資本市場和金融機(jī)構(gòu)(1)-文庫吧資料
2025-05-21 22:51本頁面
【正文】 lated than MFs. Hedge Funds suffered heavy loses during 2021 According to Hedge Fund Research ? About 700 funds closed in the first three quarters of 2021 (up over 70 percent from the same period last year) ? The average hedge fund lost 18 percent of its value in 2021 ? HF along with investment banks, exchange traded funds, moneymarket funds and pension funds (‘shadow banking system’) invested heavily in securitized products (., mortgage backed securities). ? In the . the ‘shadow banking system has provided about 80% of total lending since 1992. Strategies of HF ? Nondirectional. Long and short position in assets ? Opportunistic: Possible assets’ mispricing (LTCM. See next slide) ? Eventdriven: Potential mergers. 2 Long Term Capital Management collapse (1998) ? LTCM wanted to take advantage of unusual spreads between bond prices ? Corporate bonds and Tbonds usually follow systematic pattern ? Then their prices start to diverge ? LTCM sees this as a mispricing: Sells short Tbonds and buys long Corp bonds ? However, the opposite occurred: the spread between the prices of Tbonds and Corp. bonds increased! July 1998 Corp bonds Tbonds LTCM expectation 3 3. Pension Funds: Introduction ? Pension Fund. Fund set up by a corporation, labour union, government entity, or other anization to pay the pension benefits of retired workers. ? The pension fund is a legally separate entity (a separate account within a firm or a corporation) ? Pension Funds are run by Asset Managers (firm managers or other FIs。 with help of actuaries and other advisers) ? Pension Funds are currently very active in monitoring firms’ performance due to their increasing controlling share ownership. ? They reduce Agency problems between managers and shareholders 4 Pension Plans A. Government sponsored ? Old age securi
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