Hedge Funds in M&A Deals: Is There Exploitation of Private Information?

2010 ◽  
Author(s):  
Rui Dai ◽  
Nadia Massoud ◽  
Debarshi K. Nandy ◽  
Anthony Saunders
Keyword(s):  
Private Information ◽  
Hedge Funds

Disclosure Policies of Investment Funds

2015 ◽  
Vol 05 (01) ◽  
pp. 1550004 ◽  
Author(s):  
Thomas J. George ◽  
Chuan-Yang Hwang
Keyword(s):  
Mutual Funds ◽  
Private Information ◽  
Hedge Funds ◽  
Poor Performance ◽  
Securities Markets ◽  
Public Disclosure ◽  
Investment Funds ◽  
Portfolio Holdings ◽  
Liquidity Provision ◽  
Future Performance

We examine voluntary and mandated disclosure of portfolio holdings by investment funds in a model where funds are characterized as having a stream of investment ideas and as providing liquidity to investors through redemption. We show that the greater is the fund's liquidity provision role, the more aggressively the fund trades on its ideas, the stronger is its preference to disclose information about its holdings voluntarily, and the weaker is its performance. We also show that mandatory disclosure can decrease information available in securities markets by crowding out the acquisition of private information that, through funds' trading, would be reflected in prices. Our model provides an explanation for why hedge funds and mutual funds differ in their resistance to public disclosure, and is consistent with stylized facts regarding how funds' investment decisions respond to poor performance and how differences in disclosure policies affect the future performance of well versus poorly performing funds.

Do hedge funds trade on private information? Evidence from syndicated lending and short-selling☆

2011 ◽  
Vol 99 (3) ◽  
pp. 477-499 ◽  
Author(s):  
Nadia Massoud ◽  
Debarshi Nandy ◽  
Anthony Saunders ◽  
Keke Song
Keyword(s):  
Private Information ◽  
Hedge Funds ◽  
Short Selling

Hedge Funds in M&A Deals: Is There Exploitation of Private Information?

2011 ◽  
Author(s):  
Rui Dai ◽  
Nadia Massoud ◽  
Debarshi K. Nandy ◽  
Anthony Saunders
Keyword(s):  
Private Information ◽  
Hedge Funds

scholarly journals Do Hedge Funds Trade on Private Information? Evidence from Syndicated Lending

2009 ◽  
Author(s):  
Nadia Ziad Massoud ◽  
Debarshi K. Nandy ◽  
Anthony Saunders ◽  
Keke Song
Keyword(s):  
Private Information ◽  
Hedge Funds
Sign in / Sign up

Export Citation Format

Share Document