Hedge fondovi i njihova uloga u financijskoj krizi

master's thesis

• Title (english): Hedge Funds and their Role in Financial Crisis
• Author: Ivan Alerić
• Mentor: Jakša Krišto (mentor)
• Committee member: Anita Pavković (predsjednik povjerenstva)
• Committee member: Branka Tuškan (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2019-09-24, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Od trenutka kada su počeli djelovati na tržištu, hedge fondovi zaokupljaju ulagačku zajednicu. Dok ih neki smatraju financijskom institucijom koja svojim karakteristikama može pridonijeti efikasnosti tržišta kapitala, drugi ih smatraju sistemski rizičnima i opasnima zbog svoje relativno slabije transparentnosti i vještog izbjegavanja pojedinih regulatornih odredbi. Karakteriziraju ih i slobodniji izbor strategija ulaganja, kao i korištenje složenih instrumenata poput financijske poluge. Kroz svoju su povijest imali ulogu u nekoliko financijskih kriza, pa tako i u nedavnoj, što ih je učinilo kontroverznima. Uvriježeno je mišljenje kako su hedge fondovi svojim djelovanjem pridonijeli produbljivanju svjetske financijske krize iz 2007., što je potaknulo polemike o potrebi za izravnijom regulacijom tih financijskih institucija. Međutim, postoje i oprečne teze prema kojima su hedge fondovi bili tek „medij“ prenošenja financijske zaraze te da su u krizi bili među najteže pogođenim financijskim institucijama. Jedno od tržišta na kojima ova industrija nema toliku prisutnost jest i tržište postsocijalističkih zemalja središnje i istočne Europe. Među njima je i Hrvatska koja treba poraditi na nekoliko segmenata svojeg financijskog sustava kako bi se prilike za industriju hedge fondova, ali i za cjelokupnu industriju investicijskih fondova povećale.

Abstract (english)

From the very moment they appeared on financial markets, hedge funds drew interest from investment community. Some consider them an institution whose characteristics can make financial markets more efficient, while others consider them risky and dangerous due to their relatively weaker transparency and avoidance of regulation. Their additional features include relatively broader and flexible usage of investment strategies paired with complex instruments such as financial leverage. Their roles in a few financial crises, including the recent one, made them controversial. Generally accepted premise is that hedge funds contributed to deepening of financial crisis in 2007., which instigated discussion about urgency of more direct regulation of these financial institutions. On the other side, it can be argued that hedge funds were merely acting as an intermediaries of financial contagion which were also struck heavily during the crisis. One of the markets with opportunities for bigger presence is one of former socialist countries in central and eastern Europe. Amongst them is Croatia which needs to improve few aspects of its financial system in order to create opportunities for hedge funds industry, and generally investment funds industry.

• Keywords: hedge fondovi; financijska kriza; strategije ulaganja; financijska poluga
• Keywords (english): hedge funds; financial crisis; investment strategies; financial leverage
• Language: croatian
• URN:NBN: urn:nbn:hr:148:568485
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2019-09-24 18:25:49