OP-Pohjola Group's Doctoral Thesis Award presented for doctoral thesis on hedge fund performance and risk
(Thomson Reuters ONE) -
Press release, 9 February 2012
Juha Joenväärä's doctoral thesis "Essays on hedge fund performance and risk" at
the Oulu University has been awarded the first prize in OP-Pohjola Group's
Research Foundation's Doctoral Thesis competition. The award is worth 10,000
euros.
.
In his thesis, Juha Joenväärä studies novel methodologies, based on economic
theory and econometrics, of measuring and predicting hedge fund performance and
risks. The research results show that regulators and investors would clearly
benefit from the implementation of these methods.
The study examines how systemic risks can be measured using a new risk
indicator. By means of this indicator, regulators can identify hedge funds which
may threaten the stability of the financial system. According to the results,
regulators should above all concentrate on factors related to the capital
structure, counterparty risk and liquidity of funds, and not so much on
leverage, although the media and politicians have focused on them.
By using the new risk indicator, it is possible to choose hedge funds for
investment that are likely to offer diversification benefits in situations where
it is sorely needed, i.e. during periods of extreme negative market movements.
Judging by the research results, investment strategies based on liquid futures,
in particular, create considerable diversification benefits.
The thesis also shows that the performance of hedge funds can be particularly
well predicted by using indicators based on both the main characteristics of the
funds, such as fee structures and redemption terms, and on analysis of economic
cycles.
The Faculty of Economics and Business Administration of the University of Oulu
approved the thesis on 20 October 2010 with the grade "excellent".
Based on their own qualifier process, universities entered five doctoral
dissertations for the Research Foundation's competition organised for the tenth
time in a row. The Board of OP-Pohjola Group Research Foundation selects the
winner.
For more information, please contact: Matti Huomo, representative of the
Research Foundation, tel. 010 252 2232, matti.huomo (at) op.fi
OP-Pohjola Group is Finland's leading financial services group providing a
unique range of banking, investment and insurance services. The Group has the
mission of promoting the sustainable prosperity, well-being and security of its
owner-members, customers and operating regions through its local presence. Its
objective is to offer the best and most versatile package of loyal customer
benefits on the market. OP-Pohjola Group consists of some 200 member cooperative
banks and the Group's central institution, OP-Pohjola Group Central Cooperative,
with its subsidiaries and closely-related companies, the largest of which is the
listed company Pohjola Bank plc. With a staff of more than 13,000 OP-Pohjola
Group posted consolidated earnings of 518 million euros before tax in 2011 and
had total assets of 92 billion euros on 31 December 2011. The group has over
four million customers.
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originality of the information contained therein.
Source: Pohjola Pankki Oyj via Thomson Reuters ONE
[HUG#1584065]
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Datum: 09.02.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 112953
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