Over the last half decade, asset flows into hedge funds have surged, the number of funds has expanded exponentially, and new products have emerged which allow investors to obtain hedge fund exposure via structured transactions. To many, this is due to a paradigm shift in investment management and constitutes a modern financial revolution. However, to others, hedge funds are simply investment st...

This Pension funds nowadays in India play a huge role in development of the economy and it play active role in the Indian equity markets. A change both in their investment attitudes and in the regulatory climate, encouraging them to increase their investment levels in equities and would have a massive impact on capital market and on the economy as a whole. This paper examines the potential and ...

This chapter provides a perspective on the rapidly developing literature on investmentperformance evaluation. I use the stochastic discount factor approach to present andcritique current performance measurement techniques in a unified setting. I offer anumber of suggestions to improve performance measurement in future research. I alsoreview recent research on the performance of ...

We propose a model of investment, duration, and exit strategies for start-ups backed by venture capital (VC) funds that accounts for the high level of uncertainty, the asymmetry of information between insiders and outsiders, and the discount rate. Our analysis predicts that start-ups backed by corporate VC funds remain for a longer period of time before exiting and receive larger investment amo...

This paper presents a multiple-equilibrium model of the Asian financial crisis. The economy has Krugman-style over-investment caused by weak financial regulation and implicit government guarantees. Following Dooley, the government only has a limited capacity or willingness to honour such guarantees. The model has a unique long-run equilibrium, with over-investment. But in the short run, in whic...

Authorized to Appraise Date: October 6, 2003 IBRD Amount ($m): Bank Approval: February 27, 2004 IDA Amount ($m): Global Supplemental Amount ($m): 5.50 Managing Unit: AFTES Lending Instrument: Specific Investment Loan (SIL) Status: Lending Sector: General agriculture, fishing and forestry sector Theme: Biodiversity (P); Other environment and natural resources management (P); Environmental polici...

Using unique data on the Irish loan funds, a nineteenth-century system of quasi-banks, we show that higher levels of uncontrolled capital, where there is no residual claimant, lead to higher wages. The loan funds relied on deposits, as well as donations and accumulated profits, to finance their lending. We examine the effect of different levels of deposits and capital on managerial salaries and...