Read e-book online Investment Strategies of Hedge Funds (The Wiley Finance PDF

By Filippo Stefanini

One of many quickest transforming into funding sectors ever noticeable, hedge cash are thought of by means of many to be unique and inaccessible. This publication presents a radical studying adventure, defining hedge cash, explaining hedge fund recommendations whereas delivering either qualitative and quantitative instruments that traders have to entry most of these cash. issues now not frequently lined in discussions of hedge cash are integrated, akin to a theoretical dialogue of every hedge fund procedure via buying and selling examples supplied by way of profitable hedge fund managers.

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Finally, the SEC introduced harsher rules against the so-called naked short selling3 , under which brokers will be required to check in advance and inform the short seller whether the shares are available or can be borrowed for short selling. 3 Selling short without having borrowed the securities beforehand to make delivery. 6 THE RISKS OF SHORT SELLING Short-only hedge funds are funds that adopt an investment strategy which is the exact contrary of the one followed by traditional mutual funds, that go for a long-only strategy.

In the United States, stock lending is a widespread practice, while in Europe it mainly involves large cap securities. In Japan, the availability to lend a stock is closely correlated to its presence in the portfolios of foreign institutional investors. On some emerging markets, securities lending is illegal. Still, emerging market shares that have a corresponding ADR or GDR are generally available for lending. 5 REGULATIONS GOVERNING SHORT SELLING Short selling on US markets is subject to many rules: • the open short interest, which we will define later, is published every month by the NYSE and the NASDAQ for each listed company; • short sales are subject to the up-tick rule; • Regulation T requires the deposit of a 50 % margin of the value of the shorted shares; • the liquidity generated by short sales represents a collateral and is not available for other short sales; • many institutional investors, such as mutual funds and pension funds, cannot short sell.

In Germany, in 1897, the Reichstag issued a law prohibiting future trades on corn and flour, and forward trades on shares of mining and manufacturing companies. So traders physically left the stock exchange to continue to trade futures, and trades were redirected onto the London and Amsterdam stock exchanges. The law was abolished in 1909 with regard to the chapters referring to shares and in 1911 for commodities. During World War I, the warring nations banned short selling on their stock markets, to prevent enemy agents from playing havoc with their markets, and to avoid speculative excesses.

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