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对冲基金课程，Hedge Fund Course，STUART A. MCCRARY，John Wiley & Sons, Inc，304页，2005，全英文
TOPICS INCLUDED
Chapter 1—Introduction
The first chapter provides a primer on the hedge fund industry. It explains
how a hedge fund differs from other investment products, the growth of
the industry, and basic vocabulary and operation of hedge funds.
Chapter 2—Types of Hedge Funds
Most of the thousands of hedge funds resemble one of a handful of strategies.
This chapter describes the most popular strategies that comprise most
of the hedge fund assets under management.
Chapter 3—Types of Hedge Fund Investors
Although individuals began investing in hedge funds before most types of
institutional investors, today nearly all types of investors invest in hedge
funds. The needs and wants of individual investors differ greatly from
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those of pension funds and endowments. This chapter describes the most
important groups of hedge fund investors.
Chapter 4—Hedge Fund Investment Techniques
Certain investment techniques have been developed in broker-dealers or
private equity funds and fit well into hedge funds. This chapter describes
investment techniques outside the domain of the traditional portfolio manager.
Chapter 5—Hedge Fund Business Models
Hedge funds and hedge fund managers are organized as corporations,
partnerships, and limited liability corporations to get maximum tax advantages
and limited liability for investors. Offshore funds combine several
structures to comply with U.S. and offshore regulations.
Chapter 6—Hedge Fund Leverage
This chapter describes the many techniques used by hedge funds that allow
a hedge fund to carry positions larger than the hedge fund capital. The
chapter also describes how hedge funds can create short positions to implement
trading strategies and control risk.
Chapter 7—Performance Measurement
Hedge fund investors closely monitor hedge fund performance. Investors
have developed a collection of tools to measure performance and risk.
Hedge funds share some of these tools with traditional asset managers, but
they also have methods designed for leveraged portfolios.
Chapter 8—Hedge Fund Legislation and Regulation
Anyone who thinks a hedge fund is not affected by rules and regulations
hasn’t read a risk disclosure document. Although most securities laws contain
exemptions that allow hedge funds to escape some of the burdens of
regulation, the exemptions create complications as well.
Chapter 9—Accounting
This chapter describes the accounting requirements unique to hedge funds.
Hedge funds pose all the challenges typical of portfolio accounting. Hedge
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funds create additional challenges because they carry short positions, may
finance their long positions, and may turn over their positions rapidly.
Chapter 10—Hedge Fund Taxation
Tax reporting is one of the most complicated topics affecting hedge fund
investors. Taxes have a powerful impact on the after-tax return of investors
yet tax reporting is one of the least-discussed topics affecting hedge fund
investors.
Chapter 11—Risk Management and Hedge Funds
Risk management is more than risk measurement, but measurement is the
first step. Some hedge funds take more risks than traditional portfolio
managers and hedge funds almost always take different risks than traditional
portfolio managers. Risk measurements provide managers, investors,
and creditors with valuable insights into the nature of hedge fund
positions.
Chapter 12—Marketing Hedge Funds
Regulations define how hedge fund managers can market their funds. A
specialized industry has evolved to help managers raise money.
Chapter 13—Derivatives and Hedge Funds
One of the latest developments in hedge fund investing involves investing
indirectly into hedge funds through derivative products. These new structures
offer several potential advantages over direct hedge fund investing.
Chapter 14—Conclusions
This chapter provides a review of the state of the hedge fund industry and
provides insight into the future of the hedge fund marketplace.
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