Cover -- Half-title -- Title -- Copyright -- Contents -- Figures -- Tables -- Preface -- 1 The issues -- Structure of the book -- 2 What is a hedge fund? -- Defining hedge funds by organisation -- The regulatory framework in the United States -- The regulatory framework outside the United States -- Defining hedge funds by strategy -- Macro hedge funds -- Arbitrage-type strategies -- Numbers and size of hedge funds -- Performance of hedge funds -- 3 Hedge funds in east Asia -- Highly leveraged institutions in Asia -- The 1998 IMF study on hedge funds -- Relative institutional size -- Hedge funds and the baht -- Hedge funds and proprietary trading desks -- The political economy of the IMF study -- Conclusion -- 4 Hong Kong -- The economic context -- Price dynamics in markets -- Establishing positions ... -- ... in equities ... -- ... and in the HK dollar -- Generating price action -- Exiting positions -- An assessment -- Conclusion -- 5 Indonesia, Malaysia and Singapore -- Indonesia -- The economic context -- Price dynamics in financial markets -- Malaysia -- The economic context -- Price dynamics in financial markets -- Singapore -- The economic context -- Price dynamics in financial markets -- An assessment -- 6 Australia and New Zealand -- The economic context -- Price dynamics in the foreign-exchange market -- The Australian dollar -- The New Zealand dollar -- Evaluating the episode -- Differences in tactics -- Econometric evidence of overshooting -- Conclusion -- Appendix 6A: Hedging strategies in Australia and New Zealand -- 7 Models of market dynamics -- Herding -- Noise trading -- Information cascades -- Principal-agent concerns -- Market manipulation -- Multiple equilibria -- Conclusion -- Appendix 7A -- 8 Inferring hedge fund positions from returns data -- The Brown, Goetzman and Park method -- An evaluation of the method -- Conclusion.

9 Looking forward -- The future of hedge funds -- Hedge funds are here to stay ... -- ... including the macro hedge funds -- Policy issues -- The case for policy action -- Principles in designing policy -- Disclosure of positions -- Margining requirements -- Codes of conduct -- Regulating electronic broking in foreign-exchange markets -- Direct or indirect regulation -- Limiting access of non-residents -- Endpiece -- References -- Index.