MoneyScience News

Hedge Fund Focus -03-07-09

Fri, 03 Jul 2009 02:43:28 -0700

Subscribe in a reader Subscribe by Email Hedge Fund Resources Hedge Fund Focus Home Service Providers Tutorials Communities Blogs Papers & Research Introductions & Guides Papers & Research People & Profiles Research Centres Hedge Fund Books: UK Hedge Fund Books: US General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law Resources Focus On Financial Recruitment Financial...

Visit MoneyScience for the Complete Article.

10th annual spreadsheet risks conference - The Role of Spreadsheets in Organisational Excellence

Wed, 01 Jul 2009 04:47:13 -0700

The European Spreadsheet Risks Interest Group (EuSpRIG), is holding its 2009 conference "The Role of Spreadsheets in Organisational Excellence" on the 2nd – 3rd July 2009 at the Ecole Normale Supérieure de Cachan, Paris, France. The keynote speakers are Dr Louise Pryor, Director of the UK Board for Actuarial Standards and a member of the UK’s Financial Reporting Council and Dr...

Visit MoneyScience for the Complete Article.

The Financial News Veterans of Finance List

Tue, 23 Jun 2009 06:07:59 -0700

JP Morgan Cazenove's chairman David Mayhew said it was the introduction of the smoking ban in the UK. Deutsche Bank's Josef Ackermann points to his time in a Düsseldorf courtroom. And Baring Asset Management strategist Andrew Cole's believes it was the Mexican peso crisis of 1994. These were just some of the responses Financial News received from ‘veterans of finance’ –...

Visit MoneyScience for the Complete Article.

The 7 Habits of Highly Suspicious Funds

Mon, 22 Jun 2009 09:02:10 -0700

You've heard this story before: A trader at a bank is knocking the cover off the ball. His success garners political power within the bank. He creates a fiefdom that insulates him from the rest of the firm; his trading group explodes in size. He lives a conspicuous, extravagant lifestyle. His ego alienates the management and intimidates the support staff. Then the trader hits a rough patch. He...

Visit MoneyScience for the Complete Article.

Hedge Fund Focus 22-06-09

Mon, 22 Jun 2009 08:36:36 -0700

The models behind the financial crisis

Mon, 22 Jun 2009 01:52:18 -0700

FP Comment's 11th Annual Junk Science Week begins with the announcement of the creation of our first annual Rubber Duck Awards for achievement in the field of junk science. There's more to junk science than chemical scares and the weather. A form of junk science certainly played a major role in causing the current financial crisis. In the opening piece in this year's Junk Science Week coverage,...

Visit MoneyScience for the Complete Article.

Why Michael Moore may jump the shark with his upcoming movie

Thu, 18 Jun 2009 08:38:54 -0700

Ref Wikipedia: Jump the Shark So Michael Moore has decided to take on the biggest issue of his career: the implosion of the world financial system. Come October, millions of us will shell out 12 bucks to be illuminated (in about 90 minutes) by the populist guru's take on the economic meltdown. The film does not yet have a title, but at the recent Cannes film festival, Moore offered a glimpse at...

Visit MoneyScience for the Complete Article.

Regulating Bankers' Pay

Mon, 15 Jun 2009 01:28:14 -0700

Lucian A. Bebchuk Harvard University - Harvard Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI) Holger Spamann Harvard University - Harvard Law School Abstract This paper contributes to understanding the role of executive compensation as a possible cause of the current financial crisis, to assessing current legislative and regulatory...

Visit MoneyScience for the Complete Article.

There is a journalism training crisis behind the financial reporting crisis

Fri, 12 Jun 2009 08:34:05 -0700

A lack of specialist financial training led to bad reporting of the economic crisis, claims Matthew Fraser, research fellow at the INSEAD business school and adjunct professor at the American University of Paris. Fraser, who earlier in his career was editor-in-chief of Canadian daily newspaper, National Post, told delegates at the Journalism in Crisis conference at the University of Westminster...

Visit MoneyScience for the Complete Article.

SSRN - Papers in Derivatives - May 2009

Fri, 12 Jun 2009 08:02:14 -0700

More from the SSRN Derivatives eLibrary Analytical Pricing of Double-Barrier Options under a Double-Exponential Jump Diffusion Process: Applications of Laplace Transform International Journal of Theoretical and Applied Finance, Vol. 7, No. 2, pp. 151-175, 2004 Artur Sepp Analytical Valuation of Lookback and Russian Options in a Double-Exponential Jump-Diffusion Model Artur Sepp Merrill...

Visit MoneyScience for the Complete Article.

FT Ask the Experts - The future of Business Schools

Fri, 12 Jun 2009 06:04:04 -0700

The economic crisis has thrown business schools into disarray. Deans and professors are suffering a crisis of confidence and are seriously questioning the structure and content of a twenty-first century management education. At the same time, business schools are searching for a way to contribute to global economic recovery. How can trust be rebuilt in business schools in general and the MBA...

Visit MoneyScience for the Complete Article.

Warning - Big Financial Firms May Be Riskier Than They Appear

Fri, 12 Jun 2009 05:45:47 -0700

Large financial institutions have failed with much higher frequency than is generally perceived, says Andrew Kuritzkes, a partner at Oliver Wyman and head of the management consulting firm's public policy practice in North America. "What is surprising is that we're surprised by how often large banks fail," Kuritzkes says. His research shows the actual failure rate is an order of magnitude higher...

Visit MoneyScience for the Complete Article.

Hedge Fund Focus 12-06-09

Fri, 12 Jun 2009 04:02:22 -0700

Peter L. Bernstein, author of 'Against the Gods' died age 90, June 5th, 2009

Thu, 11 Jun 2009 06:16:04 -0700

"In Wall Street’s herd of narrow and twitchy minds, he is patient wisdom personified... Over the vast sweep of his long career, he has probably learned more about more aspects of investing than anyone else alive." - Money magazine in 2004. "We went from naive and haphazard stock-picking to looking at the whole portfolio in the context of how capital markets operate... Peter Bernstein's...

Visit MoneyScience for the Complete Article.

Lost Robustness - financial markets and the theory of complex systems

Wed, 10 Jun 2009 06:46:27 -0700

The current financial crisis is the expression of a systemic change that has occurred in the global economy slowly but profoundly during the last few decades. Our thesis results from an analysis of the financial world from the perspective of the theory of complex systems, which describes common features of social, traffic, economic and ecological systems. The key question guiding our analysis is:...

Visit MoneyScience for the Complete Article.

Tools to draw your own conclusions - Morgan Stanley Matrix

Wed, 10 Jun 2009 02:43:42 -0700

Morgan Stanley has launched Morgan Stanley Matrix, a new trading Web application for institutional clients that allows rich, real-time collaboration through chat, video, sharing of trade ideas and charts, and execution and trade allocation. A team of 30 Flex developers, including contractors provided by Adobe Consulting, have been working on the application for the past year. It was built using...

Visit MoneyScience for the Complete Article.

Help us build a demographic picture of the MoneyScience userbase

Tue, 09 Jun 2009 09:33:25 -0700

Here at MoneyScience we're looking to obtain a fast snapshot of our website-users and Twitter-followers to help us improve our offering. Please take the time to answer these simple questions and we will be extremely grateful. Loading...

Visit MoneyScience for the Complete Article.

Podcast - Riccardo Rebonato on Risk Management and the Crisis

Tue, 09 Jun 2009 07:22:11 -0700

Riccardo Rebonato of the Royal Bank of Scotland and author of Plight of the Fortune Tellers talks with EconTalk host Russ Roberts about the challenges of measuring risk and making decisions and creating regulation in the face of risk and uncertainty. Rebonato's book, written before the crisis, argues that risk managers often overestimate the reliability of the measures they use to assess risk. In...

Visit MoneyScience for the Complete Article.

Slapped in the Face by the Invisible Hand - Banking and the Panic of 2007

Mon, 08 Jun 2009 04:19:53 -0700

By Gary B. Gorton (Yale School of Management; National Bureau of Economic Research) Abstract The 'shadow banking system' at the heart of the current credit crisis is, in fact, a real banking system – and is vulnerable to a banking panic. Indeed, the events starting in August 2007 are a banking panic. A banking panic is a systemic event because the banking system...

Visit MoneyScience for the Complete Article.

Recent Papers in Quantitative Finance from arXiv - April-May 2009

Fri, 05 Jun 2009 05:50:28 -0700

Visit the new Q-Fin section at arXiv. Information of Interest Dorje C. Brody, Robyn L. Friedman (Imperial College London) A Consistent Model of `Explosive' Financial Bubbles With Mean-Reversing Residuals L. Lin, Ren R.E, D. Sornette Weakly nonlinear analysis of the Hamilton-Jacobi-Bellman equation arising from pension savings management Zuzana Macova, Daniel Sevcovic Financial Bubbles, Real...

Visit MoneyScience for the Complete Article.

Recession blame game - Philip Delves Broughton answers his critics

Thu, 04 Jun 2009 08:59:29 -0700

He is the man whom business schools love to hate, and last month they were able to get their own back by having a go at him in person. The occasion was a debate at the London campus of ESCP Europe, where Philip Delves Broughton, the journalist who wrote the expos of Harvard Business School's MBA, was asked to explain himself before an audience of MBA students and professors. He turned out to be a...

Visit MoneyScience for the Complete Article.

The Gray Swan - Leo Melamed

Thu, 04 Jun 2009 02:43:46 -0700

Speech by Leo Melamed given at Peking University, Beijing, China April, 12, 2009 Some people in the financial world claim that the global meltdown that has occurred in financial markets is an example of a "Black Swan" event-random and unexpected. In other words, it was an occurrence that so deviated beyond what is normally expected that it was extremely difficult to predict. The black swan, of...

Visit MoneyScience for the Complete Article.

The insider's guide to family offices

Mon, 01 Jun 2009 09:03:13 -0700

At the top of Europe's Wealth Pyramid sit the family office that advise the Super-Rich. Their approach is based on independence, transparency and savvy asset allocation, and there are lessons for investors of any size. While the wealth management industry nurses a hangover from the end of the credit-fuelled boom, the discreet offices that manage the financial affairs of Europe's wealthiest...

Visit MoneyScience for the Complete Article.

Hedge Fund Focus 01-06-09

Mon, 01 Jun 2009 07:43:06 -0700

Profile - Elliott Associates, Hollywood Power Player

Mon, 01 Jun 2009 07:04:32 -0700

He is hardly your average movie investor. He cultivates his privacy, and he heads a $13 billion hedge fund that, unlike those run by Carl Icahn and others, rarely mounts a proxy fight. But while most Hollywood bankers have turned off the money spigot, billionaire Paul Singer's Elliott Associates appears to be stepping up its investments. Last year the firm lent money to film investor Ryan...

Visit MoneyScience for the Complete Article.

Profile - Paul Wilmott in Newsweek

Mon, 01 Jun 2009 02:51:15 -0700

...Paul Wilmott is a 49-year-old Oxford-trained mathematician and arguably the most influential quant today, the brightest star in their insular, nerdy universe. The Financial Times calls him a "cult derivatives lecturer." Nassim Taleb, the mathematician and author of the bestseller The Black Swan, calls him the smartest quant in the world. "He's the only one who truly understands what's going on...

Visit MoneyScience for the Complete Article.

Panel Debate - MBAs and the recession

Mon, 01 Jun 2009 01:23:30 -0700

In March of this year, Times journalist Philip Delves Broughton wrote: Business schools have shown a remarkable ability to miss economic catastrophes unfolding before their eyes." In an article named ' Harvard's Masters of the Apocalypse', Delves Broughton lay the blame for the current global recession squarely at the feet of MBA graduates, a group he described less than flatteringly as a,...

Visit MoneyScience for the Complete Article.

Hedge Funds are changing the way they look at risk

Fri, 29 May 2009 04:44:10 -0700

Hedge-fund managers are prioritizing risk management like never before. Before the 2008 meltdown, portfolio managers used risk management to satisfy institutional investors' due-diligence requirements. Some managers were less averse to risk than others, but generally speaking risk management wasn't a top-line issue for hedge funds. Now, as investors clamor for more transparency, risk management...

Visit MoneyScience for the Complete Article.

Reforming the Ratings Agencies - Will the US follow Europe

Thu, 28 May 2009 06:34:13 -0700

The financial crisis has provided an unexpected crash course on credit rating agencies, such as Moody's, Fitch and Standard & Poor's, which stamped triple-A ratings on a broad spectrum of subprime mortgage securities -- implying that they were nearly risk free -- then back-pedaled when the debt collapsed, taking with it the global economy. In the United States, the resulting clamor for...

Visit MoneyScience for the Complete Article.

Betas used by Professors - a survey with 2,500 answers

Wed, 27 May 2009 07:01:26 -0700

Pablo Fernandez - Professor of Corporate Finance. IESE Business School - recently sent a short email to about 8,000 finance and economic professors and asking about the Beta that "we, professors, use to calculate the required return to equity". He also asked how the number was justified. Abstract We report 2,510 answers from professors from 65 countries and 934 institutions. 1,791...

Visit MoneyScience for the Complete Article.

Investing in Mad Money - Price and Style Effects

Tue, 26 May 2009 09:28:10 -0700

By Paul J. Bolster and Emery A. Trahan (Northeastern University - Finance and Insurance Area) Abstract Individual investors have an incredible variety of sources for investment guidance. These include internet blogs, financial publications, books, newsletters and, of course, television shows. We examine a relatively new but widely popular source of investment advice,...

Visit MoneyScience for the Complete Article.

Profile - Clara Furse, a stubborn City champion who batted for the Stock Exchange

Tue, 26 May 2009 09:14:01 -0700

The outgoing chief executive has led the LSE through turbulent times - and don't tell her that it's just another company. Clara Furse, outgoing chief executive of the London Stock Exchange, likes to rescue leftover food from the dinner table. Despite earning almost £3.5m over the past two years, the 51-year-old mother of three often reaches for a roll of clingfilm at the end of a meal to...

Visit MoneyScience for the Complete Article.

Assessing the risk of a cataclysm

Mon, 25 May 2009 08:10:02 -0700

Professor Zari Rachev scorns the idea that market cataclysms cannot be forecast. He says his statistical models have predicted them, and his customers agree. His daughter is now president of New York-based company FinAnalytica, which uses his models to provide investors and risk managers with a risk indicator that takes into account the worst-case scenarios. As those who have so far survived the...

Visit MoneyScience for the Complete Article.

Hedge Fund Focus 25-05-09

Mon, 25 May 2009 07:30:59 -0700

The Fat Tailed Straw Man

Mon, 25 May 2009 04:03:50 -0700

My Time article about the quant meltdown of August, 2007 started with "Looks like Wall Street's mad scientists have blown up the lab again." - Articles on Wall Street’s mad scientist blowing up the lab seem to come out every month in one major publication or another. The New York Times has a story along these lines today and had a similar story in January. There is a constant theme in these...

Visit MoneyScience for the Complete Article.

Market Microstructure and the Emerging Markets Group at Cass Business School

Mon, 25 May 2009 02:26:23 -0700

The Emerging Markets Group (EMG) at Cass recently held its third workshop focusing on the microstructure of financial markets. Organised by Kate Phylaktis, Professor of International Finance and Director of the EMG, the workshop included presentations from academics from the US, Holland, Norway and UK on microstructure issues relating to equities and foreign exchange markets. Tarun...

Visit MoneyScience for the Complete Article.

Hedge funds under fire for not spotting market rally

Wed, 20 May 2009 03:09:50 -0700

First they failed to provide a "hedge" against falling markets, now the world's highest paid fund managers have failed to spot the recovery. New research on the performance of the world's hedge fund industry shows clients running for the exit as the credit crunch casts doubt on their once fabled ability to beat the market. Investors asked for nearly $104bn (£68bn) back from hedge funds in...

Visit MoneyScience for the Complete Article.

Derivatives and the Wisdom of Crowds

Tue, 19 May 2009 08:02:16 -0700

Smart reform yields more information, not more regulation. In the early days of the credit crisis, some in Congress wanted to ban financial derivatives. Others wanted a Financial Product Safety Commission, modeled on the Consumer Product Safety Commission, with a bureaucracy to approve or recall financial instruments. The good news is that last week's administration proposals for how financial...

Visit MoneyScience for the Complete Article.

Movie Trailer - American Casino

Mon, 18 May 2009 09:24:16 -0700

"American Casino is a powerful and shocking look at the subprime lending scandal. If you want to understand how the US financial system failed and how mortgage companies ripped off the poor, see this film." - Joseph Stiglitz, Nobel prize-winning economist and writer Via: The Big Picture [Externalrss-bigpicture-titles-rssl-6-30] [Externalrss-careers1-titles-rssr-6-30] [RandomProduct-6]

Visit MoneyScience for the Complete Article.

Wanted - Corporate Sponsor for London Business School Research Group

Mon, 18 May 2009 03:57:30 -0700

A centre for research into women in business at London Business School will fall victim to the financial crisis next month unless a corporate sponsor emerges to save it. The threat to the centre highlights the difficulties business schools worldwide are having raising funds for research into areas of concern to companies. The centre was established in 2006 with a five-year pledge of £1.75m...

Visit MoneyScience for the Complete Article.

twitter: Space trading game Eve Online has suffered a virtual version of the credit crunch. http://1ayqm.tk

Fri, 03 Jul 2009 09:38:11 -0700

moneyscience: Space trading game Eve Online has suffered a virtual version of the credit crunch. http://1ayqm.tk

Visit MoneyScience for the Complete Article.

twitter: City benefactors have donated millions of pounds to the UK Conservative Party since the start of the year - http://6h4zi.tk

Fri, 03 Jul 2009 09:08:36 -0700

moneyscience: City benefactors have donated millions of pounds to the UK Conservative Party since the start of the year - http://6h4zi.tk

Visit MoneyScience for the Complete Article.

twitter: Then: managing director, UBS Swiss franc bond syndicate Now: ice hockey coach and sports psychology student - http://ai6t9.tk

Fri, 03 Jul 2009 09:07:37 -0700

moneyscience: Then: managing director, UBS Swiss franc bond syndicate Now: ice hockey coach and sports psychology student - http://ai6t9.tk

Visit MoneyScience for the Complete Article.

twitter: There are reports that "bonuses are back" is a catchphrase emerging in the City - http://vkjmz.tk

Fri, 03 Jul 2009 04:31:20 -0700

moneyscience: There are reports that "bonuses are back" is a catchphrase emerging in the City - http://vkjmz.tk

Visit MoneyScience for the Complete Article.

twitter: Anyone want to buy a financial services recruitment firm? http://gl5ok.tk

Fri, 03 Jul 2009 02:50:57 -0700

moneyscience: Anyone want to buy a financial services recruitment firm? http://gl5ok.tk

Visit MoneyScience for the Complete Article.

hedge fund twitter: Book Excerpt: ‘Hedge Fund Wives’ - http://bit.ly/ICHah

Fri, 03 Jul 2009 06:11:12 -0700

hedgefundfocus: Book Excerpt: ‘Hedge Fund Wives’ - http://bit.ly/ICHah

Visit MoneyScience for the Complete Article.

hedge fund twitter: Tonnes of Hedge Fund Launch announcements this week: http://bit.ly/pJyty

Fri, 03 Jul 2009 03:15:40 -0700

hedgefundfocus: Tonnes of Hedge Fund Launch announcements this week: http://bit.ly/pJyty

Visit MoneyScience for the Complete Article.

hedge fund twitter: James Montier, has resigned from French bank Societe Generale to join a hedge fund - http://bit.ly/OIcK

Fri, 03 Jul 2009 02:20:07 -0700

hedgefundfocus: James Montier, has resigned from French bank Societe Generale to join a hedge fund - http://bit.ly/OIcK

Visit MoneyScience for the Complete Article.

hedge fund twitter: Michael Jackson had a few scraps with the alternative investments industry. http://www.finalternatives.com/node/8351 - #michaeljackson

Fri, 03 Jul 2009 02:13:01 -0700

hedgefundfocus: Michael Jackson had a few scraps with the alternative investments industry. http://www.finalternatives.com/node/8351 - #michaeljackson

Visit MoneyScience for the Complete Article.

hedge fund twitter: Plan for OTC Derivatives Clearinghouse opens new doors for Fund Managers - http://online.wsj.com/article/SB124603134121861335.html

Fri, 03 Jul 2009 02:10:53 -0700

hedgefundfocus: Plan for OTC Derivatives Clearinghouse opens new doors for Fund Managers - http://online.wsj.com/article/SB124603134121861335.html

Visit MoneyScience for the Complete Article.