Abstract

http://ssrn.com/abstract=946298
 
 

References (62)



 
 

Citations (10)



 


 



A Law and Finance Analysis of Hedge Funds


Douglas J. Cumming


York University - Schulich School of Business

Na Dai


State University of New York at Albany - School of Business & Center for Institutional Investment Management

April 5, 2008

Financial Management, Forthcoming

Abstract:     
This paper empirically analyzes the impact of hedge fund regulation on fund structure and performance. The data indicate restrictions on the location of key service providers and permissible distributions via wrappers are associated with lower fund alphas, lower average monthly returns, and higher fixed fees. Further, restrictions on the location of key service providers are associated with lower manipulation-proof performance measures, while wrapper distributions are associated with lower performance fees. As well, the data show standard deviations of monthly returns are lower among jurisdictions with restrictions on the location of key service providers and higher minimum capitalization requirements.

Number of Pages in PDF File: 54

Keywords: Hedge Funds, Regulation, Law and Finance

JEL Classification: G23, G24, G28, K22

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Date posted: February 21, 2007 ; Last revised: November 10, 2009

Suggested Citation

Cumming, Douglas J. and Dai, Na, A Law and Finance Analysis of Hedge Funds (April 5, 2008). Financial Management, Forthcoming. Available at SSRN: http://ssrn.com/abstract=946298

Contact Information

Douglas J. Cumming (Contact Author)
York University - Schulich School of Business ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
HOME PAGE: http://www.venturecapitalprivateequitycontracting.com/
Na Dai
State University of New York at Albany - School of Business & Center for Institutional Investment Management ( email )
1400 Washington Ave.
Albany, NY 12222
United States
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