楼主先看看别人的文章做什么再来评价吧。
任何理论都是由简单到复杂,有抽象到最简单的情况再到更复杂的接近现实的一般化理论。
对冲基金在全球有3万亿美元规模,对99.999%的人来说都是空白,做这方面研究有没有意义?
对于企业来说投融资、流动性、风险管理重不重?早期的研究基于静态的,放开假设置于更现实的理论研究重不重要?
Yingcong Lan, Neng Wang, Jinqiang Yang, The economics of hedge funds, Journal of Financial Economics, Volume 110, Issue 2, November 2013, Pages 300-323.
Abstract: Abstract
Hedge fund managers trade off the benefits of leveraging on the alpha-generating strategy against the costs of inefficient fund liquidation. In contrast to the standard risk-seeking intuition, even with a constant-return-to-scale alpha-generating strategy, a risk-neutral manager becomes endogenously risk-averse and decreases leverage following poor performance to increase the fund's survival likelihood. Our calibration suggests that management fees are the majority of the total compensation. Money flows, managerial restart options, and management ownership increase the importance of high-water-mark-based incentive fees but management fees remain the majority. Investors' valuation of fees are highly sensitive to their assessments of the manager's skill.
Chong Wang, Neng Wang, Jinqiang Yang, A unified model of entrepreneurship dynamics, Journal of Financial Economics, Volume 106, Issue 1, October 2012, Pages 1-23.
Abstract: We develop an incomplete-markets q-theoretic model to study entrepreneurship dynamics. Precautionary motive, borrowing constraints, and capital illiquidity lead to underinvestment, conservative debt use, under-consumption, and less risky portfolio allocation. The endogenous liquid wealth-illiquid capital ratio w measures time-varying financial constraint. The option to accumulate wealth before entry is critical for entrepreneurship. Flexible exit option is important for risk management purposes. Investment increases and the private marginal value of liquidity decreases as w decreases and exit becomes more likely, contrary to predictions of standard financial constraint models. We show that the idiosyncratic risk premium is quantitatively significant, especially for low w.