kaal:claim:3405660-024

Any risk assessment of hedge funds as counterparties is necessarily incomplete, because there is no common measure for calculating leverage and exposure and because fund trading strategies are dynamic.

The absence of a common measure with which to calculate leverage and exposure and the dynamic nature of hedge funds ́ trading strategies is just one example that shows the incomplete nature of any risk assessment of hedge funds as counterparties.

Kaal, Indirect Regulation of Hedge Funds (2019), IV. Indirect Regulation, p. 19
https://ssrn.com/abstract=3405660 · source PDF

Kaal, Indirect Regulation of Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3405660

failuresupport: arguedfailure: no common leverage measurefamily: measurement-and-metric-failureresearch-methodsrisk-and-incentives

• extends kaal:claim:2714974-026 Direct regulation of hedge fund leverage collapses on the details because balance sheet leverage is not an ade...
• extends kaal:claim:2714974-027 Alternative risk measures such as value at risk have severe measurement problems, so any direct regulation of ...

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