The Anglo-Americanization of global finance: the case of hedge funds
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| Sprache: | English |
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| Beschreibung: | X, 233 Bl. graph. Darst |
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Datensatz im Suchindex
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| adam_text | THE ANGLO-AMERICANIZATION
OF GLOBAL FINANCE
THE CASE OF HEDGE FUNDS
INAUGURALDISSERTATION
ZUR ERLANGUNG DES GRADES EINES DOKTORS DER PHILOSOPHIE
IM FACHBEREICH GESELLSCHAFTSWISSENSCHAFTEN
DER JOHANN-WOLFGANG-GOETHE-UNIVERSITAT
ZU FRANKFURT AM MAIN
VORGELEGT VON
JAN FICHTNER
AUS BREMEN
EINREICHUNGSJAHR: 2014
ERSCHEINUNGSJAHR: 2014
1. GUTACHTER: PROF. DR. ANDREAS NOLKE
2. GUTACHTER: PROF. DR. ALEXANDER EBNER
TAG DER MIINDLICHEN PRIIFIING: 2. JUNI 2014
HTTP://D-NB.INFO/1052958168
SHORT CONTENTS
CONTENTS III
LIST OF TABLES
AND FIGURES VII
ACKNOWLEDGEMENTS IX
1 INTRODUCTION 1
2 ANGLO-AMERICA, ANGLOSPHERE, LOCKEAN HEARTLAND: THEORIZING THE
TRANSNATIONAL CORE OF INTERNATIONAL RELATIONS AND GLOBAL FINANCE 19
3 CONCEPTUALIZING HEDGE FUNDS: BEYOND ARBITRAGEURS AND SPECULATORS 41
4 THE RISE OF HEDGE FUNDS: A STORY OF INEQUALITY 58
5 HEDGE FUNDS: AGENTS OF CHANGE FOR FINANCIALIZATION 84
6 RHENISH CAPITALISM MEETS ACTIVIST HEDGE FUNDS:
BLOCKHOLDERS AND THE IMPACT OF IMPATIENT CAPITAL 104
7 PRIVATEERS OF THE CARIBBEAN: THE HEDGE FUNDS-US-UK-OFFSHORE NEXUS 128
8 ANGLO-AMERICA S TRUE DOMINANCE IN GLOBAL FINANCE 155
9 CONCLUSION 183
REFERENCES 203
II
CONTENTS
LIST OF TABLES
AND FIGURES VII
ACKNOWLEDGEMENTS IX
1 INTRODUCTION 1
1.1 TOPIC OF THIS DISSERTATION 2
1.2 CONTRIBUTION OF THIS DISSERTATION 3
1.3 THEORETICAL APPROACH AND CASE SELECTION 8
1.4 STRUCTURE OF THIS STUDY 11
2 ANGLO-AMERICA, ANGLOSPHERE, LOCKEAN HEARTLAND: THEORIZING THE
TRANSNATIONAL CORE OF INTERNATIONAL RELATIONS AND GLOBAL FINANCE 19
2.1 INTRODUCTION 19
2.2 ANGLO-AMERICA 21
2.3 ANGLOSPHERE 24
2.4 LOCKEAN HEARTLAND 29
2.5 ANGLO-AMERICA S ROLE FOR THE REEMERGENCE OF GLOBAL FINANCE 32
2.6 CONCLUSION 39
3 CONCEPTUALIZING HEDGE FUNDS: BEYOND ARBITRAGEURS AND SPECULATORS 41
3.1 INTRODUCTION 41
3.2 WHAT ARE HEDGE FUNDS AND
WHY STUDY THEM? 42
DEFINING HEDGE FUNDS 42
QUANTIFYING HEDGE FUNDS 44
COMPARING HEDGE FUNDS 46
3.3 THE EXISTING LITERATURE ABOUT HEDGE FUNDS 49
THE LITERATURE FROM ECONOMICS 49
THE LITERATURE FROM POLITICAL SCIENCE 53
THE GROWING INTERDISCIPLINARY LITERATURE 55
III
3.4 CONCLUSION 57
4 THE RISE OF HEDGE FUNDS: A STORY OF INEQUALITY 58
4.1 INTRODUCTION 58
4.2 THE HISTORY OF HEDGE FUNDS - HOW THE STORY OF INEQUALITY BEGAN 59
A. W. JONES - THE FOUNDING FATHER OF HEDGE FUNDS 60
HEDGE FUNDS DURING THE 1970S AND 1980S 61
HEDGE FUNDS DURING THE 1990S AND 2000S 63
4.3 THE (NON-) REGULATION OF HEDGE FUNDS - THE FIRST INGREDIENT OF
INEQUALITY 66
THE (NON-) REGULATION IN THE US 66
THE LEGAL DOMICILES OF HEDGE FUNDS 67
THE CENTRAL ROLE OF THE US AND THE UK 68
4.4 INCOME INEQUALITY AND THE RISE OF HEDGE FUNDS - THE SECOND
INGREDIENT 70
COMPARING INCOME INEQUALITY 70
THE TOP 0.1 PERCENT 72
HEDGE FUNDS SOURCES OF CAPITAL 75
4.5 THE FINANCIAL CRISIS - INEQUALITY AND HEDGE FUNDS AT WORK 78
INCOME INEQUALITY AND THE GREAT RECESSION 78
THE ROLE OF HEDGE FUNDS IN THE CRISIS 79
CONVERTING WEALTH INTO INFLUENCE 80
4.6 CONCLUSION 82
5 HEDGE FUNDS: AGENTS OF CHANGE FOR FINANCIALIZATION 84
5.1 INTRODUCTION 84
5.2 THE DIFFERENT INVESTMENT STRATEGIES BY HEDGE FUNDS 85
EQUITY HEDGE
86
RELATIVE VALUE
86
EVENT DRIVEN 87
GLOBAL MACRO 87
5.3 THE FINANCIALIZATION OF MARKETS 88
DEFINING MARKET ^. 88
HEDGE FUNDS AS MARKET LEADERS 89
HEDGE FUNDS FINANCIALIZE MARKETS 90
5.4 THE FINANCIALIZATION OF CORPORATIONS 92
IMPATIENT CAPITAL 94
HEDGE FUNDS FUEL PRIVATE EQUITY 94
DISCIPLINARY POWER 95
5.5 FINANCIAL INNOVATION , RISK AND THE FINANCIAL CRISIS 97
IV
HEDGE FUNDS AS PIONEERS AND INNOVATORS 97
HEDGE FUNDS AND THE SHADOW BANKING SYSTEM 98
HEDGE FUNDS, CDOS
AND THE FINANCIAL CRISIS 100
5.6 CONCLUSION 102
6 RHENISH CAPITALISM MEETS ACTIVIST HEDGE FUNDS:
BLOCKHOLDERS AND THE IMPACT OF IMPATIENT CAPITAL 104
6.1 INTRODUCTION 104
6.2 BLOCKHOLDING IN GERMANY: CONTINUITY AND CHANGE SINCE THE 1990S 106
TRADITIONAL BLOCKHOLDING IN GERMANY 106
BHCKHOLDINGS IN GERMANY IN LATE 2011 107
6.3 THE ROLE OF ACTIVIST HEDGE FUNDS 109
ACTIVIST HEDGE FUNDS AS IMPATIENT CAPITAL 110
EXISTING RESEARCH ON ACTIVIST HEDGE FUNDS ILL
6.4 RESEARCH DESIGN 113
CASE SELECTION PROCEDURE 114
DATA COLLECTION 116
6.5 CASE STUDY RESULTS 117
IWKA/KUKA 117
RHEINMETALL 119
CEWE COLOR 122
6.6 THE POTENTIAL DISCIPLINARY POWER OF ACTIVIST HEDGE FUNDS 124
6.7 CONCLUSION 126
7 PRIVATEERS OF THE CARIBBEAN: THE HEDGE FUNDS-US-UK-OFFSHORE NEXUS 128
7.1 INTRODUCTION 128
7.2 PRIVATEERS: BENEFIT AT THE EXPENSE OF OTHERS 129
PRIVATEERS IN HISTORICAL PERSPECTIVE 129
CENTERS
OF PRIVATEERING 132
THE DEMISE OF PRIVATEERING 133
7.3 THE LOCKEAN HEARTLAND 135
7.4 HEDGE FUNDS: PURSUIT OF DIFFERENTIAL GAINS 137
THE ORIGIN
AND THE RISE OF HEDGE FUNDS 137
ABSOLUTE OR DIFFERENTIAL RETURNS? 138
THE HEDGE FUND VALUE CHAIN 140
7.5 OFFSHORE AS AN ANGLO-AMERICAN PHENOMENON 144
THE ORIGINS
OF OFFSHORE 144
MEASURING OFC-INTENSITY 149
V
7.6 CONCLUSION 152
8 ANGLO-AMERICA S TRUE DOMINANCE IN GLOBAL FINANCE 155
8.1 INTRODUCTION 155
8.2 DOMINANCE IN CENTRAL CATEGORIES OF FINANCIAL INSTITUTIONS 156
THE LARGEST HEDGE FUNDS 156
THE LARGEST PRIVATE EQUITY FUNDS AND THEIR DOMICILES 157
THE LARGEST INVESTMENT BANKS 158
THE LARGEST ASSET MANAGERS 159
SYSTEMICALLY IMPORTANT BANKS AND INSURANCE COMPANIES 160
THE ROLE OF COORDINATION SERVICE FIRMS 163
8.3 DOMINANCE IN CENTRAL SEGMENTS OF GLOBAL FINANCE 164
GEOGRAPHICAL DISTRIBUTION OF OTC INTEREST RATE DERIVATIVES TRADING 164
GEOGRAPHICAL DISTRIBUTION OF GLOBAL FOREIGN EXCHANGE TRADING 166
CURRENCY COMPOSITION OF OFFICIAL FOREIGN EXCHANGE RESERVES 167
MARKET CAPITALIZATION OF PUBLICLY LISTED DOMESTIC CORPORATIONS 168
INTERNATIONAL PORTFOLIO INVESTMENT IN INDIVIDUAL JURISDICTIONS 170
INTERNATIONAL DIRECT INVESTMENT IN INDIVIDUAL JURISDICTIONS 173
INTERNATIONAL DEBT SECURITIES BY RESIDENCE OF ISSUER 174
EXTERNAL DEPOSITS OF BANKS 176
8.4 ANALYZING ANGLO-AMERICA S DOMINANCE: NY-LON AND ITS SATELLITES 178
9 CONCLUSION 183
9.1 FINDINGS OF THIS STUDY 185
9.2 IMPLICATIONS FOR
RESEARCH 194
9.3 IMPLICATIONS FOR POLICY 199
9.4 OUTLOOK 202
REFERENCES 203
CHAPTER 4 HAS BEEN PUBLISHED IN 2013 IN ABRIDGED FORM AS THE RISE OF
HEDGE FUNDS: A STORY OF INEQUALITY
IN MOMENTUM QUARTERLY, 2 (1), 3-20.
CHAPTER 5 HAS BEEN PUBLISHED IN 2013 IN ABRIDGED FORM AS HEDGE FUNDS:
AGENTS OF CHANGE FOR FINANCIALI-
ZATION IN CRITICAL PERSPECTIVES ON INTERNATIONAL BUSINESS, 9 (4),
358-376.
CHAPTER 7 HAS BEEN PUBLISHED IN 2014 IN ABRIDGED FORM AS PRIVATEERS OF
THE CARIBBEAN: THE HEDGE FUNDS-
US-UK-OFFSHORE NEXUS IN COMPETITION & CHANGE, 18 (1), 37-53.
VI
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