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Article
Publication date: 12 June 2009

Richard A. Goldman, Robert C. Leonard, Matthew Anderson Gray and Steven G. Vecchio

The purpose of this paper is to summarize two separate reports on best hedge fund industry practices issued on January 15, 2009 by the Asset Managers' Committee and the…

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252

Abstract

Purpose

The purpose of this paper is to summarize two separate reports on best hedge fund industry practices issued on January 15, 2009 by the Asset Managers' Committee and the Investors' Committee of the President's Working Group on Capital Markets.

Design/methodology/approach

The paper provides a detailed summary of the two reports.

Findings

The Asset Managers' Committee Report sets forth a standard of best practices for the hedge fund industry aimed at reducing systemic risk and fostering investor protection. It recommends that hedge fund managers adopt comprehensive best practices in all aspects of their businesses, including the following five key areas: disclosure; valuation; risk management; trading and business operations; and compliance, conflicts and business practices. The Investors' Committee Report sets forth guidelines intended to “enhance market discipline, mitigate systemic risk, augment regulatory safeguards regarding investor protection, and complement regulatory efforts to enhance market integrity”. The Report provides recommendations to investors for evaluating hedge funds and overseeing hedge fund investments within a portfolio. It is divided into: a Fiduciary's Guide aimed at assisting plan trustees, banks, consultants and others with portfolio oversight responsibilities, in determining whether a hedge fund investment would be suitable for the organization they represent; and an Investor's Guide aimed at providing recommendations to investors who have decided to add hedge funds to their investment portfolio.

Originality/value

The paper provides a concise, informative guide by experienced securities lawyers with hedge fund expertise.

Details

Journal of Investment Compliance, vol. 10 no. 2
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 13 June 2008

Steven M. Giordano, Richard A. Goldman, Robert G. Leonard and Michael F. Mavrides

The purpose of this paper is to remind sponsors and managers of hedge funds and private funds (including private equity and venture capital funds) of certain “best…

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239

Abstract

Purpose

The purpose of this paper is to remind sponsors and managers of hedge funds and private funds (including private equity and venture capital funds) of certain “best practices” that they should consider.

Design/methodology/approach

The paper offers considerations concerning: preparation and review of written compliance and procedures documents; updating Form ADV; other regulatory filings including blue sky filings, Form 13F, Schedule 13D/13G, Forms 3, 4, and 5, and other forms; audited financial statements; Schedule K‐1; offering document updates; fee deferral arrangements; CFTC requirements; liability insurance; employee training; and other annual requirements including privacy policies and new issues.

Findings

Amid recent rapid growth in hedge funds and private equity funds and volatility in the financial markets, it is more important than ever to ensure that regulatory filings and compliance policies and procedures are properly documented and followed.

Originality/value

This paper provides a brief, useful checklist from experienced securities lawyers, but a comprehensive guide or legal advice concerning any specific situation.

Details

Journal of Investment Compliance, vol. 9 no. 2
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 19 March 2020

Furkan Amil Gur, Joshua S. Bendickson, Laura Madden and William C. McDowell

Disasters drastically affect regional industries; consequently, the study of regional resilience is of much interest to organizational researchers. To that end, this study…

Abstract

Purpose

Disasters drastically affect regional industries; consequently, the study of regional resilience is of much interest to organizational researchers. To that end, this study examines the role of entrepreneurial opportunity recognition, stakeholder engagement, and elements of psychological recovery in the US Gulf Coast following the Deepwater Horizon oil spill of 2010.

Design/methodology/approach

Through a qualitative content analysis of 183 industry-relevant articles published during and after the disaster, this study unpacks the most significant themes at work in the recovery process, including the psychological elements of the oil spill and its aftermath, the role of various internal and external stakeholders, and emerging opportunities for entrepreneurial activity in the region for regional resilience and recovery.

Findings

The nine themes that emerged from the data were captured in three categories mapped over time. Category one, psychogical states during and after the oil spill, include denial, coping, and recovery. Category two, regional recovery efforts and the role of stakeholders, includes the themes distractions, bargains, and material support. Category three, emerging opportunities, includes financial support, new markets, and reparations.

Originality/value

By mapping these themes over distinct time periods, this study identifies and explores patterns in the recovery period and use them to draw theoretical and practical implications.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 26 no. 4
Type: Research Article
ISSN: 1355-2554

Keywords

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Book part
Publication date: 7 June 2019

Richard P. Nielsen

This chapter considers how observers can effectively and safely engage with unethical organizational behaviors. Engagement methods need to be aligned with the situational…

Abstract

This chapter considers how observers can effectively and safely engage with unethical organizational behaviors. Engagement methods need to be aligned with the situational contexts of specific cases. Micro-level individual, meso-level organizational, and macro-level environmental contextual obstacles to effective and safe engagement are considered. Five types of observer ethics engagement methods are considered in the context of specific cases and contextual obstacles. Engagement methods considered are as follows: (1) evocation and framing of dialogic engagement as consistent with the identity, vision, and values of the organization; (2) win–win incentive and ethics networking methods; (3) internal and external whistle-blowing methods; (4) if the observer is in a position of organizational power, top-down forcing methods; and (5) linking of observed unethical behaviors with strong external social movements.

Details

Business Ethics
Type: Book
ISBN: 978-1-78973-684-7

Keywords

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Book part
Publication date: 20 December 2013

Susan Maret

In this chapter, I suggest three conceptual tools developed by William R. Freudenburg and colleagues that characterize the failure of institutions to carry out their…

Abstract

In this chapter, I suggest three conceptual tools developed by William R. Freudenburg and colleagues that characterize the failure of institutions to carry out their duties – recreancy, atrophy of vigilance, and bureaucratic slippage – are of use beyond environmental sociology in the framing of the September 11, 2001 disaster. Using testimony and findings from primary materials such as the Senate Select Committee on Intelligence and House Permanent Select Committee on Intelligence Joint Inquiry hearings and report (2002, 2004a, 2004b) and the National Commission on Terrorist Attacks Upon the United States (2004) alongside insider accounts, I discuss how Freudenburg’s tools have the potential to theorize institutional failures that occur in national security decision making. I also suggest these tools may be of particular interest to the U.S. intelligence community in its own investigation of various types of risk and failures.

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Book part
Publication date: 1 January 2006

Richard P. Bagozzi

Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1305-9

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Article
Publication date: 1 January 2000

Eduardo Canabarro, Markus Finkemeier, Richard R. Anderson and Fouad Bendimerad

Insurance‐linked securities can benefit both issuers and investors; they supply insurance and reinsurance companies with additional risk capital at reasonable prices (with…

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921

Abstract

Insurance‐linked securities can benefit both issuers and investors; they supply insurance and reinsurance companies with additional risk capital at reasonable prices (with little or no credit risk), and supply excess returns to investors that are uncorrelated with the returns of other financial assets. This article explains the terminology of insurance and reinsurance, the structure of insurance‐linked securities, and provides an overview of major transactions. First, there is a discussion of how stochastic catastrophe modeling has been applied to assess the risk of natural catastrophes, including the reliability and validation of the risk models. Second, the authors compare the risk‐adjusted returns of recent securitizations on the basis of relative value. Compared with high‐yield bonds, catastrophe (“CAT”) bonds have wide spreads and very attractive Sharpe ratios. In fact, the risk‐adjusted returns on CAT bonds dominate high‐yield bonds. Furthermore, since natural catastrophe risk is essentially uncorrelated with market risk, high expected excess returns make CAT bonds high‐alpha assets. The authors illustrate this point and show that a relatively small allocation of insurance‐linked securities within a fixed income portfolio can enhance the expected return and simultaneously decrease risk, without significantly changing the skewness and kurtosis of the return distribution.

Details

The Journal of Risk Finance, vol. 1 no. 2
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 12 November 2018

Hong Cheng, Gabriela Flores, Satvir Singh and Richard Posthuma

This paper aims to examine whether the number of employment discrimination laws in a country influences voice and accountability.

Abstract

Purpose

This paper aims to examine whether the number of employment discrimination laws in a country influences voice and accountability.

Design/methodology/approach

The authors compared the number of employment discrimination laws in different countries to perceptions of voice and accountability.

Findings

Results indicate that the number of discrimination laws enacted in a country has a positive impact on the voice and accountability perceptions of citizens. Further, this relationship is found to be moderated by two contextual factors: cultural assertiveness and the percentage of females in the population. Specifically, the positive impact of the number of discrimination laws on voice and accountability perceptions was found to be stronger in highly assertive cultures and in countries with a lower percentage of females in the population.

Originality/value

This is the first study to show a relationship between the number of employment discrimination laws in a country and perceptions of voice and accountability.

Details

International Journal of Law and Management, vol. 60 no. 6
Type: Research Article
ISSN: 1754-243X

Keywords

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Book part
Publication date: 9 July 2010

Charles Perrow

This volume includes two major explanations of the meltdown that I critically discuss. The first is a “normal accident theory” arguing that the complexity and coupling of…

Abstract

This volume includes two major explanations of the meltdown that I critically discuss. The first is a “normal accident theory” arguing that the complexity and coupling of the financial system caused the failure. Although these structural characteristics were evident, I argue that the case does not fit the theory because the cause was not the system, but behavior by key agents who were aware of the great risks they were exposing their firms, clients, and society to. The second interpretation is a neoinstitutional one, emphasizing that ideologies, worldviews, cognitive frames, mimicry, and norms were the source of behaviors that turned out to be disastrous for the elites and others. The implication is that elites were victims, not perpetrators. I argue that while ideologies, etc., can have real effects on the behavior of many firm members and society in general, in this case financial elites, to serve personal ends, crafted the ideologies and changed institutions, fully aware that this could harm their firms, clients, and the public. Complexity and coupling only made deception easier and the consequences more extensive. For anecdotal evidence I examine a decade of deregulation, examples of elected representative, regulatory officials, firms, and the plentiful warnings.

Details

Markets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part A
Type: Book
ISBN: 978-0-85724-205-1

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Article
Publication date: 5 October 2012

Reviews the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.

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374

Abstract

Purpose

Reviews the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Leeds University Business School (LUBS) has a global reputation for quality teaching and is ranked tenth in the UK for research. These were among the reasons that the Goldman Sachs Foundation selected LUBS to introduce their 10,000 Small Businesses program to the UK. This program was successfully developed in the USA to provide small businesses with practical advice, access to financial capital, and opportunities for business education in order to create jobs and improve communities.

Practical implications

Provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Social implications

Provides strategic insights and practical thinking that can have a broader social impact.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.

Details

Strategic Direction, vol. 28 no. 11
Type: Research Article
ISSN: 0258-0543

Keywords

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