Reviewing the hedge funds literature I: Hedge funds and hedge funds' managerial characteristics |
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| Affiliation: | 1. Kent University Business School;2. Aston Business School;3. Hull University Business School;1. Department of Neurology, Psychosomatic Medicine and Psychiatry, Institute of Health Promotion and Clinical Movement Science, German Sport University Cologne, Am Sportpark Müngersdorf 6, 50933 Cologne, Germany;2. Department of Psychology, University of Hull, Hull HU6 7RX, United Kingdom;1. UQ Business School, University of Queensland, Brisbane 4072, Australia;2. Stern School of Business, New York University, New York, NY 10012, USA |
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| Abstract: | This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to managerial characteristics (a companion piece covers the return and risk management characteristics of HFs). It classifies, the current HF literature, suggesting which critical problems have been “solved” and which problems have not been yet adequately addressed. It also discusses the effects of past financial regulation and the prospects for the effect of new financial regulation on the HF industry and its performance and risk management practices, and suggests new avenues for research. Furthermore, it highlights the importance of managerial characteristics for HF performance, and the successes and the shortfalls to date in developing more sophisticated HF-related risk management tools. |
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