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Improving Hedge Fund Governance, Houman B. Shadab
Improving Hedge Fund Governance, Houman B. Shadab
Articles & Chapters
This article provides a comprehensive analysis of the internal governance of hedge funds. The primary components of hedge fund governance are investors with a high propensity to exercise their short-term redemption rights; managers with high pay performance sensitivity, because they are being compensated with an annual performance-based fee plus earnings from their own investment in the funds they manage; sophisticated investors who demand quality governance; and short-term creditors and derivatives counterparties who provide close monitoring. Hedge fund governance needs the most improvement in the areas of performance reporting (valuation) and the timing of performance-fee calculations. Further, counterintuitively, in some circumstances …
Hedge Fund Governance, Houman B. Shadab
Hedge Fund Governance, Houman B. Shadab
Articles & Chapters
This Article provides the first comprehensive scholarly analysis of the internal governance of hedge funds. Hedge fund governance consists of the funds' underlying legal regime and the practices they adopt in response to lacking permanent capital and to reduce agency costs. Hedge fund governance is important because better governance can improve investor returns and help managers raise and retain capital. I argue that hedge fund governance is best understood as a type of responsive managerialism. It is a type of managerialism because applicable law and contracting structures give managers uniquely wide-ranging control over the fund and its operations. Hedge fund …
Bombing Markets, Subverting The Rule Of Law: Enron, Financial Fraud, And September 11, 2001, Faith Stevelman
Bombing Markets, Subverting The Rule Of Law: Enron, Financial Fraud, And September 11, 2001, Faith Stevelman
Articles & Chapters
No abstract provided.