| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12040 |
| DP12040 Financial Conglomerate Affiliated Hedge Funds: Risk Taking Behavior and Liquidity Provision | |
| Mariassunta Giannetti; Francesco Franzoni | |
| 发表日期 | 2017-05-11 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper explores how affiliation to financial conglomerates relates to hedge funds’ funding and risk taking. We find that financial-conglomerate-affiliated hedge funds (FCAHFs) have more stable funding than other hedge funds. This may explain our finding that FCAHFs are able to take more risk and to purchase less liquid and more volatile stocks than other hedge funds during financial turmoil. In good times, instead, FCAHFs expand their assets less than other funds and are less exposed to systematic risk. Thus, FCAHFs perform a stabilizing function for the financial system, even though they do not generate higher returns for their investors. |
| 主题 | Financial Economics |
| 关键词 | Hedge funds Financial conglomerates Volker rule Liquidity provision |
| URL | https://cepr.org/publications/dp12040 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540852 |
| 推荐引用方式 GB/T 7714 | Mariassunta Giannetti,Francesco Franzoni. DP12040 Financial Conglomerate Affiliated Hedge Funds: Risk Taking Behavior and Liquidity Provision. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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