One in five hedge fund managers misrepresents their fund or its performance to investors during formal due diligence investigations, research from New York University's Stern School of Business suggests.
The research is likely to be a further blow to the reputation of a battered industry, which has faced increasing demands for transparency from investors in the wake of the credit crisis.
Using confidential data taken from 444 due diligence reports commissioned by investors between 2003 and 2008, academics at Stern analysed the extent to which hedge fund managers' representations about their funds differed from reality.
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