with Business & Economics categories.
Studienarbeit aus dem Jahr 2013 im Fachbereich VWL - Geldtheorie, Geldpolitik, Note: 1,7, Hochschule für Wirtschaft und Recht Berlin, Veranstaltung: VWL Internationale Wirtschaft, Sprache: Deutsch, Abstract: Ein Wertpapiermarkt ist liquide wenn eine Wertpapierposition sehr schnell gekauft und verkauft werden kann, ohne dass dies eine deutliche Marktbewegung verursacht. Befindet sich der Markt in einer Stresssituation, können Hedgefonds Liquiditätskrisen auslösen. Muss ein Hedgefonds plötzlich eine für diesen Markt sehr große Wertpapierposition auflösen, kann dies einen erheblichen Preisverfall auf dem Markt verursachen. Insbesondere in weniger liquiden Märkten kann dies „zum Austrocknen der Marktliquidität führen.“ Diese Problematik wird noch verstärkt, wenn andere Marktteilnehmer ähnliche Handelsstrategien insbesondere in kleineren und weniger liquiden Marktsegmenten ausführen, um dort gleiche Renditechancen zu nutzen (crowded trades). Sollten diese gleichgerichteten Marktpositionen gleichzeitig aufgelöst werden müssen, gefährdet das die Marktliquidität erheblich. Zudem besteht das Risiko, dass sich Liquiditätsrisiken vor allem in Krisensituationen über andere Märkte ausbreiten können.
Hedge Funds And Their Impact On Financial Stability Implications For Systemic Risk And How To Control For It
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Author : Dennis Sauert
language : en
Publisher: GRIN Verlag
Release Date : 2014-06-23
Hedge Funds And Their Impact On Financial Stability Implications For Systemic Risk And How To Control For It written by Dennis Sauert and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-23 with Business & Economics categories.
Master's Thesis from the year 2011 in the subject Economics - Finance, grade: 2,0, Berlin School of Economics and Law, language: English, abstract: Over the past decades the architecture of the financial system has undergone a significant change, whereby the alternative investment industry has claimed an ever increasing importance and popularity. Hedge funds have taken the leading role in this development. From a handful of hedge fund managers in the United States (U.S.), hedge funds have been growing to a worldwide business at the forefront of sophisticated financial innovation. Despite their rising success in the alternative investment industry, only a few subjects in the financial world appear to create such diverse opinions as hedge funds do. On the one hand, there are policy makers and academics, which appreciate and highlight hedge funds’ main role in increasing profits and effectively diversifying risks in traditional portfolios. Moreover, Alan Greenspan, the former chairman of the Federal Reserve System (Fed), stated that hedge funds “have become major contributors to the flexibility of the financial system.” Provided with flexibility and light regulatory oversight, their participation in various markets has been proven important. Especially, due to the provision of liquidity, financial markets have become more efficient but also resilient by absorbing many financial shocks in past years, including the most recent financial crisis. On the other hand, there are also policy makers and academics, who claim that hedge funds are large enough to destabilize markets or even trigger financial crises. A common concern following the near failure of Long Term Capital Management (LTCM) in 1998 is that one single hedge fund, as a highly leveraged investment pool, can create systemic risk to the worldwide financial system. Such ongoing concern about the vulnerability paired with the tremendous development and opaque nature of hedge funds, emphasize their potential threat to financial stability. Despite the fact that only little is known about these loosely regulated private investment pools, an unstudied reaction to 1998 is to regulate them. Against this background, the aim of this paper is to give the reader a better oversight and understanding of the hedge fund industry by deeply analyzing and discussing their beneficial characteristics but more importantly the issue of how they may be an essential threat to the financial system. Therefore, the paper is split into four main parts. The first part provides the reader with an overall picture of the unfolding of the hedge fund industry from the beginnings...
Guide To Hedge Funds
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Author : Philip Coggan
language : en
Publisher: John Wiley & Sons
Release Date : 2011-09-20
Guide To Hedge Funds written by Philip Coggan and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-20 with Business & Economics categories.
Hedge fund managers are the new "masters of the universe." The best earn more than $1 billion a year and are so sought after that they can afford to turn investor money away. The funds they run have, to some extent, established an alternative financial system, replacing banks as lenders to risky companies, acting as providers of liquidity to markets and insurers of last resort for risks such as hurricanes, and replacing pension funds and mutual funds as the most significant investors in many companies—even in some cases buying companies outright. The revised and updated second edition of this lively guide sheds much needed light on the world of hedge funds by explaining what they are, what they do, who the main players are, the regulations affecting them, the arguments as to whether they are a force for good or bad, and what the future holds for them. "More people have a view about hedge funds than know about them. Philip Coggan bridges the knowledge gap in this clearly written guide. Every chapter is a goldmine of information and analysis, making it easy to learn about hedge funds. No investor, no investment adviser, no trustee, no dinner-table conversationalist should express opinions on the sector until they have read this book." —Elroy Dimson, BGI Professor of Investment Management, London Business School "While much has been written about hedge fund strategies and their (occasionally spectacular) failures, we have not yet seen a general primer to help the investor understand the world of hedge funds. Philip Coggan presents us with exactly that—a well-written, succinct summary of a world we all need to understand better." —Rob Arnott, Chairman of Research Affiliates and Editor Emeritus of the Financial Analysts Journal
Hedge Funds
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Author : Theodor Baums
language : en
Publisher: Walter de Gruyter
Release Date : 2004
Hedge Funds written by Theodor Baums and has been published by Walter de Gruyter this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
The number of hedge funds and the assets they have under management has increased in recent years. This increase became significantly more pronounced after the market downturn in 2001. Hedge funds can help investors to benefit from volatile and even sinking stock markets. However, despite the prominent use of the word "hedge" in their name, such funds rarely offer a safe hedge against risk, given that they depend heavily on skill-based investment techniques and often invest in highly speculative financial instruments. Nevertheless, such funds received no specific treatment in the legislation of such major markets as Germany and the United States for years. Against the backdrop of international regulatory concern for hedge funds, the Institute for Law and Finance (ILF), in cooperation with Deutsches Aktieninstitut e.V. (DAI), brought together leading scholars, lawyers and bankers, to assess the risks, opportunities and regulatory challenges that hedge funds present. At the time of the conference, German lawmakers were still discussing the need and possible content of a new law. The fruit of their discussions was the German Investment-Modernization Act (Investmentmodernisierungsgesetz), which entered into force on January 1, 2004, and increased the attractiveness of offering hedge fund products in the German market. This inaugural volume of the Institute for Law and Finance Series contains the proceedings of the ILF/DAI May 2003 conference entitled "Hedge Funds: Risks and Regulation", and presents papers discussing the economic characteristics of and regulatory strategies for addressing hedge funds. The first two papers examine hedge funds from an economic perspective. Alexander M. Ineichen, Managing Director and Global Head of AIS Research at UBS, reveals the economic reality of hedge funds from the myths that has surrounded them. Then Franklin R. Edwards, Professor and Director of the Center for the Study of Futures Markets of the Columbia Business School in New York explains how the regulation of hedge funds should be tailored to their core economic reality and the goals of financial stability and investor protection. Next, Marcia L. MacHarg, a partner of Debevoise & Plimpton LLP, Ashley Kovas, a Manager in the Business Standards Department of the Financial Services Authority, London, and Edgar Wallach, a partner of Hengeler Mueller, present the state of the relevant regulatory structures in the United States, the United Kingdom, and Germany, respectively. The book then closes with an analysis of corporate structures used for German hedge funds, offered by Kai-Uwe Steck, a member of the German Asset Management practice group of Shearman & Sterling LLP.
Hedge Funds
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Author : Peter Temple
language : en
Publisher: Wiley
Release Date : 2001-04-11
Hedge Funds written by Peter Temple and has been published by Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-04-11 with Business & Economics categories.
Like the courtesans of a bygone age, hedge funds cater to the wealthy and project an aura of mystery and excitement. But as the Long Term Capital Management debacle showed, their activities affect us all. Far from neutralising risk, as their name might suggest, some are simply vehicles for large-scale speculation - raiding currencies, disrupting bond markets, and embarrassing governments. This book looks in detail at the secret world of hedge funds, how they work, the larger than life characters who run them, their private passions and the risks they run.
Unternehmerische Entscheidung Und Risikomanagement
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Author : Thomas Brauchle
language : de
Publisher: Springer-Verlag
Release Date : 2015-11-10
Unternehmerische Entscheidung Und Risikomanagement written by Thomas Brauchle and has been published by Springer-Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-10 with Business & Economics categories.
Thomas Brauchle präsentiert eine interdisziplinäre Analyse der Anforderungen an das unternehmerische Ermessen des Vorstands und damit verbundener Rechtsgebiete durch Anwendung einer wirtschaftlichen Betrachtungsweise. Die Anforderungen werden durch die Entwicklung eines Systems aus justiziablen Grundsätzen einer angemessenen Informationsgrundlage und Entscheidungsfindung konkretisiert. Die entsprechende Informationsverbreitung über interne und externe Kanäle wird auf Basis von theoretischen und empirischen Erkenntnissen der Betriebswirtschaftslehre ausgearbeitet.
Der Gro E Irrtum
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Author : Lowenstein Roger
language : de
Publisher: FinanzBuch Verlag
Release Date : 2013-10-08
Der Gro E Irrtum written by Lowenstein Roger and has been published by FinanzBuch Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-08 with Business & Economics categories.
So hätte es nicht kommen dürfen. Drei Jahre sorgten zwei Nobelpreisträger und ein gewiefter Wall-Street-Händler dafür, dass superreiche Investoren mit dem Finanzdienstleister Long-Term Capital Management noch reicher werden konnten. Plötzlich aber brach das Kartenhaus aus Schulden, milliardenschweren Spekulationen und internationalen Arbitragegeschäften in sich zusammen. Long-Term Capital stand vor dem Ruin. Roger Lowenstein zeichnet eine der größten Geschäftspleiten der Menschheitsgeschichte detailgetreu nach. Vom kometenhaften Aufstieg bis zum tiefen Fall von LTCM. Packend erzählt wie ein Krimi.