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Regulation: Threat or Opportunity for the Funds of Hedge Funds Industry?

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Date
2013
Dewey
Organisation et finances d'entreprise
Sujet
Risk; FoHFs industry; Regulation; financial markets
JEL code
D.D8.D81; G.G1.G18; G.G1.G11
DOI
http://dx.doi.org/10.1016/B978-0-12-401699-6.00028-9
Book title
Reconsidering funds of hedge funds : the financial crisis and best practices in UCITS, tail risk, performance, and due diligence
Author
Brown, Stephen J.; Gregoriou, Greg N.
Publisher
Academic Press
Publisher city
Oxford
Year
2013
Pages number
545
ISBN
978-0-12-401699-6
URI
https://basepub.dauphine.fr/handle/123456789/11769
Collections
  • DRM : Publications
Metadata
Show full item record
Author
Darolles, Serge
1032 Dauphine Recherches en Management [DRM]
Vaissié, Mathieu
Type
Chapitre d'ouvrage
Item number of pages
481–493
Abstract (EN)
A tidal wave of regulation is hitting financial markets worldwide as a result of the credit crisis of 2008–2009 and this time around the hedge fund world will not be immune. We argue in this chapter that, unlike conventional wisdom, regulation could be an opportunity for the funds of hedge funds (FoHFs) industry. The only necessary condition is fair treatment of hedge fund investments. We take the Solvency II framework as an example and show how the implementation of the granularity adjustment, first introduced for implementation in the Basel framework, makes it possible to take into account the diversification potential of FoHFs and in turn reconcile the outcome of the standard formula with empirical evidence.

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