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HEDGE FONLAR VE ŞEFFAFLIK SORUNU

Yıl 2009, Sayı: 24, - , 20.06.2015

Adem Anbar

Öz

As hedge funds have become more significant players in the global financial markets, the debates about transparency issues in hedge funds and greater transparency is needed for hedge funds have increased. Transparency is quite important for both the investors and the financial counterparties of hedge funds, and the regulators and other market participants. But there are different opinions about whether transparency must be enhanced or not enhanced and how transparency can be enhanced. In this study, the issue of transparency in hedge fund sector were evaluated and the proposals which are proposed for enhancing of transparency were examined

Anahtar Kelimeler

Mutual funds hedge funds transparency direct regulation indirect regulation

Kaynakça

  • “Recent developments in hedge funds” (2006). Financial Systems Financial Markets Department, Bank of Japan, June 13. Department,
  • Adams, C. (2005). “Hedge funds and financial market dynamics: Some perspectives from the Asian experience”, September.
  • Anson, M.J. P. (2002). “Hedge funds”, The Handbook of Financial Instruments, Ed.: Frank J. Fabozzi, New Jersey: John Wiley & Sons Inc..
  • Aydın, F. ve Us, V. (2008). “Hedge fonlar: Eğilimler ve riskler”, TİSK Akademi, 3(5): 168-184.
  • Becker, B. ve Doherty-Minicozzi, C. (2000). “Hedge funds in global financial markets”, February, http://www.wilmerhale.com/files/Publication/6a289a5 9-73ba-4bb7-a1e5- 2b2232d858d2/Presentation/PublicationAttachment/d 40c0566-7cfc-4381-aa61- d30812777594/Markets.PDF, (16.04.2008).
  • Bernanke, B.S. (2006). “Hedge funds and systemic risk”, BIS Review http://www.bis.org/review/r060522a.pdf, (16.04.2008). 1-4,
  • Bunderverband Deutscher Banken (2007). “Making hedge funds more transparent”, Position Paper of the Association of German Banks”, Berlin, 15 May.
  • Cole, R.T., Feldberg, G. ve Lynch, D. (2007). “Hedge funds, credit risk transfer and financial stability”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 7-17.
  • Crockett, A. (2007). “The evolution and regulation of hedge funds”, Financial Stability Review: Special issue on hedge funds, Banque de France, 10: 19-28.
  • Danielson, J. ve Zigrand, J. (2007). “Regulating hedge funds”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 29-36.
  • Delasantellis, J. (2006). “Hedge funds: Playing dice with the universe”, http://www.atimes.com/atimes/Global_Economy/HG 06Dj02.html, (18.04.2008).
  • Delice, G., Doğan, A. ve Uzun, M. (2004). “Finansal regülasyon ve piyasa disiplini”, C.Ü. İktisadi ve İdari Bilimler Dergisi, 5(1): 101-130.
  • Dreyfus, B. (2007). "What hedge funds risk", http://www.nakedcapitalism.com/2007/06/what- hedge-funds-risk.html, (12.05.2008).
  • Edwards, F.R. (2006). “Hedge funds and investor protection regulation”, Economic View, Federal Reserve Bank Of Atlanta, Fourth Quarter, 35-48.
  • Eichengreen, B. ve Mathieson, D. (1999). “Hedge funds: What do we really know?”, International Monetary Fund, September, http://www.imf.org/external/pubs/ft/issues/issues19/in dex.htm, (18.04.2008).
  • Enos, G. (2008). “Full disclosure”, BenefitsCanada, Spring, http://www.benefitscanada.com/investments/alternati ve/article.jsp?content=20080310_140551_2732, (18.06.2008).
  • Ferguson, R. ve Laster, D. (2007). “Hedge funds and systemic risk”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 45-54.
  • Financial Services Authority (FSA), (2005). “Hedge funds: A discussion of risk and regulatory engagement”, Discussion Paper, June.
  • Foster, D.P. ve Young, H.P. (2008). “The hedge fund game: Incentives, excess returns and piggy-backing”, March 2,
  • http://ideas.repec.org/p/oxf/wpaper/378.html, (26.05.2008).
  • Fung, W. ve Hsieh, D. (1999). “A primer on hedge funds”, Journal of Empirical Finance, (6): 309-331.
  • Fung, W. ve Hsieh, D. (2006). “Hedge funds: An industry in its adolescence”, Economic Review, Federal Reserve Bank of Atlanta Fourth Quarter, 1-34.
  • Garbaravicius, T. ve Dierick, F. (2005). “Hedge funds and their implications for financial stability”, European Central Bank, Occasional Paper Series, No. 34, August.
  • The Hedge Fund Working Group (HFWG), (2008). “Hedge fund http://www.pellin.co.uk/HFWG/Final-Report.pdf, (14.06.2008). report”, January,
  • Hedges, J.R. (2005). Hedges on Hedge Funds: How to Successfully Analyze and Select an Investment, New Jersey: John Wiley & Sons, Inc..
  • Holt, C. (2008). “Survey: Hedge funds report more frequently than http://seekingalpha.com/article/80714-survey-hedge- funds-report-more-frequently-than-other-asset- managers, (12.05.2008). June 10,
  • Huisman, R. ve Koedijk, K.G. (1998). “Financial market competition: DeEconomist, 146(3): 463–473. of transparency”,
  • Hutchings, W. (2008). “Industry assets hit $1,9 trillion”, January http://www.efinancialnews.com/usedition/index/conte nt/2349664184, (02.06.2008). 31,
  • Jorion, P. (2008). “How to resolve hedge fund transparency”, June 9, http://www.pionline.com/apps/pbcs.dll/article?AID=/ 20080609/PRINTSUB/568354356/1026/TOC, (16.07.2008).
  • Kambhu, J., Schuermann, T. ve Stiroh, K.J. (2007). “Hedge funds, financial intermediation and systemic risk”, Federal Reserve Bank of New York Staff Reports, No. 291, July.
  • Lhabitant, F. (2006). Handbook of Hedge Funds, Chichester: John Wiley & Sons Ltd..
  • Lipsky, J. (2007). “International financial markets: Stability and transparency in the 21st century”, Keynote Speech at the Social Democratic Party Caucus, Berlin, June 20, http://www.imf.org/external/np/speeches/2007/06200 7.htm, (12.06.2008).
  • Mccarthy, C. (2007). “Transparency requirements and hedge funds”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 77-83.
  • Nouy, D. (2007). “Indirect supervision of hedge funds”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 95-104.
  • Noyer, C. (2007). “Hedge funds: What are the main issues?”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 105-111.
  • Papademos, L.D. (2007). “Monitoring hedge funds: A financial stability perspective”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 113-125.
  • Podkaminer, L. (2006). “Hedge funds and financial stability”, http://www.europarl.europa.eu/comparl/econ/emu/200 61010/podkaminer.pdf, 12.03.2008.
  • Postelnicu, A. (2006). “Funds: New ratings for hedge funds”, September 6, http://www.iht.com/articles/2006/09/05/bloomberg/bx fund.php, (10.06.2008).
  • Prada, M. (2007). “The world of hedge funds: Prejudice and reality, the AMF’s contribution to the debate on alternative investment strategies”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 127-135.
  • Rato, R. (2007). "Expanding world economy is risky business”, Globe http://www.imf.org/external/np/vc/2007/061807.htm, (12.12.2007). Mail, June 18,
  • The Report of The President’s Working Group on Financial Markets, (1999). “Hedge funds, leverage and the lessons of Long-Term Capital Management”, April.
  • Ryback, W.A. (2007). “Hedge funds in emerging markets”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 143-149.
  • Securities and Exchange Commission (SEC), (2003). “Implications of the growth of hedge funds”, September, http://www.sec.gov/news/studies/hedgefunds0903.pdf , (12.03.2008).
  • Vishwanath, T. ve Kaufmann, D. (1999). “Towards transparency in finance and governance”, The World Bank Draft, September.
  • Walter, N. (2006). "Hedge funds and financial stability”, October, http://www.europarl.europa.eu/comparl/econ/emu/200 61010/walter.pdf, (18.04.2008).
  • Weber, A. (2007). “Hedge funds: A central bank perspective”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 161- 168.
  • Yatırım Fonlarına İlişkin Esaslar Tebliği (Seri:VII, No: 10), Sermaye Piyasası Kurulu.
  • Yatırım Fonlarına İlişkin Esaslar Tebliğinde Değişiklik Yapılmasına Dair Tebliğ (Seri: VII, No: 29), Sermaye Piyasası Kurulu.
  • Yıldız, T.E. (2004), “Hedge fonların işleyişi”, Yeterlik Etüdü, SPK, İstanbul, Haziran.
  • http://www.tdk.gov.tr/TR/SozBul.aspx?F6E10F8892433CFF AAF6AA849816B2EF4376734BED947CDE&Kelim e=%u015feffaf, (12.06.2008).
  • http://financial- dictionary.thefreedictionary.com/transparency, (12.06.2008).

HEDGE FONLAR VE ŞEFFAFLIK SORUNU

Yıl 2009, Sayı: 24, - , 20.06.2015

Adem Anbar

Öz

Hedge fonlar global finansal piyasalarda giderek daha önemli bir oyuncu haline geldikçe, hedge fonlarda şeffaflık sorunlarına ve şeffaflığın arttırılması gerektiğine ilişkin tartışmalar da artmaktadır. Şeffaflık, hem hedge fon yatırımcıları ve finansal karşıtaraflar için hem de düzenleyici kurumlar ve diğer piyasa üyeleri için oldukça önemli bir konudur. Fakat şeffaflığın arttırılmasına gerek olup olmadığı veya şeffaflığın nasıl arttırılabileceğine ilişkin farklı görüşler bulunmaktadır. Bu çalışmada, hedge fon sektöründe şeffaflık sorunu değerlendirilmiş ve şeffaflığı artırmak için önerilen yöntemler incelenmiştir

Anahtar Kelimeler

Yatırım fonları hedge fonlar şeffaflık doğrudan düzenleme dolaylı düzenleme

Kaynakça

  • “Recent developments in hedge funds” (2006). Financial Systems Financial Markets Department, Bank of Japan, June 13. Department,
  • Adams, C. (2005). “Hedge funds and financial market dynamics: Some perspectives from the Asian experience”, September.
  • Anson, M.J. P. (2002). “Hedge funds”, The Handbook of Financial Instruments, Ed.: Frank J. Fabozzi, New Jersey: John Wiley & Sons Inc..
  • Aydın, F. ve Us, V. (2008). “Hedge fonlar: Eğilimler ve riskler”, TİSK Akademi, 3(5): 168-184.
  • Becker, B. ve Doherty-Minicozzi, C. (2000). “Hedge funds in global financial markets”, February, http://www.wilmerhale.com/files/Publication/6a289a5 9-73ba-4bb7-a1e5- 2b2232d858d2/Presentation/PublicationAttachment/d 40c0566-7cfc-4381-aa61- d30812777594/Markets.PDF, (16.04.2008).
  • Bernanke, B.S. (2006). “Hedge funds and systemic risk”, BIS Review http://www.bis.org/review/r060522a.pdf, (16.04.2008). 1-4,
  • Bunderverband Deutscher Banken (2007). “Making hedge funds more transparent”, Position Paper of the Association of German Banks”, Berlin, 15 May.
  • Cole, R.T., Feldberg, G. ve Lynch, D. (2007). “Hedge funds, credit risk transfer and financial stability”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 7-17.
  • Crockett, A. (2007). “The evolution and regulation of hedge funds”, Financial Stability Review: Special issue on hedge funds, Banque de France, 10: 19-28.
  • Danielson, J. ve Zigrand, J. (2007). “Regulating hedge funds”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 29-36.
  • Delasantellis, J. (2006). “Hedge funds: Playing dice with the universe”, http://www.atimes.com/atimes/Global_Economy/HG 06Dj02.html, (18.04.2008).
  • Delice, G., Doğan, A. ve Uzun, M. (2004). “Finansal regülasyon ve piyasa disiplini”, C.Ü. İktisadi ve İdari Bilimler Dergisi, 5(1): 101-130.
  • Dreyfus, B. (2007). "What hedge funds risk", http://www.nakedcapitalism.com/2007/06/what- hedge-funds-risk.html, (12.05.2008).
  • Edwards, F.R. (2006). “Hedge funds and investor protection regulation”, Economic View, Federal Reserve Bank Of Atlanta, Fourth Quarter, 35-48.
  • Eichengreen, B. ve Mathieson, D. (1999). “Hedge funds: What do we really know?”, International Monetary Fund, September, http://www.imf.org/external/pubs/ft/issues/issues19/in dex.htm, (18.04.2008).
  • Enos, G. (2008). “Full disclosure”, BenefitsCanada, Spring, http://www.benefitscanada.com/investments/alternati ve/article.jsp?content=20080310_140551_2732, (18.06.2008).
  • Ferguson, R. ve Laster, D. (2007). “Hedge funds and systemic risk”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 45-54.
  • Financial Services Authority (FSA), (2005). “Hedge funds: A discussion of risk and regulatory engagement”, Discussion Paper, June.
  • Foster, D.P. ve Young, H.P. (2008). “The hedge fund game: Incentives, excess returns and piggy-backing”, March 2,
  • http://ideas.repec.org/p/oxf/wpaper/378.html, (26.05.2008).
  • Fung, W. ve Hsieh, D. (1999). “A primer on hedge funds”, Journal of Empirical Finance, (6): 309-331.
  • Fung, W. ve Hsieh, D. (2006). “Hedge funds: An industry in its adolescence”, Economic Review, Federal Reserve Bank of Atlanta Fourth Quarter, 1-34.
  • Garbaravicius, T. ve Dierick, F. (2005). “Hedge funds and their implications for financial stability”, European Central Bank, Occasional Paper Series, No. 34, August.
  • The Hedge Fund Working Group (HFWG), (2008). “Hedge fund http://www.pellin.co.uk/HFWG/Final-Report.pdf, (14.06.2008). report”, January,
  • Hedges, J.R. (2005). Hedges on Hedge Funds: How to Successfully Analyze and Select an Investment, New Jersey: John Wiley & Sons, Inc..
  • Holt, C. (2008). “Survey: Hedge funds report more frequently than http://seekingalpha.com/article/80714-survey-hedge- funds-report-more-frequently-than-other-asset- managers, (12.05.2008). June 10,
  • Huisman, R. ve Koedijk, K.G. (1998). “Financial market competition: DeEconomist, 146(3): 463–473. of transparency”,
  • Hutchings, W. (2008). “Industry assets hit $1,9 trillion”, January http://www.efinancialnews.com/usedition/index/conte nt/2349664184, (02.06.2008). 31,
  • Jorion, P. (2008). “How to resolve hedge fund transparency”, June 9, http://www.pionline.com/apps/pbcs.dll/article?AID=/ 20080609/PRINTSUB/568354356/1026/TOC, (16.07.2008).
  • Kambhu, J., Schuermann, T. ve Stiroh, K.J. (2007). “Hedge funds, financial intermediation and systemic risk”, Federal Reserve Bank of New York Staff Reports, No. 291, July.
  • Lhabitant, F. (2006). Handbook of Hedge Funds, Chichester: John Wiley & Sons Ltd..
  • Lipsky, J. (2007). “International financial markets: Stability and transparency in the 21st century”, Keynote Speech at the Social Democratic Party Caucus, Berlin, June 20, http://www.imf.org/external/np/speeches/2007/06200 7.htm, (12.06.2008).
  • Mccarthy, C. (2007). “Transparency requirements and hedge funds”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 77-83.
  • Nouy, D. (2007). “Indirect supervision of hedge funds”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 95-104.
  • Noyer, C. (2007). “Hedge funds: What are the main issues?”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 105-111.
  • Papademos, L.D. (2007). “Monitoring hedge funds: A financial stability perspective”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 113-125.
  • Podkaminer, L. (2006). “Hedge funds and financial stability”, http://www.europarl.europa.eu/comparl/econ/emu/200 61010/podkaminer.pdf, 12.03.2008.
  • Postelnicu, A. (2006). “Funds: New ratings for hedge funds”, September 6, http://www.iht.com/articles/2006/09/05/bloomberg/bx fund.php, (10.06.2008).
  • Prada, M. (2007). “The world of hedge funds: Prejudice and reality, the AMF’s contribution to the debate on alternative investment strategies”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 127-135.
  • Rato, R. (2007). "Expanding world economy is risky business”, Globe http://www.imf.org/external/np/vc/2007/061807.htm, (12.12.2007). Mail, June 18,
  • The Report of The President’s Working Group on Financial Markets, (1999). “Hedge funds, leverage and the lessons of Long-Term Capital Management”, April.
  • Ryback, W.A. (2007). “Hedge funds in emerging markets”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 143-149.
  • Securities and Exchange Commission (SEC), (2003). “Implications of the growth of hedge funds”, September, http://www.sec.gov/news/studies/hedgefunds0903.pdf , (12.03.2008).
  • Vishwanath, T. ve Kaufmann, D. (1999). “Towards transparency in finance and governance”, The World Bank Draft, September.
  • Walter, N. (2006). "Hedge funds and financial stability”, October, http://www.europarl.europa.eu/comparl/econ/emu/200 61010/walter.pdf, (18.04.2008).
  • Weber, A. (2007). “Hedge funds: A central bank perspective”, Financial Stability Review: Special Issue on Hedge Funds, Banque de France, 10: 161- 168.
  • Yatırım Fonlarına İlişkin Esaslar Tebliği (Seri:VII, No: 10), Sermaye Piyasası Kurulu.
  • Yatırım Fonlarına İlişkin Esaslar Tebliğinde Değişiklik Yapılmasına Dair Tebliğ (Seri: VII, No: 29), Sermaye Piyasası Kurulu.
  • Yıldız, T.E. (2004), “Hedge fonların işleyişi”, Yeterlik Etüdü, SPK, İstanbul, Haziran.
  • http://www.tdk.gov.tr/TR/SozBul.aspx?F6E10F8892433CFF AAF6AA849816B2EF4376734BED947CDE&Kelim e=%u015feffaf, (12.06.2008).
  • http://financial- dictionary.thefreedictionary.com/transparency, (12.06.2008).
Toplam 51 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Adem Anbar Bu kişi benim

Yayımlanma Tarihi 20 Haziran 2015
Yayımlandığı Sayı Yıl 2009 Sayı: 24

Kaynak Göster

APA Anbar, A. (2015). HEDGE FONLAR VE ŞEFFAFLIK SORUNU. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(24).
AMA Anbar A. HEDGE FONLAR VE ŞEFFAFLIK SORUNU. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. Haziran 2015;(24).
Chicago Anbar, Adem. “HEDGE FONLAR VE ŞEFFAFLIK SORUNU”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 24 (Haziran 2015).
EndNote Anbar A (01 Haziran 2015) HEDGE FONLAR VE ŞEFFAFLIK SORUNU. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 24
IEEE A. Anbar, “HEDGE FONLAR VE ŞEFFAFLIK SORUNU”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 24, Haziran 2015.
ISNAD Anbar, Adem. “HEDGE FONLAR VE ŞEFFAFLIK SORUNU”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 24 (Haziran 2015).
JAMA Anbar A. HEDGE FONLAR VE ŞEFFAFLIK SORUNU. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2015.
MLA Anbar, Adem. “HEDGE FONLAR VE ŞEFFAFLIK SORUNU”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 24, 2015.
Vancouver Anbar A. HEDGE FONLAR VE ŞEFFAFLIK SORUNU. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2015(24).

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