Search results

This chapter aims to determine whether diversification benefits accrue from adding emerging market hedge funds (EMHFs) to an emerging market bond/equity portfolio, and subsequently whether the type of exposure hedge funds provide is justified by their fees. We use multivariate cointegration analysis to show that the advantages of adding hedge funds to balanced portfolios are limited for the three regions of Asia, Eastern Europe, and Latin America, as well as for the entire global emerging market universe. In summary, we find that emerging market hedge funds are generally redundant for diversifying long-only emerging market investment portfolios with long-term investment horizons. This result also holds when we extend our sample by the global financial crisis in 2008 and 2009 and allow for structural breaks according to the Gregory-Hansen (1996) test. Hence, even during the global financial crisis in 2008 and 2009, when risk diversification was most needed, long-term comovements between hedge funds and traditional assets is, with the exception of the Eastern European region, not disrupted. Because EMHF returns are heavily influenced by the emerging market equity and bond markets, we conclude that the “alpha fees” charged by EMHFs may not always be appropriate for the three main regions under consideration. This also holds, however, to a lesser extent, for a global diversification among hedge funds and traditional assets in emerging markets.

Investigates the importance of English language sources of Friedrich Theodor Althoff (1839‐1908), a German of great influence both in his own country and, indirectly, in the United States. Explores some measures of his influence in education and international understanding. Examines a wide variety of sources. Explains how it could happen that an influential person would end up in intellectual history with almost no recognition. Challenges several conventional assessments. Althoff′s most important contributions are in print and more almost certainly exist in university archives, but the material is scattered and unorganized. Because we do not yet have the full story of this remarkable and complex man, firm conclusions about his influence are not yet possible.

In this chapter, the interplay between the development of the discipline, the development of the field of study, and the emergence of professional fields is examined using the example of mathematics. In connection with the formation of the modern research university, mathematics has emerged as an independent scientific discipline and as an independent field of study. In the process, mathematics attains a high degree of formalization and internal coherence. This is the basis for the penetration of mathematicians into more and more professional fields, even outside science. Real problems or real facts are reduced to aspects that are amenable to mathematical modeling by treating them as quantifiable parameters. As mathematics expands as a field of study, more and more professional sectors become applications of mathematical models. As a consequence, more mathematical fields of study are differentiating themselves, specializing in these application fields. This chapter analyzes this dynamic and its preconditions.

The purpose of this paper is to explore how hedge fund database biases developed during the 2007‐2009 financial crisis.

The sample consists of 8,935 hedge funds from the Lipper TASS Hedge Fund Database for the January 2002‐September 2010 time period. The theoretical foundation of this paper draws from Fung and Hsieh who argue that time series of funds of hedge funds should be less prone to some of the documented database biases. The paper uses a sampling technique to create hedge fund portfolios, and then compares them using fund of fund data.

The paper finds empirical evidence that fund of hedge fund data is less biased than single hedge fund data, and that the impact of the survivorship and backfilling biases has increased since the financial crisis. It also finds that the attrition rate for hedge funds has nearly doubled since the financial crisis, and that an elevated attrition rate has a negative impact on the quality and representativeness of hedge fund data due to the liquidation bias. The liquidation bias increased strongly in the aftermath of the financial crisis. It also fluctuates over time, and it can account for an overestimate of performance of over 10 percent p.a.

Given this increase and the volatile nature of hedge fund biases, we believe investors (for benchmarking) and academics (for empirical studies) should consider refraining from using single hedge fund index data.

Within the last two decades, entrepreneurship education has become institutionalized in Germany. It is offered as a stand-alone program or as part of a business degree, combining academic knowledge, practical skills, and personal development to enhance the entrepreneurial success of university graduates. While entrepreneurship education has experienced similar growth worldwide, its emergence in Germany is closely tied to the country’s political and economic developments. The significance of entrepreneurship education for a thriving entrepreneurial ecosystem and contemporary economic policy has been instrumental in advancing its academic recognition. This chapter provides a historical analysis of the academization of entrepreneurship in Germany. It explores the recursive and often idiosyncratic processes involving state and financial institutions, companies, and universities that have created, respecified, and mutually reinforced a subdiscipline and field of study. Academic entrepreneurship knowledge successively not only became relevant for starting a business but also for employment within the entrepreneurial infrastructure and beyond. This chapter follows a chronological order, highlighting three key stages in the academization of entrepreneurship education. First, the academic, financial, and political roots (I) of entrepreneurship up until the 1970s. Second, it explores the transformation (II) of entrepreneurship into a viable policy alternative and the challenges faced in establishing complementary research and education in higher education institutions during the 1980s. Finally, it sketches the institutionalization (III) of entrepreneurship as a central driver of government economic policy, allowing for the late bloom of entrepreneurship education and research at universities around the turn of the millennium.

Academic research has shown that diversification today may not only include stocks and bonds but also alternative investments like hedge funds. However, practical and effective methods to identify the hedge fund styles that really enhance the risk return characteristics of a traditional portfolio as well as optimal allocation sizes are not available. The aim of the paper is to try to close this gap by proposing a portfolio optimization approach based upon the traditional market exposures of the different hedge fund strategies.

For this purpose, the paper first measures the bull and bear market betas of the main hedge fund strategies (equity market neutral, event driven, global macro, relative value, and managed futures). Based on the strategy characteristics, the authors then develop a systematic framework that calculates what percentage of each basic asset should be substituted for by hedge fund strategies to achieve the maximum results. The paper uses hedge fund index data from Hedge Fund Research and Barclay Hedge for the January 1999‐April 2011 sample period.

The empirical results show that this approach leads to an improvement in the annualized return of the optimized portfolio.

The paper adds to the existing literature by showing that it is possible to substitute traditional assets with hedge fund indices based on their exposures (beta) in varying market environments as a way to optimize the overall portfolio.

The purpose of this paper is to highlight the views of Professor George Arnold Wood, a leading Australian scholar at the University of Sydney, concerning the involvement of the British Empire in the Great War of 1914-1918.

The author has examined all of Professor Wood’s extant commentaries on the Great War which are held in the archives of the University of Sydney as well as the biographical material on Professor Wood by leading Australian scholars. The methodology and approach is purely empirical.

The sources consulted revealed Professor Wood’s deeply held conviction about the importance of Christian values in the formation of political will and his belief that the vocation of politics is a most serious one demanding from statesmen the utmost integrity in striving to ensure justice and freedom, respect for the rights of others and the duty of the strong to protect the weak against unprincipled and ruthless states.

The paper highlights Professor Wood’s values as derived from the core statements of Jesus of Nazareth such as in the Sermon on the Mount. And as these contrasted greatly with the Machiavellian practice of the imperial German Chancellors from Bismarck onwards, and of the Kaiser Wilhelm II. It was necessary for the British Empire to oppose German war aims with all the force at its disposal. The paper illustrates the ideological basis from which Wood derived his values.

This paper aims to examine how emotions affect consumers' food choices and food preparation activities during stressful periods, using the context of the coronavirus disease 2019 (COVID-19) outbreak in China.

This study used an online survey, with a sample of 1,050 individuals from 32 regions in China. Multi-regression and mediation models were used to test the relationships among perceived knowledge, emotions and food behaviors.

The results show that positive emotions positively affect healthy food consumption and engagement in food preparations. In contrast, negative emotions contribute to an increase in indulgent food consumption and quick-and-easy meal preparations. Increased knowledge of the current situation can enhance positive emotions and thus promote healthy food behaviors. Lacking knowledge may result in unhealthy food behaviors through negative emotions.

This study contributes to the understanding of emotions and food behaviors by examining the effects of both negative and positive emotions in the general population, exploring a wider constellation of food behaviors and identifying perceived knowledge as an important antecedent to emotions' effects on food behaviors. Implications for consumers and public policy are offered.

Compares research and teaching of today′s business economics with its predecessor disciplines before 1890. Describes attempts to organize commercial high schools from 1890 – business economics has its roots in these institutions. Discusses the reasons for the separation of business economics, as a discipline, from political economy. Paramount among these was a quarrel about value judgements.