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29.01.2013 klo 13:30

OP-Pohjola Group Research Foundation Doctoral Dissertation Award to a hedge fund researcher

Petri Jylhä's, D.Sc. (Econ. & Bus. Adm.), doctoral dissertation "Essays on the Economics of Hedge Funds" at the Aalto University School of Business has been awarded the first prize in the OP-Pohjola Group Research Foundation Doctoral Thesis competition. The award is worth 10,000 euros.

The doctoral dissertation consists of four essays that examine hedge funds from various perspectives. Hedge funds refer to funds which often involve high risks and seek to increase their returns in all market conditions.

The first essay investigates hedge fund operations in international financial markets. Based on the results, funds generally engage in traditional interest rate differential trading, which involves borrowing funds in low-interest currencies and investing in high-interest currencies.

The funds may grow so large that their trades in currency markets affect exchange rates and interest rates. Such was the case in autumn 2008 when capital drain from hedge funds strengthened the Japanese yen and weakened many high-interest currencies.

The second essay demonstrates that hedge funds provide liquidity on the stock market. The results show that funds buy stocks that other investors want to sell and sell stocks that others want to buy. Thus, hedge funds improve market liquidity and reduce fluctuations in share prices.

The third essay shows that capital flows have a significant impact on hedge fund yields. When investors invest capital in funds, the existing investments grow, which in turn increases the value of the investments in the fund.

The fourth essay examines hedge fund return reporting. According to the results, some hedge funds misreport their return figures at times in order to advance their own cause. Misreporting can artificially increase the size of a fund and allow for invoicing of higher commissions or, for example, revise return history to make it more attractive for new investors.

The award-winning doctoral dissertation was approved in the academic year 2011-12 and was rated as a high-grade study by its examiners. The Board of OP-Pohjola Group Research Foundation selected the winner.

For more information, please contact:
Maarit Lindström, Representative of OP-Pohjola Group Research Foundation, tel. +358 (0)40 531 8262



OP-Pohjola Group is Finland's leading financial services group providing a unique range of banking, investment and insurance services. The Group's mission is to promote 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.

 

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