Discretionary Funds

Discretionary liquidity: Hedge funds, side pockets, and gates

During the recent financial crisis, more than 30% of hedge fund managers used their discretion to restrict investor liquidity through the use of “gates” or “side pockets.” Using a database of hedge fund investor interests, this paper is the first to empirically examine the determinants of these discretionary liquidity restrictions (DLRs) and their consequences for hedge fund investors. We find ...

Hedge Funds, Funds-of-Funds, and Commodity Trading Advisors

Reassessing Discretionary Fiscal Policy

n 1992, President Bush proposed legislation intended to speed up the recovery from the 1990-91 recession. Congress rejected this proposal for countercyclical fiscal policy stimulus. In early 1993 President Clinton proposed his own stimulus package, but Congress rejected this proposal too. Many reasons were given for deciding against these two discretionary fiscal policy proposals, but perhaps t...

Discretionary Decision Process

This article contends that it is time to take a critical look at a series of binary categories which have dominated the scholarly and reform epistemologies of the sentencing decision process. These binaries are: rules versus discretion; reason versus emotion; offence versus offender; normative principles versus incoherence; aggravating versus mitigating factors; and aggregate/tariff consistency...

The World of Funds of Funds

** Prof. Svetlozar T. Rachev (Corresponding Author): Institute for Statistics and Mathematical Economics, University of Karlsruhe, Germany & Department of Statistics and Applied Probability, University of California, Santa Barbara, USA. // Chair of Econometrics, Statistics and Mathematical Finance, School of Economics and Business Engineering, University of Karlsruhe, Kollegium am Schloss, Bau ...