Abstract
It is nowadays hardly possible to open the Financial Times without noticing an article about hedge funds and the risks that they are believed to impose for their investors, their counterparties and even more significantly to the financial stability. What are these investment funds exactly and why is that much attention paid to this estimated two trillion dollar industry? What are these risks and are they really that threatening?
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References and Notes
Sir Winston Churchill in Enright, D. (2001) ‘The Wicked Wit of Winston Churchill’, Michael O’Mara Books Limited, London, p. 147.
Mackintosh, J. (2006) ‘Hedge funds ahead of estimates’, Financial Times, 29th November, 2006, p. 30.
Robotti, P. (2006) ‘Hedge Funds and Financial Stability: Explaining the Debate at the Financial Stability Forum’, Financial Markets Group, London School of Economics, London, p. 2.
Jones, A. W. (1949) ‘Fashion in forecasting’, Fortune Magazine, March 1949, pp. 88–91 and pp. 180–186.
Investopedia McWhinney, J. (2005) ‘A brief history of the hedge fund’, 8th November, 2005, www.investopedia.com/articles/mutualfund/05/HedgeFundHist.asp, Investopedia. Last accessed 8th December, 2007.
The best performing mutual fund at that time was the Fidelity Trend Fund, see Caldwell, T. (1995) ‘Introduction: The model for superior performance’, in Lederman, J. and Klein, R. A. (eds), ‘Hedge Funds. Investment and Portfolio Strategies for the Institutional Investor’, Irwin Professional Publishing, Chicago, p. 10.
Caldwell, ref. 6 above, p. 11.
In 1966 C. J. Loomis published the article ‘The Jones nobody keeps up with’, in which he described Jones's hedge fund methods whereupon hedge funds instantly got the attention of the investment community. In the three years after the publication the amount of hedge funds reached an estimated number of 140 (Caldwell, ref. 6 above, pp. 9–10).
Kaletsky, A. (1992) ‘The man who broke the Bank of England; George Soros’, The Times, 26th October, 1992.
Financial Stability Forum, Report of the working group on highly leveraged institutions (HLIs), FSF 5th April, 2000, http://www.fsforum.org/publications/Rep_WG_HLI00.pdf, Last accessed 8th December, 2007, pp. 5, 16 and 23.
FSF, ref. 10 above, p. 1.
FSF, ref. 10 above, p. 152.
The President's Working Group on Financial Markets, Hedge funds, leverage, and the lessons of Long-Term Capital Management, April 1999, http://www.treas.gov/press/releases/reports/hedgfund.pdf, Last accessed 8th December, 2007, p. 10.
PWG, ref. 13, above, p. 12, a gearing of 2,500 per cent means the borrowed funds of LTCM were 25 times as high as its own equity capital.
Eichengreen, B. and Mathieson, D. (1999) ‘Hedge funds: What do we really know?’, Economic issues, September 1999 (19), http://www.imf.org/external/pubs/ft/issues19/index.htm, International Monetary Fund. Last accessed 8th December, 2007.
PWG, ref. 13 above, p. 13.
Such as the President's Working Group in the US and the FSF Working Group on Highly Leveraged Institutions as an international forum.
Eichengreen, B. (2003) ‘Governing global financial markets. International responses to the hedge-fund problem’, in Kahler, M. and Lake, D. A. (eds), Governance in a Global Economy: Political Authority in Transition’, Princeton University Press, Princeton, p. 169.
Robotti, ref. 3 above, pp. 5–6.
Tett, G. (2006) ‘Why $6bn hedge fund loss left the finance world unruffled’, Financial Times 21st September, 2006, p. 1.
Williamson, C. (2007) ‘The legacy of Amaranth’, Pensions & Investments, Vol. 35, p. 1.
Grant, J. (2006) ‘CFTC probes Amaranth's Dollar 6bn loss regulation’, Financial Times 12th October, 2006, p. 21.
Davies, J. (2006) ‘Creating alpha or pi in the sky? The last word Jonathan Davies: Amaranth's loss of Dollars 6bn in two weeks raises questions about the competency of some hedge funds in managing risk’, Financial Times Report — FT Fund Management, 2nd October, 2006, p. 24.
Williamson, ref. 21 above.
Coggan, P. (2006) ‘An evolving sector that can't be ignored for long hedge funds: Are they an asset class in their own right? Do they outperform other asset classes? Despite some confusion and doubts about high costs, they are worth considering’, Financial Times, FT Report — FT Fund Management, 12th June, 2006, p. 12.
Eichengreen and Mathieson, ref. 15 above.
Atiyah, S. and Walters, A. (2004) ‘Hedge funds — An overview’, Journal of International Banking and Financial Law, Vol. 19, No. 5, p. 173.
Burgess, K. (2005) ‘Investment term for which there is no agreed definition’, Financial Times, 11th March, 2005, p. 3.
O’Halloran, R. B. (2004/2005) ‘Comments. An overview and analysis of recent interest in increased hedge fund regulation’, Tulane Law Review, Vol. 79, pp. 461–491, p. 463.
FSF, ref. 10 above, p. 8.
Robotti, P. (2003) ‘The political economy of hedge fund regulation’, Ph.D. thesis, University of Warwick, Coventry, p. 72.
Atiyah and Walters, ref. 27 above.
Robotti, ref. 31 above, p. 95 and Atiyah and Walters, ref. 27 above.
Valdez, S. (2000) ‘An Introduction to Global Financial Markets’, Palgrave, Hampshire, p. 343.
Scholes and Merton, Nobel Prize Winners in Economics.
Robotti, ref. 31 above, p. 76.
Atiyah and Walters, ref. 27 above. In the US for example the Trust Indenture Act of 1939 applies.
Dailey, G. C. (1995) ‘Prime brokerage’, in Lederman, J. and Klein, R. A. (eds), ‘Hedge Funds. Investment and Portfolio Strategies for the Institutional Investor’, Irwin Professional Publishing, Chicago, p. 233.
Atiyah and Walters, ref. 27 above.
Daníelsson, J., Taylor, A. and Zigrand, J. P. (2005) ‘Highwaymen or heroes: Should hedge funds be regulated?’, London School of Economics and FMG, September 2005, http://www.regattapress.com/ShouldHedgeFundsbeRegulated.pdf, Last accessed 8th December, 2007, pp. 4–5.
The value of the stock, which is sold short, will decrease faster in bear markets and the profits realised by the fund (value) will therefore increase faster (when picked correctly).
Jones, ref. 4 above.
Example as in Caldwell, ref. 6 above, p. 7.
Caldwell, ref. 6 above, p. 7.
Atiyah and Walters, ref. 27 above.
FSF, ref. 10 above, p. 15.
Robotti, ref. 31 above, p. 82.
Robotti, ref. 31 above, pp. 82–85.
Atiyah and Walters, ref. 27 above.
Atiyah and Walters, ref. 27 above.
IMF Research Department's Capital Markets and Financial Studies Division (2001) ‘Recent developments in the hedge fund industry’, 13th March, 2001, available as supplement of FSF 2001 on http://www.fsforum.org/publications/Progress_HLI01.pdf, Last accessed 8th December, 2007, p. 1.
Dailey, ref. 38 above, p. 235.
McWhinney, ref. 5 above.
Robotti, ref. 31 above, p. 76.
Atiyah and Walters, ref. 27 above.
Eichengreen and Mathieson, ref. 15 above.
Financial Stability Forum (2007) ‘Update of the FSF report on highly leveraged institutions’, FSF 19th May, 2007, http://www.fsforum.org/publications/HLI_Update-finalwithoutembargo19May07.pdf, Last accessed 8th December, 2007, p. 8.
PWG, ref. 13 above, p. 2.
FSF, ref. 57 above, p. 8.
PWG, ref. 13 above, p. 20.
Robotti, ref. 3 above, pp. 7–8, based on the IMF Occasional Paper Hedge Funds and Financial Market Dynamics (1999).
Kaal, W. A. (2006) ‘Hedge Fund Regulation by Banking Supervision: A Comparative Institutional Analysis’, Peter Lang, Oxford, pp. 73–96. This will be discussed in more detail in the fourth section.
Daníelsson et al., ref. 40 above, p. 5.
FSF, ref. 57 above, p. 8.
See for example the G7 top last February, Spalter, J. (2007) ‘Hedge funds face a stark choice: Revelation or regulation’, Financial Times 14th February, 2007, p. 15.
Daníelsson et al., ref. 40 above, p. 11.
PWG, ref. 13 above, pp. 16–21.
Leverage can also arise from the use of financial instruments, where, instead of paying the full face value of the position, only the margins are being posted.
Horwitz, R. (2004) ‘Hedge Fund Risk Fundamentals. Solving the Risk Management and Transparency Challenge’, Bloomberg Press, Princeton, pp. 37–46.
PWG, ref. 13 above, p. 11.
Daníelsson et al., ref. 40 above, pp. 11–12.
FSF, ref. 10 above, p. 15.
See the analysis of the Hennessee Group (2003) results in Daníelsson et al., ref. 40 above, p. 11: 84 per cent of the (examined!) hedge funds had a leverage ratio below 200 per cent and only 2 per cent had a leverage ratio above 500 per cent.
PWG, ref. 13 above, p. 14.
Financial Services Authority (2006) ‘Private equity: A discussion of risk and regulatory engagement’, FSA November 2006, http://www.fsa.gov.uk/pubs/discussion/dp06_06.pdf, Last accessed 8th December, 2007, p. 5.
Spalter, ref. 65 above.
FSA, ref. 75 above, pp. 30–31.
Mackintosh, J. (2007) ‘Warning on hedge funds’ conflict of interest’, Financial Times 14th March, 2007, p. 6.
Robotti, ref. 3 above, p. 19.
Mackintosh, ref. 78 above.
This is also one of the concerns expressed by the FSF; see Financial Stability Forum (2002) ‘The FSF recommendations and concerns raised by highly leveraged institutions (HLIs): An assessment’, FSF March 2002, http://www.fsforum.org/publications/FSF_recom_HLI02.pdf, Last accessed 8th December, 2007, p. 9.
Other fraudulent behaviour mentioned is misappropriation of assets, mispricing, inappropriate marketing, falsification of experience, credentials and past returns and misleading disclosure, see Daníelsson et al., ref. 40 above, p. 16.
The Netherlands Authority for the Financial Markets. ‘Hedge Funds: An exploratory study of conduct-related issues’, AFM August 2005, http://www.afm.nl/marktpartijen/upl_documents/Hedge_Funds_An_exploratory_study_of_conduct_related_issues.pdf, Last accessed 8th December, 2007, p. 70.
See for example Grant, J. and Ward, A. (2007) ‘Bogus audit case triggers swoop by industry regulators hedge funds’, Financial Times 25th January, 2007, p. 27.
Graybow, M. and Giannone, J. A. (2007) ‘US insider trading case could widen-legal experts’, Reuters, 2nd March, 2007, http://www.reuters.com/article/governmentFilingsNews/idUSN0234674520070302, Last accessed 8th December, 2007.
Daníelsson et al., ref. 40 above, p. 14.
Brunnermeier, M. K. and Nagel, S. (2004) ‘Hedge funds and the technology bubble’, The Journal of Finance, Vol. 59, No. 5, pp. 2013–2040. http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6261.2004.00690.x, Last accessed 8th December, 2007.
Daníelsson et al., ref. 40 above, p. 16.
Daníelsson et al., ref. 40 above, p. 12.
FSF, ref. 10 above, pp. 16–19.
FSF, ref. 10 above, pp. 17–19.
The Market Dynamics Study Group of the Financial Stability Working Group on Highly Leveraged Institutions, FSF, ref. 10 above, pp. 18 and 110–155.
FSF, ref. 10 above, p. 19.
Robotti, ref. 3 above, p. 14.
Daníelsson et al., ref. 40 above, p. 5.
Daníelsson et al., ref. 40 above, p. 5.
Reuters (2007) ‘Grassley seeks hedge fund registration’, 7th March, 2007 www.reuters.com/article/governmentFilingsNews/idUSN0727990320070307?pageNumber=1&virtualBrandChannel=0, Last accessed 8th December, 2007.
Barber, B. (2007) ‘Europe must rein in the power of private equity’, Financial Times, 16th March, 2007, p. 15.
Financieel Dagblad 2007 (2007) ‘DNB wijst banken op risico's beleggen in private equity’, Financieel Dagblad 14th March, 2007.
McWilliam, H. (2005) ‘The end of the rainbow’, Pensions World, 1st October, 2005, (27).
FSF, ref. 81 above, p. 9.
Daníelsson et al., ref. 40 above, p. 8.
Beales, R., Guerrera, F. and Politi, J. (2007) ‘Blackstone becomes first private equity group to file for IPO’, Financial Times 23rd March, 2007, p. 17. Blackstone is the first major US private equity group to go public. It is remarkable that Blackstone's business mainly consists of trading in assets that are not freely traded in on a public stock market, now goes public itself.
See among others Spikes, S. (2006) ‘B&G to list Sark fund on Euronext’, Financial Times 29th August, 2006, p. 18.
Mackintosh, J. (2006) ‘Fund managers hedge bets on ability to raise permanent ‘permanent capital’ for listing’, Financial Times 29th November, 2006, p. 23.
Daníelsson et al., ref. 40 above, p. 9.
Brendan Barber, general secretary of the UK's Trades Union Congress in Barber, ref. 98 above.
Spalter, ref. 65 above.
PWG, ref. 13 above, p.16.
Spalter, ref. 65 above.
Munchau, W. (2007) ‘The Germans have the right idea on hedge funds’, Financial Times 12th February, 2007, p. 19.
Munchau, ref. 111 above.
Daníelsson et al., ref. 40 above, pp. 17–18. The invisible hand is a term introduced by Adam Smith and describes the positive influence of an individual seeking wealth by following its own interest, on the economy and how it helps society as a whole.
Daníelsson et al., ref. 40 above, p. 10.
FSF, ref. 10 above, p. 10.
Daníelsson et al., ref. 40 above, pp. 19–20; this theory is rather controversial because hedge funds could act contrary as described before and then have the opposite effect.
Managed Fund Association. ‘MFS's 2005 sound practices for hedge fund managers’, MFA 2nd August, 2005, http://www.mfainfo.org/images/pdf/mfa2005soundpracticespublished.pdf, Last accessed 18th March, 2007, p. 9.
Daníelsson et al., ref. 40 above, p. 17.
Daníelsson et al., ref. 40 above, p. 17.
Robotti, ref. 3 above, p. 9.
Spalter, ref. 65 above, during a recent G7 top has been decided to ask the FSF to update its report on Highly Leveraged Institutions of 2000, see Benoit, B. and Atkins, R. (2007) ‘Germany's hedge fund plan wins G7 support’, Financial Times 11th February, 2007, p.1.
Kaal, ref. 62 above, pp. 74–75.
http://www.sec.gov/about/laws.shtml, Last accessed 8th December, 2007.
Section 6 Securities Act.
Sections 10 and 11 Securities Act.
Accredited investors are defined in Rule 501 of Regulation D. In short, it refers to financial-related companies and wealthy individuals. In practice, the amount of accredited investors is limited to 100 by the Investment Company Act of 1940.
A non-accredited investor is described as an investor that has ‘(…) such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment, or the issuer reasonably believes immediately prior to making any sale that such purchaser comes within this description’, Regulation D, Rule 506(b)(2)(ii).
Hammer, D. L., Reiser, C. S., Haynes, G. W., Koren, N. J., Caldwell, A. J., Frolik, J. J., Mickelson, C. E., Sacks, B. H., Milani, J. F. and Dunn, H. E. (2005) ‘U.S. Regulation of Hedge Funds’, American Bar Association, Chicago, pp. 112–126.
Regulation D Rule 502(d).
Kaal, ref. 62 above, p. 80.
Section 15 Exchange Act.
Section 3(a)(4) Exchange Act.
Section 3(a)(5) Exchange Act.
No-action letter as cited in Kaal, ref. 62 above, p. 81. For example: ‘acting as an underwriter or taking part in a selling group in any distribution of securities, quoting a market in any security, advertising or holding out to the public as a dealer or willing to buy or sell any security on a continuous basis’.
http://www.sec.gov/about/laws.shtml, Last accessed 8th December, 2007.
Section 8 Company Act.
Section 3(a)(1)(A) Company Act.
Section 16–19 Company Act.
Kaal, ref. 62 above, p. 88.
Hammer, ref. 128 above, pp. 62–74. It has to be noted that only US investors are counted for the 100 investors limit in case of a US fund.
Hammer, ref. 128 above, pp. 74–83. A qualified purchaser is defined in Section 2(a)(51) and could in short be described as a wealthy individual that owns at least US$5,000,000 in investments.
Kaal, ref. 62 above, pp. 89–91.
Section 202(a)(11) Advisers Act.
Hammer, ref. 128 above, p. 11 and Section 206 Advisers Act.
Bolter, A. R. (2005) ‘Regulation of hedge fund advisers: A valid exercise of rulemaking authority or the promulgation of new law?’, Administrative Law Review, Vol. 57, pp. 595–620, p. 602.
Goldstein v SEC, United States Court of Appeals for the District of Columbia Circuit, 23rd June, 2006, no. 04-1434, http://pacer.cadc.uscourts.gov/docs/common/opinions/200606/04-1434a.pdf, Last accessed 8th December, 2007, p. 7.
Bolter, ref. 145 above, pp. 601–610.
Goldstein v SEC, ref. 146 above.
Goldstein v SEC, ref. 146 above.
Section 1a(5) and 1a(6) CEA.
Hammer, ref. 128 above, pp. 171–173.
Kaal, ref. 62 above, pp. 95–96.
Hammer, ref. 128 above, p 170.
Hammer, ref. 128 above, pp. 43–45.
Hammer, ref. 128 above, p. 42.
Hammer, ref. 128 above, p. 170.
Mungovan, T. W. and Sablone, J. (2007) ‘The inevitability of hedge fund regulation in the US’, Journal of International Banking and Financial Law, Vol. 22, No. 2, p. 8.
Reuters, ref. 97 above.
Village Newsletter 09032007, p. 8, Albourne Village newsletters, available after registration on http://village.albourne.com/ or from the author.
http://www.fsa.gov.uk/Pages/About/What/Approach/index.shtml, Last accessed 8th December, 2007.
Section 19 FSMA.
FSA, ref. 75 above, p.3.
Kaal, ref. 62 above, pp. 100–101.
‘To gain permission to carry on regulated activities, an applicant must satisfy high level standards, (…) be aware of prudential requirements for adequate resources applicable to all firms and depending on the type of business of the applicant, be aware of the detailed prudential requirements in the applicable sourcebook’. Kaal, ref. 62 above, p. 104.
Section 23(3) FSMA.
Parry, H. (2001) ‘Hedge funds, hot markets and the high net worth investor: A case for greater protection’, Journal of International Banking Law, Vol. 16, No. 10, 255–264, p. 255, Section 238 FSMA and COB 3.11 FBH.
Section 21(1) FSMA.
Section 48 FPO.
Kaal, ref. 62 above, pp. 120–128.
Kaal, ref. 62 above, pp. 120–128.
Kaal, ref. 62 above, pp. 120–128.
Kaal, ref. 62 above, p. 123.
FSA, ref. 75 above, p. 30.
Financial Services Authority, Hedge funds and the FSA, FSA March 2003, http://www.fsa.gov.uk/Pages/Library/Policy/DP/2003/fs16.shtml, Last accessed 8th December, 2007.
FSA, ref. 75 above, p. 3.
Lecture of Robin Oliver at Queen Mary University of London, in the Dereck Willoughby Lecture theatre on 7th February, 2007, 10–12 am.
Autoriteit Financiële Markten.
De Nederlandsche Bank.
The FSA has effect from 1st January, 2007 and merges several financial-related acts. Investment funds were formerly regulated in the Supervision of Collective Investment Schemes Act, ‘Wet toezicht beleggingsinstellingen’ (‘Wtb’).
AFM, ref. 83 above, p. 49 and articles 2:67 and 5:59 Wft.
AFM, ref. 83 above, p. 49.
Article 1:12 Wft.
AFM, ref. 83 above, pp. 6, 28 and 29.These are only the funds that are not exempted, compared to 45 funds of funds that were licensed (April 2005).
AFM, ref. 83 above, pp. 7 and 30.
AFM, ref. 83 above, p. 46.
For example, the listing of Boussard & Gavaudan Asset Management's multi-strategy Sark fund, Spikes, ref. 104 above.
AFM, ref. 83 above, p. 46.
Village Newsletter, ref. 159 above 20070319, p. 9.
Chapter 15 of the UK Listing Rules FHB. It has to be noted that the FSA has proposed changes to the Listing Rules which would remove many of these restrictions. They have not come into effect yet.
Farr, N., Cochrane, S., Tun, T. and Lemslra, D. (2007) ‘Fund listings’, PLC March 2007, p. 43–47, www.practicallaw.com/3-103-1377, Last accessed 27th June, 2007, p. 44.
Financieel Dagblad. ‘Minister Bos wil onderzoek naar hedge funds’, Financieel Dagblad 21st April, 2007. For example, an American hedge fund that asked in private conversations with several CEOs of Dutch companies how certain they were about their occupation in six months’ time, AFM, ref. 83 above, p. 13.
Dekker, G. (2007) ‘Vier zakenbanken staan ABN Amro bij tegen TCI’, Volkskrant, 3th March, 2007.
In 2005 chairman of the Social Democrats, Spalter, ref. 65 above.
FD 2007177.
Goodhart, C., Hardmann, P., Llewellyn, D. and Rojas-Suarez, L. (1998) ‘Financial Regulation: Why, How and Where Now?’, Routledge, London, p. 6.
Goodhart, ref. 195 above, p. 4.
FSF, ref. 10 above, pp. 29–36.
FSF, ref. 10 above, p. 9.
Robotti, ref. 3 above, pp. 22–23.
Goodhart, ref. 195 above, pp. 14–15.
Village Newsletter 09032007, ref. 159 above, p. 8.
AFM, ref. 83 above, p. 70.
FSF, ref. 10 above, pp. 20–36.
FSF, ref. 10 above, p. 23.
IOSCO 2007 (2007) IOSCO, Principles for the valuation of hedge fund portfolios, IOSCO March 2007, http://www.iosco.org/library/pubdocs/pdf/IOSCOPD240.pdf, Last accessed 8th December, 2007.
Financial Services Authority, FSA supports IOSCO principles for the valuation of hedge fund portfolios, FSA 14 March 2007, http://www.fsa.gov.uk/pages/Library/Communication/PR/2007/034.shtml, Last accessed 8th December, 2007.
Financial Services Authority discussion paper, Hedge funds: A discussion of risk and regulatory engagement, FSA June 2005, http://www.fsa.gov.uk/pubs/discussion/dp05_04.pdf,Last Accessed 8th December, 2007, p. 3.
FSF, ref. 10 above, pp. 27–28.
FSF, ref. 10 above, pp. 24 and 29–36.
FSF, ref. 10 above, pp. 37–38.
Spalter, ref. 65 above.
Robotti, ref. 3 above, p. 15.
FSF, ref. 57 above, p. 1.
Mackintosh, J. (2007) ‘Hedge funds survey reveals lower gearing’, Financial Times, 2nd May, 2007, p. 19.
FSF, ref. 10 above, pp. 39–42.
FSF, ref. 10 above, p. 40.
FSF, ref. 10 above, p. 44.
Spalter, ref. 65 above.
NRC 2007 (2007) NRC Handelsblad, ‘DSM trekt loyaliteitsdividend in na uitspraak’, NRC Handelsblad 28 March 2007, http://www.nrc.nl/anp/economie/article672721.ece/, Last accessed 8th December, 2007 (NRC 2007) and Hof Amsterdam (Ondernemingskamer) 28th March, 2007, LJN: BA1717, 291/2007, http://zoeken.rechtspraak.nl/resultpage.aspx?snelzoeken=true&searchtype=kenmerken&vrije_tekst=DSM, Last accessed 8th December, 2007, r.o. 3.12.
Daníelsson et al., ref. 40 above, p. 4.
Daníelsson et al., ref. 40 above, p. 4.
Daníelsson et al., ref. 40 above, p. 4.
Author information
Authors and Affiliations
Corresponding author
Additional information
1 Sander van Berkel obtained a Master's degree in Tax Law at the University of Groningen and wrote this article as part of his LL.M. in Banking and Finance Law at Queen Mary, University of London under supervision of Professor R.M. Lastra. The author currently works as a tax advisor in Amsterdam and advises mainly in the area of international tax law and corporate income tax law.
Rights and permissions
About this article
Cite this article
van Berkel, S. Should hedge funds be regulated?. J Bank Regul 9, 196–223 (2008). https://doi.org/10.1057/jbr.2008.10
Published:
Issue Date:
DOI: https://doi.org/10.1057/jbr.2008.10