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Hedge funds vs. Mutual funds : estratégias diferentes : retornos diferentes
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Resumo(s)
A crise financeira que abalou profundamente os mercados financeiros veio tornar evidente que algo estava mal. Com ligações profundas ao fenómeno do "subprime" originário do mercado americano e aos movimentos especulativos geradores de constantes subidas dos preços dos ativos transacionados em Bolsa, muitos especialistas relacionaram rapidamente tais movimentos com os "Hedge Funds", identificando-os como os principais agentes responsáveis pela crise que se instalou.
Pelo lado regulamentar, as entidades reguladoras dos mercados financeiros assim como os próprios países, foram tomando medidas no sentido de modificar algumas das regras que permitiram que ela acontecesse. Também os Bancos Centrais "ajudaram" a atenuar os seus impactos injetando quantidades maciças de dinheiro, num processo nunca antes visto.
Cada qual no seu campo tentou suster os impactos mas sobre as causas, pouco foi feito porque os princípios sobre o qual o sistema financeiro funciona não foram ainda tocados. De qualquer forma a intenção dessas autoridades é a de proporcionar ao mercado uma maior transparência sobre todos os instrumentos financeiros (nomeadamente os produtos derivados) que são transacionados em Bolsa.
O objetivo deste trabalho é estudar, a partir dos indicadores conhecidos, os níveis de rendibilidade, risco e performance dos "Hedge Funds" de forma a compreender a sua atratividade. Para isso comparamo-los com os "Mutual Funds".
Concluímos que os "Hedge Funds" avaliados à luz dos indicadores tradicionais apesar de serem mais complexos do que os "Mutual Funds", apresentam melhores resultados em todos os aspetos considerados.
The financial crisis that shook financial markets came deeply becomes apparent that something was wrong. With deep connections to the phenomenon of "subprime" originating from the U.S. market and the speculative generators constant rises in asset prices traded on the stock exchange , many experts quickly such movements related to the "Hedge Funds" , identifying them as the main agents responsible by the crisis that has developed . On the regulatory side, the regulators of the financial markets as well as their own countries were taking steps to modify some of the rules that allowed it to happen. Also the central banks "helped" to mitigate its impact by injecting massive amounts of money, a process never before seen. Each in his own field but tried to sustain the impacts on the causes, little has been done because the principles on which the financial system works not yet been touched. Anyway the intention of these authorities is to provide the market with greater transparency on all financial instruments (including derivatives) that are traded on the stock exchange. The objective of this work is to study, from the known indicators, the levels of profitability, risk and performance of the "Hedge Funds" in order to understand its attractiveness. For this we compare them with the "Mutual Funds?. We conclude that the "Hedge Funds" evaluated against the traditional indicators, although more complex than the "Mutual Funds", show the best results in all aspects considered.
The financial crisis that shook financial markets came deeply becomes apparent that something was wrong. With deep connections to the phenomenon of "subprime" originating from the U.S. market and the speculative generators constant rises in asset prices traded on the stock exchange , many experts quickly such movements related to the "Hedge Funds" , identifying them as the main agents responsible by the crisis that has developed . On the regulatory side, the regulators of the financial markets as well as their own countries were taking steps to modify some of the rules that allowed it to happen. Also the central banks "helped" to mitigate its impact by injecting massive amounts of money, a process never before seen. Each in his own field but tried to sustain the impacts on the causes, little has been done because the principles on which the financial system works not yet been touched. Anyway the intention of these authorities is to provide the market with greater transparency on all financial instruments (including derivatives) that are traded on the stock exchange. The objective of this work is to study, from the known indicators, the levels of profitability, risk and performance of the "Hedge Funds" in order to understand its attractiveness. For this we compare them with the "Mutual Funds?. We conclude that the "Hedge Funds" evaluated against the traditional indicators, although more complex than the "Mutual Funds", show the best results in all aspects considered.
Descrição
Mestrado em Finanças
Palavras-chave
Hedge Funds Mutual Funds Rendibilidades de Hedge Funds Rendibilidades de Mutual Funds Riscos de Hedge Funds Riscos de Mutual Funds Performance of Hedge Fund Performance of Mutual Funds Hedge Fund Risks Mutual Funds Risks.
Contexto Educativo
Citação
Gonçalves, Rodrigo Miguel Moutinho (2013). "Hedge funds vs. Mutual funds : estratégias diferentes : retornos diferentes". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão