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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

Hedge funds : fees, return revisions, and asset disclosure

Streatfield, Michael P. January 2012 (has links)
This thesis is a collection of three essays on hedge funds with contributions to the empirical understanding of their fees, and their voluntary disclosure of returns and assets under management, using a large consolidation of widely-employed publicly available hedge fund databases. First, time-series variation in reported fees is analysed using fund launches within hedge fund management companies, and conditioning fees at launch on fund family characteristics. Larger and better performing fund families launch high fee funds. Funds with high management fees at launch do not perform any differently from low fee funds, though funds with high incentive fees marginally outperform. An interval regression technique is proposed to overcome the discrete nature of reported fees. Secondly, the reliability of voluntary disclosures of financial information is analysed with a different measure of time-variation --- tracking changes to statements of historical performance recorded at different points in time. This uncovers evidence that historical returns are routinely revised. These revisions are not merely random or corrections of earlier mistakes; they are partly forecastable by fund characteristics. Moreover, funds that revise their performance histories, significantly and predictably underperform those that have never revised. Finally, the availability, and timing, of the selective disclosure of assets under management by funds is examined. More than a third of funds have asset records falling short of returns published. There is evidence of strategic disclosure by funds --- asset reporting drying up after times of fund stress, such as poor performance or outflows. Furthermore, investors should take heed of the greater propensity for shortfall funds to trigger fraud performance flags. These results suggest that unreliable disclosures: constitute a valuable source of information for current and potential investors; have implications for researchers; and, exhort market regulators to include assets, not just returns, in the debate around mandatory disclosure by financial institutions.
2

La investigación del patrimonio del ejecutado

Sbert Pérez, Héctor S. 16 May 2008 (has links)
"La investigación del patrimonio del ejecutado" analiza los arts. 589, 590 y 591 de la Ley española 1/2000, de Enjuiciamiento Civil.El estudio abarca el conjunto de mecanismos legales previstos para determinar el objeto del embargo, a saber, la manifestación de bienes del ejecutado, la investigación judicial, la colaboración de terceros y la investigación del ejecutante. La tesis analiza en profundidad el régimen jurídico de dichos medios de investigación y sus límites (en particular, los derechos fundamentales del ejecutado), proponiendo formas de rellenar las lagunas legales y de mejorar la coordinación entre los distintos medios de investigación.La tesis examina asimismo el Derecho comparado, buscando en él soluciones practicables para el Derecho español. / The thesis analyzes Articles 589, 590 and 591 of the Spanish Code of Civil Procedure (Ley 1/2000, de Enjuiciamiento Civil).The study focuses on the instruments for the disclosure of assets in order to enforce judicial decisions. These instruments are the debtor's declaration of assets, the tracing of assets by the Court, the collaboration of third parties and the tracing of assets by the creditor.The thesis makes an in-depth analysis under Spanish law of these mechanisms and its limits (in particular, the fundamental rights of the debtor). It also proposes ways to fill the gaps of the Spanish legislation and to improve the coordination between each of the instruments to trace and disclose the debtor's assets for enforcement purposes.The study also analyses Comparative Law, in the search of other practical solutions for Spanish Law.

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