Hedge fund leverage
"We investigate the leverage of hedge funds in the time series and cross section. Hedge fund leverage is counter-cyclical to the leverage of listed financial intermediaries and decreases prior to the start of the financial crisis in mid-2007. Hedge fund leverage is lowest in early 2009 when t...
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| Weitere Verfasser: | , |
| Format: | UnknownFormat |
| Sprache: | eng |
| Veröffentlicht: |
Cambridge, Mass.
2011
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| Schriftenreihe: | NBER working paper series
16801 |
| Schlagworte: |
2005-2010
> Finanzmarkt
> Hedgefonds
> Kapitalstruktur
> Rendite
> USA
> Arbeitspapier
> Graue Literatur
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Tag hinzufügen | Zusammenfassung: | "We investigate the leverage of hedge funds in the time series and cross section. Hedge fund leverage is counter-cyclical to the leverage of listed financial intermediaries and decreases prior to the start of the financial crisis in mid-2007. Hedge fund leverage is lowest in early 2009 when the market leverage of investment banks is highest. Changes in hedge fund leverage tend to be more predictable by economy-wide factors than by fund-specific characteristics. In particular, decreases in funding costs and increases in market values both forecast increases in hedge fund leverage. Decreases in fund return volatilities predict future increases in leverage"--National Bureau of Economic Research web site |
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| Beschreibung: | Parallel als Online-Ausg. erschienen |
| Beschreibung: | 58 S. graph. Darst. |