Friday, July 6, 2007

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“Right actions for the future are the best apologies for wrong ones in
the past.” - Tyron Edwards

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 Top Stories


Better financial controls encourage risk-taking-Nobel laureate
 Source: Reuters
Nobel prize-winning economist and former hedge fund manager Robert Merton believes better risk controls will make financial markets more efficient but also encourage investors to take on ever higher risks. More...

 Building Bridges: Hedge Fund Administrators Prepare For The Future
 Source: FINalternatives
Institutional investors represent an ever-increasing share of hedge fund assets, bringing about a sea-change in the way hedge funds—and hedge fund administrators—do business. More...

 How This Boom Differs From the Dot-Com Days: Hedge Funds Make Money
 Source: The New York Times
In 2005, about the time when hedge funds started sprouting like weeds, investors, money managers and the media started to question whether there might be a hedge fund bubble. With hedge funds lining up to go public, the questioning has turned up a notch. More...

After UBS hedge fund trouble, executives shuffle
 Source: CNNMoney.com
UBS late Thursday announced it's replacing Chief Executive Peter Wuffli with deputy CEO Marcel Rohner, among other executive management changes, following a hedge fund blow-up that proved costly for the investment bank. More...

More of Today's Stories continued below...  or  Today's Stories unabridged on the web

  Term of the Day & Related News

Junk Bonds
In finance, a high-yield bond (non-investment grade bond or junk bond) is a bond that is rated below investment grade, i.e. below BBB- by Standard & Poor's (S&P) or Baa3 by Moody's. These bonds have a higher risk of defaulting, but typically pay high yields in order to make them attractive to investors. More...
 
Related News:

Investors run for cover from defaults
 Source: Telegraph.co.uk
When Kohlberg Kravis Roberts sat down with investors yesterday to thrash out the terms on which it will borrow £9bn to buy Alliance Boots, the private equity giant faced a tougher negotiation than it imagined when it launched its audacious bid earlier this year. More...

Don't Chuck Your Junk Bonds
 Source: TheStreet.com
High-yield horror stories may be dominating the financial headlines, but don't kick those junk-bond funds to the curb just yet.

Peter Andersen, head of high-yield investing at Dreman Value Management, says the slew of recent articles questioning the health of the high-yield bond market might be the most he has seen since Michael Milken's last Predator's Ball. Nevertheless, Andersen, whose firm manages $21.7 billion, believes all those worries about hedge fund meltdowns, a glut of supply and historically tight spreads will not take down high yield. More...
  Scholarly Article & Related News

Liquidity in U.S. Fixed Income Markets: A Comparison of the Bid-Ask Spread in Corporate, Government and Municipal Bond Markets
 by Sugato Chakravarty & Asani Sarkar
We examine the determinants of the realized bid-ask spread in the U.S. corporate, municipal and government bond markets for the years 1995 to 1997, based on newly available transactions data. Overall, we find that liquidity is an important determinant of the realized bid-ask spread all three markets. Specifically, in all markets, the realized bid-ask spread decreases in the trading volume... More...
 
Related News:

Investec bolsters fixed income team
 Source: Business Report
Investec Asset Management has strengthened its award-winning fixed income team with the appointment of Marshall Brown as credit portfolio manager. More...

 When fixed income starts to wobble
 Source: The International Herald Tribune
Because bonds are supposed to provide ballast to your portfolio in a market storm, it is only natural to worry when your fixed-income holdings start to gyrate, as they have of late. But just as increased volatility in stocks can highlight opportunities for equity investors, the recent rockiness in the bond market can help clarify some decisions for bond holders. More...
  Top Stories by Category
  Book of the Day & Related News

   
Risk Arbitrage
by Keith M. Moore
Average Customer Review: 3.5 out of 5 stars
Price: $50.40
 
 
Book Description
A much-needed, up-to-date primer on the risk arbitrage investment process. Widely popular during the M&A boom of the early '80s, risk arbitrage is making a comeback. This complete resource takes investors through the ins and outs of risk arbitrage, explaining how it works and how to apply it in real-world situations. It also presents a systematic approach to risk arbitrage techniques that work in today's market.

Related News:

Japan braces for invasion of corporate predators
 Source: FinancialNews-US.com
The number of foreign predators targeting the Japanese market is likely to rise this year after the government relaxed takeover regulations last month. More...

M&A Market Strong But Debt Concerns May Curtail Activity
 Source: CNNMoney.com
It's become something of a spectator sport, trying to predict when the market for mergers and acquisitions will finally back off of its breakneck pace.

It didn't happen last quarter. In fact, the $1.65 trillion in announced global deals set a new record for a three-month period, according to data from Thomson Financial. More...
 
  Personal Interest


24 hours to save Earth
 Source: The Herald Tribune
A WORLDWIDE music first – a concert that swings around the globe – will kick off in Australia this morning.

Live Earth organisers say two billion people are expected to tune into the eight-city extravaganza to raise money to fight global warming. More...

Record heat wave sears West
 Source: USA Today
The record heat wave searing much of the West for a second week will begin easing slightly Friday in the Southwest, but with temperatures hovering well above 100 degrees, these "cooler" temperatures will likely pass unnoticed in a large swath of Arizona, Nevada and California. More...
 

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   Top Stories (Continued)


Braddock to close Galena hedge fund
 Source: The Los Angeles
Losses on sub-prime mortgage securities claimed another hedge fund Thursday as Braddock Financial Corp. said it would liquidate its $300-million Galena Street fund after investors sought to withdraw more than 60% of its assets. More...

Flamel Technologies: An Activist Target of a Super-Secretive Hedge Fund?
 Source: SeekingAlpha
There was talk yesterday on Flamel Technologies SA (Nasdaq: FLML), suggesting the company was the target of shareholder activism by a firm named Redwood Asset Management L.P. More...

 Hedge fund boosts stake in Utah's Myriad Genetics
 Source: The Salt Lake Tribune
Citadel Investment Grop LLC, the hedge-fund manager run by Kenneth Griffin, has almost doubled its stake in Utah's Myriad Genetics Inc. to 5.5 percent. More...

Hedge Fund Marketer Puts Its Money Where It’s Mouth Is
 Source: FINalternatives
Proctor Investment Management is not your typical third-party marketer, and they don’t want to be known as one. In addition to providing hedge funds and traditional asset management firms with sales and marketing support, Proctor also takes minority stakes in the firms they represent. More...

Hedge funds face subprime 'haircut'
 Source: MSNBC
Investment banks are demanding more capital to back loans to hedge funds investing in US subprime mortgage-linked debt, as they try to head off a repeat of the near-collapse of two Bear Stearns hedge funds. The "haircut", or margin requirement, on financing provided to buy collateralised debt obligations (CDOs) backed by subprime mortgage bonds has been increasing sharply, in many cases doubling, according to hedge funds, bank executives and prime brokers. More...

NewSmith Launches $100M European Event-Driven Hedge Fund
 Source: FINalternatives
London-based NewSmith Capital Partners last month launched a $100 million multi-strategy event-driven hedge fund, and the new offering is off to a strong start. More...

United States lawmakers eye Cayman hedge funds
 Source: Cayman Net News
American lawmakers and tax policy experts are casting a cautionary yet intent eye on the Cayman Islands.

According to a New York Times article by Lynnley Browning published 1 July, the attention stems from the Islands becoming the ‘corporate home’ to three quarters of global hedge funds - funds which, it reports, are being used by US individuals and institutions to avoid tax responsibilities. More...

UPDATE 2-US hearings to eye private equity, hedge funds
 Source: Reuters
 Three U.S. congressional panels plan to examine private equity firms and hedge funds at separate hearings next Wednesday, turning a spotlight on an industry that some lawmakers think should pay sharply higher taxes. More...


 Today's Stories unabridged on the web
 
 
   Today's Humor

When I went with my stepdaughter to visit a prestigious university, our student guide pointed out the nationally ranked library and state-of-the-art science facilities. She told us that the professors were the best in the world, and she recommended my stepdaughter apply early to improve her chances for admission. "We get so many applicants," she boasted, "because of the stature of the school."

After the tour I asked our guide, "So, why did you choose this school?"

"Oh," she replied matter-of-factly, "my boyfriend goes here."
 

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