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1、外文翻译PredictingHedgeFundFraudMaterialSource:www.american.eduAuthor:NicolasP.B.Bollen,VeronikaK.PoolWidelypublicizedcasesofhedgefundfraudillustratedifferentwaysthatunscrupulousmanagerscanharminvestorsandhaverevivedcallsforgreaterregulatoryoversightoftheindustry.1TheSEC’s2008complaintagainsttwoBea
2、rStearnshedgefundmanagers,forexample,chargesthattheymisrepresentedtheperformanceofthefunds,theirexposuretosubprimemortgages,andthelevelofredemptionrequests.ThesemisrepresentationsviolateSection17(a)oftheSecuritiesActof1933andSection10(b)oftheSecuritiesExchangeActof1934,whichprohibitfraudulentpr
3、acticeswhenofferingsecurities.Morebrazenly,the$65billionBernardMadoffPonzischeme,whichluredhedgefundcapitalthroughavarietyoffeederfunds,wasbuiltaroundanentirelyfabricatedtradingstrategy.Inanefforttoidentifyfraudulentactivitybeforemassivelossesareincurred,institutionalinvestorsperformduediligenc
4、eandregulatorsexaminefunds,oftenafterreceivingcomplaintsfrominvestors.Indicatorsofhedgefundfraudcanbecategorizedintooperationalflagsandperformanceflags.Operationalflagsaretriggeredwhenattributesofafund’soperationsandorganizationalstructure,suchasintegrationofserviceprovidersandinfrequentaudits,
5、enablefraudulentactivity.Brownetal.(2008)reportstrongevidencethatfundsrunbymanagerswithpriorlegaltroublearesignificantlymorelikelytobeartheseoperationalrisks,andaremorelikelytofail.DimmockandGerken(2009)findthatfundsthattriggeroperationalflagsaremorelikelytobechargedwithSECviolationsinsubsequen
6、tyears.BothstudiesrelyondatafromSECFormADV,whichisrequiredannuallyundertheInvestmentAdvisorsAct.Manyhedgefundmanagersarecurrentlyexemptfromregisteringasinvestmentadvisors,however,hencethereisanongoingefforttoeliminateexemptionsandrequireallhedgefundmanagerstodisclosethepresenceofoperationalflag
7、s.Performanceflagsaretriggeredwhenattributesofafund’sreportedreturns,shareholderactivity,andassetgrowthareconsistentwithfraudulentactivity.Forexample,GregoriouandLhabitant(2008)describehowaMadofffeederfund,FairfieldSentry,reported
