Hedge Funds, Mutual Funds, and Sovereign Wealth Funds

I advised the Canadian Securities Association and Ontario Securities Commission about mutual fund trailer fees in Canada, and carried out empirical work to advise their position on the regulation of mutual fund fees in 2015. The report is here: “A Dissection of Mutual Fund Fees, Flows, and Performance”, which received press coverage in the Globe and Mail, Financial Post, BNN (Business News Network), among others.

I am involved in a number of other current matters.  Some details are available on request.

1. 1. Cumming, D.J., P. Monteiro, 2022, "Hedge Fund Investment in ETFs"  Available on SSRN

Other papers... details available on request.

1. 1. Cumming, D.J., and P. Monteiro, 2023. "Sovereign Wealth Fund Investment in Venture Capital, Private Equity, and Real Asset Funds". Journal of International Business Policy 6, 330–355. 

1. 2. Cumming, D.J., P. Monteiro, 2022. "Hedge Fund Sales Fees around the World" Economic Modelling, 112, 105847.

1. 3. Cumming, D.J., N. Dai, and S. Johan, 2020. “Dodd Franking the Hedge Funds” Journal of Banking and Finance, 119, 105216 [ABS 3] (Alternative Investment Management Association (AIMA) Best Paper Award ($10,000)

1. 4. Cumming, D.J. G. Wood, I. Filatotchev , J. Reinecke, 2020. New Investor Categories, Agility and HRM: The Case of Sovereign Wealth Funds, Human Resource Management Review, 30(1), Article 100694 [ABS 3]

1. 5. Bilinski, Pawel and Cumming, Douglas J. and Hass, Lars Helge and Stathopoulos, Konstantinos and Walker, Martin, 2019.  “Strategic Distortions in Analyst Target Prices in the Presence of Short-Term Institutional Investors” Accounting and Business Research, 49 (3), 305-341. [ABS 3]

1. 6. Cumming, D.J., S.A. Johan, and Y. Zhang, 2019. “What is Mutual Fund Flow?” Journal of International Financial Markets, Institutions, and Money, 62(C), 222-251. [ABS 3]

1. 7. Cumming, D.J., N. Dai, and S. Johan, 2015. “Are Hedge Funds Registered in Delaware Different?" Journal of Corporate Finance, 35, 232-246 [ABS 4]

1. 8. Cumming, D.J., A. Schwienbacher, and F. Zhan, 2015. “The Scope of International Mutual Fund Outsourcing: Fees, Performance and Risks” Journal of International Financial Markets, Institutions and Money 38, 185-199. [ABS 3]

      1. Funded by the SWIFT Institute.

1. 9. Cumming, D.J., Lars Helge Haß, and D. Schweizer, 2014. “Strategic Asset Allocation and the Role of Alternative Investments” European Financial Management, 20(3), 521-547. [ABS 3]

1. 10. Cumming, D.J., N. Dai, and S. Johan, 2013. “The Impact of Hedge Fund Regulation: An International Perspective” World Financial Review (May-June), 17-20.

1. 11. Cumming, D.J., G. Imad’Eddine, and A. Schwienbacher, 2013. “Legality and the Spread of Voluntary Investor Protection” Revue Finance 34(3).  

1. 12. Cumming, D.J., N. Dai, L.H. Haß, and D. Schweizer, 2012. “Regulatory Induced Performance Persistence: Evidence from Hedge Funds” Journal of Corporate Finance 18, 1005-1022. [ABS 4]

1. 13. Shawky, H.A., N. Dai and D.J. Cumming, 2012. “Diversification in the Hedge Fund Industry” Journal of Corporate Finance 18, 166-178 [ABS 4]

1. 14. Cumming, D.J., G. Imad’Eddine, and A. Schwienbacher, 2012. “Harmonized Regulatory Standards, International Distribution of Investment Funds and the Recent Financial Crisis” European Journal of Finance, 18(3-4), 261-292. [ABS 3]

1. 15. Cumming, D.J., and N. Dai, 2010. “Hedge Fund Regulation and Misreported Returns” European Financial Management 16, 829-867. [ABS 3]

1. 16. Cumming, D.J., and N. Dai, 2010. “A Law and Finance Analysis of Hedge Funds” Financial Management 39, 997-1026. [ABS 3]

1. 17. Cumming, D.J., and N. Dai, 2009. “Capital Flows and Hedge Fund Regulation” Journal of Empirical Legal Studies 6, 848-873.

       1. Reviewed as important to the hedge fund industry by the Cayman Financial Review October 5, 2009 “Grey Matters”

1. 18. Cumming, D.J., 2008. “Don’t Fence Them In: Hedge Fund Regulation and Performance” Canadian Investment Review (Winter 2008) 26-33.

       2. 1. Winner of the 2008 AIMA Alternative Investments $10,000 Award

1. 19. Cumming, D.J., and S.A. Johan, 2008. “Hedge Fund Strategies and Regulation” Banking and Financial Services Policy Report 27(7), 1-15 (Lead Article).

1. 20. Cumming, D.J., and S.A. Johan, 2008. “Hedge Fund Forum Shopping” University of Pennsylvania Journal of Business Law 10(4), 783-831. (Lead Article)

       1. Reprinted as Cumming, D.J., and S.A. Johan (2009) “Hedge Fund Forum Shopping” Corporate Practice Commentator, edited by Robert B. Thompson.

Authored

1. Cumming, D.J., N. Dai, and S.A. Johan, 2013. Hedge Fund Structure, Regulation and Performance around the World. Oxford University Press.  (300 pages)

Edited

2. Cumming, D.J., S.A. Johan, and G. Wood, 2021. Oxford Handbook of Hedge Funds, Oxford University Press, forthcoming

3. Cumming, D.J., G. Wood, I. Filatoctchev, and J. Reinecke, 2017. Oxford Handbook of Sovereign Wealth Funds, Oxford University Press

1. Cumming, D., and G. Wood, 2018. “Hedge Funds and Private Equity: Features, Diversity, and Regulation,” in Kevin Amos, Nick Bacon, Don Siegel, and Mike Wright, ed., Oxford Handbook of MBOs, forthcoming

2. Cumming, D.J., N. Dai, and S. Johan, 2017. “Hedge Fund Organization” in H. Kent Baker and G. Filbeck, eds., Hedge Funds: Structure, Strategy, and Performance, Oxford University Press, Chapter 5.

3. Cumming, D.J., L. H. Hass, and D. Schweizer,  2017, “The Role of Alternative Investments in Strategic Asset Allocation – Alpha versus Beta,” in H. Kent Baker and Greg Filbeck, eds., Alternative Investments (part of the Robert W. Kolb series in Finance), Wiley Press.

4. Cumming, D.J., N. Dai, and S. Johan, 2015. “Hedge Fund Regulation and Governance,” in W.W. Bratton and J.A. McCahery, eds., Institutional Investor Activism, Oxford University Press, pp549-581.

5. Johanning, Lutz, Douglas Cumming, and Denis Schweizer, 2013. “Die zwei Gesichter der Hedgefonds” Börsenzeitung Issue 47 (March 8th, 2013) page 8.

6. Cumming, D.J., L. H. Hass, and D. Schweizer,  2017, “The Role of Alternative Investments in Strategic Asset Allocation – Alpha versus Beta,” in H. Kent Baker and Greg Filbeck, eds., Alternative Investments (part of the Robert W. Kolb series in Finance), Wiley Press.