Investment Strategies in Hedge Funds

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Investment Strategies in Hedge Funds

Format:  Hardcover,

315 pages

Publisher: John Wiley & Sons Inc

Publish Date: Sep 2006

ISBN-13: 9780470026274

ISBN-10: 0470026278

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Book Information

The following content was provided by the publisher.
One of the fastest growing investment sectors ever seen, hedge funds are considered by many to be exotic and inaccessible. This book provides an intensive learning experience, defining hedge funds, explaining hedge fund strategies while offering both qualitative and quantitative tools that investors need to access these types of funds. Topics not usually covered in discussions of hedge funds are included, such as a theoretical discussion of each hedge fund strategy followed by trading examples provided by successful hedge fund managers.

Specifications

Publisher: John Wiley & Sons Inc
Publish Date: Sep 2006
ISBN-13: 9780470026274
ISBN-10: 0470026278
Format: Hardcover
Number of Pages: 315
Shipping Weight (in pounds): 1.75
Product in Inches (L x W x H): 7.0 x 9.75 x 0.75

Chapter outline

Foreword
Preface
Acknowledgements
About the Author
A Few Initial Remarks
What is a hedge fund?
History of hedge funds
Proprietary trading
The growth of the hedge fund industry
Main characteristics of the current industry
Capacity
Commissions
Industry performance overview
The hedge fund manager
Alpha and beta
Investment strategies
Explorers and frontiers
SEC's vigilance
Considerations on performance sustainability
Capacity and performance sustainability
Ability or chance?
The importance of avoiding losses
Decreasing returns with longer investment horizons
Business case: A hedge fund start-up
Arbitrage
The transaction costs barrier
ADR arbitrage
Arbitrage between off-the-run and on-the-run thirty-year Treasury Bonds
Short Selling
A brief history of short selling
What is short selling?
A simplified example of short selling on US markets
Who lends securities for short selling?
Regulations governing short selling
The risks of short selling
Short interest and short interest ratio
Wall Street's alter ego
Stock picking in short selling
The art of contrary thinking
Measuring the strategy's historical performance
Conclusions
Long/Short Equity
History of the first hedge fund
Market exposure
Management styles
Specialized long/short equity funds
Share class arbitrage
Pairs trading
Covered call and covered put options sale
Strategy's historical performance analysis
Equity market neutral
Merger Arbitrage
A brief history of M&A
Strategy description
Risk associated with the outcome of an extraordinary corporate event
Types of mergers and acquisitions
Risk management
Strategy's historical performance analysis
Conclusions
Convertible Bond Arbitrage
Why issue a convertible bond?
A brief history of convertible bonds
The convertible bond market
Definitions
Quantitative models to value convertible bonds
Implied volatility and historical volatility
Convertible bond arbitrage
Mandatory convertibles
Strategy's historical performance analysis
Risk control
Conclusions
Fixed Income Arbitrage
Issuance driven arbitrage or snap trade
Yield curve arbitrage
Intermarket spread trading
Futures basis trading or basis trading
Swap spread trading
Capital structure arbitrage
Long/short credit or credit pair trading
Carry trade
Break-even inflation trades
Cross-currency relative value trade
Treasuries over eurodollars (TED) spread or international credit spread
Leveraged loans
Strategy's historical performance analysis
Conclusions
Strategies on CDOs
A brief history of CDOs
Hedge fund investment strategies
Conclusions
Mortgage-Backed Securities Arbitrage
A brief history of mortgage-backed securities
Originators of mortgage-backed securities
The industry

Book description

One of the fastest growing investment sectors ever seen, hedge funds are considered by many to be exotic and inaccessible. This book provides an intensive learning experience, defining hedge funds, explaining hedge fund strategies while offering both qualitative and quantitative tools that investors need to access these types of funds. Topics not usually covered in discussions of hedge funds are included, such as a theoretical discussion of each hedge fund strategy followed by trading examples provided by successful hedge fund managers.

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