Encyclopedia of Alternative Investments PDF
Preview Encyclopedia of Alternative Investments
Encyclopedia of Alternative Investments CCRRCC__CC66448888__FFmm..iinndddd ii 77//1177//22000088 11::0077::1122 PPMM CCRRCC__CC66448888__FFmm..iinndddd iiii 77//1177//22000088 11::0077::1144 PPMM Encyclopedia of Alternative Investments Edited by Greg N. Gregoriou CCRRCC__CC66448888__FFmm..iinndddd iiiiii 77//1177//22000088 11::0077::1144 PPMM Chapman & Hall/CRC Taylor & Francis Group 6000 Broken Sound Parkway NW, Suite 300 Boca Raton, FL 33487-2742 © 2009 by Taylor & Francis Group, LLC Chapman & Hall/CRC is an imprint of Taylor & Francis Group, an Informa business No claim to original U.S. Government works Printed in the United States of America on acid-free paper 10 9 8 7 6 5 4 3 2 1 International Standard Book Number-13: 978-1-4200-6488-9 (Hardcover) This book contains information obtained from authentic and highly regarded sources. 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For permission to photocopy or use material electronically from this work, please access www.copyright.com (http:// www.copyright.com/) or contact the Copyright Clearance Center, Inc. (CCC), 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400. CCC is a not-for-profit organization that provides licenses and registration for a variety of users. For orga- nizations that have been granted a photocopy license by the CCC, a separate system of payment has been arranged. Trademark Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. Library of Congress Cataloging-in-Publication Data Encyclopedia of alternative investments / editor, Greg N. Gregoriou. p. cm. Includes bibliographical references and index. ISBN 978-1-4200-6488-9 (hardback : alk. paper) 1. Investments--Encyclopedias. 2. Asset allocation--Encyclopedias. 3. Portfolio management--Encyclopedias. 4. Investment analysis--Encyclopedias. I. Gregoriou, Greg N., 1956- II. Title: Alternative investments. HG4513.E53 2008 332.603--dc22 2008015276 Visit the Taylor & Francis Web site at http://www.taylorandfrancis.com and the CRC Press Web site at http://www.crcpress.com CCRRCC__CC66448888__FFmm..iinndddd iivv 77//1177//22000088 11::0077::1144 PPMM Editorial Board Carole Alexander Dieter G. Kaiser University of Reading Feri Institutional Advisors GmbH Reading, England, UK Bad Homburg, Germany Keith Black Steve Kaplan Ennis Knupp and Associates University of Chicago Chicago,Illinois, USA Chicago, Illinois, USA Josh Lerner B. Wade Brorsen Harvard University Oklahoma State Cambridge,Massachusetts, USA Stillwater,Oklahoma, USA FranÇois-Serge Lhabitant Douglas Cumming University of Lausanne York University Lausanne, Switzerland and Toronto, Ontario, Canada EDHEC, Nice, France William Fung Colin Read London Business School State University of New York (Plattsburgh) London, England, UK Plattsburgh, New York, USA Michael Gorham Antoinette Schoar Illinois Institute of Technology Massachusetts Institute of Technology Chicago, Illinois, USA Cambridge, Massachusetts, USA Campbell Harvey Denis Schweizer Duke University European Business School (EBS) Durham,North Carolina, USA Oestrich-Winkel, Germany Scott H. Irwin Hilary F. Till University of Illinois at Urbana- Premia Capital Mgmt and EDHEC-Risk Champaign (Nice) Urbana,Illinois, USA Chicago, Illinois, USA CCRRCC__CC66448888__FFmm..iinndddd vv 77//1177//22000088 11::0077::1155 PPMM CCRRCC__CC66448888__FFmm..iinndddd vvii 77//1177//22000088 11::0077::1155 PPMM Contents Acknowledgments .....................................................................................................xxvii Introduction .................................................................................................................xxix Editor...........................................................................................................................xxxi Contributors ..............................................................................................................xxxiii List of Contributor Entries .......................................................................................xxxix A Agricultural Trade Option Merchant...........................................12 Absolute Return......................................1 Franziska Feilke Sean Richardson Allowances.............................................13 Absolute Return Index ...........................2 Abdulkadir Civan Elisabeth Stocker Alpha ......................................................13 Acceleration............................................3 Markus Leippold Douglas Cumming Alternative Asset ..................................14 Accredited Investor................................3 Begoña Torre Olmo Sean Richardson Alternative Asset Class ........................16 Active Premium......................................4 Marno Verbeek Carlos López Gutiérrez Alternative Alpha .................................17 Activists...................................................5 Georges Hübner Dieter G. Kaiser Alternative Betas ..................................17 Aftermarket.............................................6 Georges Hübner Colin Read Alternative Investment Aftermarket Orders ...............................7 Strategies...........................................18 Colin Read Zsolt Berenyi Aftermarket Performance.....................7 Angel Financing....................................20 Steven D. Dolvin Oana Secrieru Agency Problem ......................................8 Angel Groups........................................20 Oana Secrieru Stephan Bucher Aggregation ...........................................11 Angel Investor.......................................21 François-Éric Racicot Winston T. H. Koh vii CCRRCC__CC66448888__FFmm..iinndddd vviiii 77//1177//22000088 11::0077::1155 PPMM viii • Contents Annualized Compound B Return ................................................21 Backfilling Bias....................................37 Mohamed Djerdjouri Robert Pietsch Annualized Standard Back Pricing..........................................38 Deviation...........................................22 Bill N. Ding Mohamed Djerdjouri Approved Delivery Facility .................23 Backwardation......................................38 Ingo G. Bordon Hilary F. Till Arbitrage................................................24 Basis .......................................................39 Andreza Barbosa Hilary F. Till Arbitration............................................25 Basis Grade............................................40 Keith H. Black Sergio Sanfilippo Azofra Archangel...............................................26 Basis Swap..............................................41 Martin Hibbeln Francesco Menoncin Artificial Price ......................................26 Beauty Contest......................................41 Bill N. Ding Claudia Kreuz Asset Allocation....................................27 Benchmark ............................................42 Giampaolo Gabbi Asset-Based Style Factors....................29 Wolfgang Breuer Roberto Savona Beta .........................................................42 Asset-Weighted Index ..........................30 Raymond Théoret Timothy W. Dempseey Bid-Ask Spread......................................44 Assignment ............................................31 François-Éric Racicot Raymond Théoret Block Trade ............................................44 Associated Person.................................32 Paolo M. Panteghini Julia Stolpe Bonds (Overview of Types) ..................45 At-the-Money Option ...........................32 Karyn Neuhauser Raymond Théoret Bookbuilding ........................................47 Attrition Rates ......................................33 Edward J. Lusk Robert Pietsch Booking the Basis.................................49 Average Gain (Gain Mean)..................34 Ansgar Belke Galina Kalcheva Average Return .....................................35 Bottom-Up Investing ...........................49 Mohamed Djerdjouri Hayette Gatfaoui CCRRCC__CC66448888__FFmm..iinndddd vviiiiii 77//1177//22000088 11::0077::1155 PPMM Contents • ix Bridge Financing ..................................50 Carve-Out ..............................................66 Jens Burchardt Stefano Gatti Bridge Loan ...........................................52 Cash Commodity ..................................67 Christian Hoppe Keith H. Black BTOP 50 Index ......................................53 Cash Market ..........................................68 Jodie Gunzberrg Keith H. Black Bucketing...............................................54 Cash Settlement....................................69 Carlos López Gutiérrez Dengli Wang Buyer’s Market......................................55 Cash Settlement (An Example) ...........69 Begoña Torre Olmo Walter Orth C CDO........................................................70 Calendar Report ...................................57 François-Éric Racicot Bill N. Ding Certification..........................................71 Call Option ............................................58 Douglas Cumming M. Banu Durukan Chinese Wall .........................................71 Calmar Ratio .........................................61 Denis Schweizer CISDM Indexes .....................................72 Mehmet Orhan Laurent Favre Cancellation..........................................62 Clawback ................................................73 Keith H. Black Denis Schweizer Capital Call ...........................................62 Clearing Members ................................74 Philipp Krohmer Abdulkadir Civan Capital Commitment ...........................63 Clearing Organization.........................76 Markus Ampenberger Keith H. Black Capital Distribution.............................63 Clearing Price .......................................76 John F. Freihammer Robert Christopherson Capital Structure Arbitrage ................64 Closing ...................................................77 Georges Hübner Stuart A. McCrarry Carried Interest ....................................65 Coefficient of Determination .............78 Markus Ampenberger Fabrice Douglas Rouah Carrying Charge...................................66 Coffee Market.......................................79 Oliver A. Schwindler Zeno Adams CCRRCC__CC66448888__FFmm..iinndddd iixx 77//1177//22000088 11::0077::1155 PPMM
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