This paper outlines the fundamental economic forces that have led to the decline in
traditional banking, that is the process of making loans and funding them by issuing short-dated …

Using data on the monthly returns of hedge funds during the period January 1990 to August
1998, we estimate six‐factor Jensen alphas for individual hedge funds, employing eight …

The Fed-engineered rescue of Long-Term Capital Management (LTCM) in September 1998
set off alarms throughout financial markets about the activities of hedge funds and the …

Whenever high market volatility occurs, the tendency seems to be to blame it on whatever new
is going on at the time. One of the most (if not the most) extraordinary innovations to occur …

Recent work on the theory of the firm under regulation suggests that managers of regulated
firms may be utility maximizers rather than profit maximizers. There is, however, very little …

… Franklin R. Edwards … Franklin R. Edyards is Professor and Director of the Columbia
Futures Center, Columbia University. …

In Fall 1998 the Federal Reserve Bank (the" Fed") arranged a bailout of the massive hedge
find, Long Term Capital Management (" LTCM"), which faced the prospect of immediate …

The unprecedented growth of mutual funds has raised questions about the impact of mutual
fund flows on stock and bond prices. Many believe that the equity bull market of the 1990s is …

This study examines the performance of sixteen different hedge fund and commodity fund
investment styles during rising and falling stock prices over the period 1990: 01 through 1998: …

In late 1993 and early 1994 MG Corporation, the US subsidiary of Germany's 14th largest
industrial firm Metallgesellschaft AG (MG), reported staggering losses on its positions in …