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FİNANSAL PİYASALARDA HEDGE FONLAR: STRATEJİ VE RİSKLER

Year 2010, Volume: 7 Issue: 1, 84 - 106, 01.06.2010

Abstract

Bu çalışmada, hedge fon kavramı, temel özellikleri, klasik yatırım fonları ile benzerlikleri ve farklılıkları vurgulanmıştır. Ayrıca, hedge fon stratejileri ve riskleri hakkında bilgi verilerek hedge fonların finansal piyasalar üzerine etkileri incelenmiştir. Hedge fon yatırım stratejileri, hisse senedi hedge fonları, olay bazlı fonlar, makro fonlar ve görece değerli fonlar olmak üzere dört ayrı grupta açıklanmıştır. Yüksek getiri ve yüksek riske sahip olan hedge fonlar, finansal krizlerin bir nedeni olarak görülmektedir. Türkiye’de yeterince tanınmayan hedge fonlar ile ilgili yasal düzenlemelerin ve denetlemelerin getirilmesi, hedge fon yatırımlarının olumsuzluklarını ortadan kaldıracaktır

References

  • Aydın, M. Faruk; Us, Vuslat; 2008; “Hedge Fonlar: Eğilimler ve Riskler”; TİSK Akademi: Cilt 3; Sayı.5; 168-185.
  • Babuşcu, Şenol; Hazar, Adalet; 2007; SPK İleri Düzey Lisanslama Sınavlarına Hazırlık Tüm Konular; Akademi Consulting&Training SPK Lisanslama Serisi II; 338, 340.
  • Ballew A.; Gupta, M.; Lasry, G.; Weinberger, A.; 2002; “Hedge Funds: Approaches To Diversification”; Kellogg School of Management; 1- 50.
  • Bernstein Wealth Management Research; 2006; “Hedge Funds Too Much Of A Good Thing?”; Center For International Securities And Derivatives Markets; 1-30.
  • Burton, Elizabeth; 2008; “Hedge Fund Strategies: Global Macro”; Https://www.Octanefund.Com/ Octane_Opencms62/Export/System/Galleries/Download/Pdf/Hedge_F und_Strategies_-_Global_ Macro.Pdf, Volume 4; No.3; 1-5, Erişim Tarihi : 05.09.2008.
  • CASAM Hedge (Credit Agricole Structured Asset Management); Www.Casamhedge.Com; Erişim Tarihi: 16.09.2008.
  • Chambers, Nurgül; 2008; “Hedge Fonlar”; Niğde Üniversitesi İİBF Dergisi; Cilt 1; Sayı.1; 5-13.
  • Cisdm Research Department; 2006; “The Benefits Of Hedge Funds: 2006 Update”; Center For International Securities And Derivatives Markets; 1-25.
  • Danielsson, J.A.; Zigrand, J.P.; 2007; “Regulating Hedge Funds”; Financial Stability Review; Special Issue on Hedge Funds; Volume 10; 29-36.
  • Edwards, Franklin R.; Caglayan, Mustafa O.; 2001; “Hedge Fund Performance And Manager Skill”; Journal of Futures Markets; Volume 21; No.11; 1003-1028.
  • Ferguson, Roger; Laster, David; 2007; “Hedge Funds And Systemic Risk”; Banque De France; Financial Stability Review; Special Issue on Hedge Funds; Volume 10; 45-54.
  • Fung, W.; Hsieh, David A.; 1999; “A Primer on Hedge Funds”; Journal of Empirical Finance; Volume 6; 309-331.
  • Fung, William; Hsieh, David A.; 2000; “Measuring The Market Impact Of Hedge Funds”; Journal of Empirical Finance; Volume 7; 1-36.
  • Fung, W.; Hsieh, David A, 2004; “Hedge Fund Benchmarks: A Risk-Based Approach”; Financial Analysts Journal; Volume 60; No.5; 65-80. Hedge Fund Research Inc.; Strategy
  • Classification System;
  • www.Hedgefundresearch.Com, Erişim Tarihi: 05.09.2008. http://Www.Bankpozitif.Com.Tr/Web/6,22,1,1/Bankpozitif__Tr/Bireysel_Hi zmetler/Yatirim_Urunleri/Yatirim_Fonlari_Hakkinda_Her_Sey, Erişim Tarihi: 06.01.2009.
  • Http://www.Ekopusula.Com/News_Print.Php?İd=676, Erişim Tarihi: 05.09.2008.
  • Küçüközmen, Coşkun C.; 2007; “Serbest Yatırım Fonları (Hedge Funds)”; Uluslararası Ekonomik Sorunlar Dergisi; TC Dışişleri Bakanlığı; Sayı:27; Makaleler/Serbest_Yatirim_Fonlari.Html, Erişim Tarihi : 05.09.2008.
  • Http://www.Ekodialog.Com/
  • Lhabitant, F.S.; Learned, M.; 2002; “Hedge Fund Diversifications: How Much is Enough?”; FAME Research Working Paper; Volume 52.
  • Lindsey, R.R.; 1998; “Concerning Hedge Fund Activities İn The U.S. Financial Markets”; Testimony Of Richard R. Lindsey, Director, Division Of Market Regulation, US Securities And Exchange Commission, Before The House Committee On Banking And Financial Services, US House Of Representatives.
  • Malkiel, Burton G.; Saha, A.; 2005; “Hedge Funds: Risk and Return”; Financial Analysts Journal; Volume 61; No.6; 80-88.
  • Resmi Gazete; 2006; Yatırım Fonlarına İlişkin Esaslar Tebliğinde Değişiklik Yapılmasına Dair Tebliğ; Seri: VII; No: 29; Sayı: 26297.
  • Rodriguez-Mancilla, Jose R; Ziemba, William T.; 2008; “The Duality Of Option Investment Strategies For Hedge Funds”; Math.Program.; Ser.A; 113, 95-131.
  • Stoham, Paul; 1999; “Too Close To The Hedge: The Case Of Long Term Capital Management LP Part One: Hedge Fund Analytics”; European Management Journal; Volume 17; No.3; 282-289.

HEDGE FUNDS IN FINANCIAL MARKETS: STRATEGIES AND RISKS

Year 2010, Volume: 7 Issue: 1, 84 - 106, 01.06.2010

Abstract

In this study, the hedge fund concept, the basic characteristics of their similarities and differences between hedge funds and mutual funds were emphasized. Furthermore, hedge fund strategies and their risks were explained and the impacts of hedge funds on financial markets were examined. The hedge fund investment strategies were explained in four separate groups as equity hedge, event driven, macro and relative value. The hedge funds that have high return and high risks are argued due to the financial crisis. The legal arrangements and regulations related with the hedge funds which have not been recognized well will remove negativenesses of the hedge fund investments in Turkey

References

  • Aydın, M. Faruk; Us, Vuslat; 2008; “Hedge Fonlar: Eğilimler ve Riskler”; TİSK Akademi: Cilt 3; Sayı.5; 168-185.
  • Babuşcu, Şenol; Hazar, Adalet; 2007; SPK İleri Düzey Lisanslama Sınavlarına Hazırlık Tüm Konular; Akademi Consulting&Training SPK Lisanslama Serisi II; 338, 340.
  • Ballew A.; Gupta, M.; Lasry, G.; Weinberger, A.; 2002; “Hedge Funds: Approaches To Diversification”; Kellogg School of Management; 1- 50.
  • Bernstein Wealth Management Research; 2006; “Hedge Funds Too Much Of A Good Thing?”; Center For International Securities And Derivatives Markets; 1-30.
  • Burton, Elizabeth; 2008; “Hedge Fund Strategies: Global Macro”; Https://www.Octanefund.Com/ Octane_Opencms62/Export/System/Galleries/Download/Pdf/Hedge_F und_Strategies_-_Global_ Macro.Pdf, Volume 4; No.3; 1-5, Erişim Tarihi : 05.09.2008.
  • CASAM Hedge (Credit Agricole Structured Asset Management); Www.Casamhedge.Com; Erişim Tarihi: 16.09.2008.
  • Chambers, Nurgül; 2008; “Hedge Fonlar”; Niğde Üniversitesi İİBF Dergisi; Cilt 1; Sayı.1; 5-13.
  • Cisdm Research Department; 2006; “The Benefits Of Hedge Funds: 2006 Update”; Center For International Securities And Derivatives Markets; 1-25.
  • Danielsson, J.A.; Zigrand, J.P.; 2007; “Regulating Hedge Funds”; Financial Stability Review; Special Issue on Hedge Funds; Volume 10; 29-36.
  • Edwards, Franklin R.; Caglayan, Mustafa O.; 2001; “Hedge Fund Performance And Manager Skill”; Journal of Futures Markets; Volume 21; No.11; 1003-1028.
  • Ferguson, Roger; Laster, David; 2007; “Hedge Funds And Systemic Risk”; Banque De France; Financial Stability Review; Special Issue on Hedge Funds; Volume 10; 45-54.
  • Fung, W.; Hsieh, David A.; 1999; “A Primer on Hedge Funds”; Journal of Empirical Finance; Volume 6; 309-331.
  • Fung, William; Hsieh, David A.; 2000; “Measuring The Market Impact Of Hedge Funds”; Journal of Empirical Finance; Volume 7; 1-36.
  • Fung, W.; Hsieh, David A, 2004; “Hedge Fund Benchmarks: A Risk-Based Approach”; Financial Analysts Journal; Volume 60; No.5; 65-80. Hedge Fund Research Inc.; Strategy
  • Classification System;
  • www.Hedgefundresearch.Com, Erişim Tarihi: 05.09.2008. http://Www.Bankpozitif.Com.Tr/Web/6,22,1,1/Bankpozitif__Tr/Bireysel_Hi zmetler/Yatirim_Urunleri/Yatirim_Fonlari_Hakkinda_Her_Sey, Erişim Tarihi: 06.01.2009.
  • Http://www.Ekopusula.Com/News_Print.Php?İd=676, Erişim Tarihi: 05.09.2008.
  • Küçüközmen, Coşkun C.; 2007; “Serbest Yatırım Fonları (Hedge Funds)”; Uluslararası Ekonomik Sorunlar Dergisi; TC Dışişleri Bakanlığı; Sayı:27; Makaleler/Serbest_Yatirim_Fonlari.Html, Erişim Tarihi : 05.09.2008.
  • Http://www.Ekodialog.Com/
  • Lhabitant, F.S.; Learned, M.; 2002; “Hedge Fund Diversifications: How Much is Enough?”; FAME Research Working Paper; Volume 52.
  • Lindsey, R.R.; 1998; “Concerning Hedge Fund Activities İn The U.S. Financial Markets”; Testimony Of Richard R. Lindsey, Director, Division Of Market Regulation, US Securities And Exchange Commission, Before The House Committee On Banking And Financial Services, US House Of Representatives.
  • Malkiel, Burton G.; Saha, A.; 2005; “Hedge Funds: Risk and Return”; Financial Analysts Journal; Volume 61; No.6; 80-88.
  • Resmi Gazete; 2006; Yatırım Fonlarına İlişkin Esaslar Tebliğinde Değişiklik Yapılmasına Dair Tebliğ; Seri: VII; No: 29; Sayı: 26297.
  • Rodriguez-Mancilla, Jose R; Ziemba, William T.; 2008; “The Duality Of Option Investment Strategies For Hedge Funds”; Math.Program.; Ser.A; 113, 95-131.
  • Stoham, Paul; 1999; “Too Close To The Hedge: The Case Of Long Term Capital Management LP Part One: Hedge Fund Analytics”; European Management Journal; Volume 17; No.3; 282-289.
There are 25 citations in total.

Details

Other ID JA44VC27KK
Journal Section Research Article
Authors

Songül Kakilli Acaravcı

Publication Date June 1, 2010
Published in Issue Year 2010 Volume: 7 Issue: 1

Cite

APA Acaravcı, S. K. (2010). FİNANSAL PİYASALARDA HEDGE FONLAR: STRATEJİ VE RİSKLER. Çağ Üniversitesi Sosyal Bilimler Dergisi, 7(1), 84-106.