Stockwell 1

AJ Stockwell
Professor Wolcott
ENC 1102
23 March 2015
Annotated Bibliography
For this annotated bibliography I decided to look at the industry of hedge fund
investments. More specifically, I chose the regulation of the hedge fund industry. To me, the
hedge fund discourse community includes anyone who invests in a hedge fund, anyone who
manages a hedge fund, those responsible for making laws that affect hedge funds and those who
do research about hedge funds. Hedge funds are a type of investment that few people are actually
allowed to invest in. It involves a hedge fund manager deciding what to do with the money that
is placed into the fund in order to try to make the most money possible. This is done by finding
discrepancies in the pricing of certain things or other more technical ways. My articles focus on
the somewhat new idea of placing more restrictions on hedge funds to keep them from affecting
the entire economy negatively or in order to protect the investors. For my sources, I chose
academic articles that I found through using the databases that UCF provides to its students. I
chose articles that either focused mainly on the United States or on hedge funds as a whole.
Hedge funds are a somewhat new type of investment, and because of this my articles are written
within the last 20-30 years. There were a couple articles that I chose not to use because they were
extremely long, roughly 80 pages. The authors of a few of the articles were JD candidates. JD
stand for Juris Doctor and is the professional degree that a person receives when completing
law school. My audience for this bibliography would be anyone who is somewhat new to hedge

Stockwell 2
funds or wants to know more about the regulations being placed on hedge funds or the reasons
behind those regulations. Due to my intended audience being people that are not experts on
hedge funds, I tried to keep my annotations somewhat general in order to allow almost anyone
who reads them to understand what they are about.
Bianchi, Robert J., and Michael E. Drew. "Hedge Fund Regulation and Systemic Risk." Griffith
Law Review 19.1 (2010): 6-29. Academic Search Premier. Web. 18 Mar. 2015. In this
article, Robert Bianchi, a senior lecturer at Griffith University discusses the different
ways that hedge funds are regulated and how hedge funds manage the risk that comes
with investing. The paper opens with the author talking about how the recent recession
caused many banks and other investment-heavy parts of the economy to lose a lot of
money, while pointing out that the hedge fund industry took minimal losses from this
crisis. Bianchi then talks about what a hedge fund is and the different methods for
investing in one. The author then compares the difference between the regulatory
legislation for hedge funds in Australia and the US. He points out that all hedge funds are
regulated in Australia while in the US, hedge funds are structured in a way that they
avoid almost all laws concerning investing. According to Bianchi, there are problems
with giving the government direct control of the hedge fund industry, because it may
cause problems like people not doing everything completely legally. He proposes three
categories of reforming hedge funds: systemic risk reduction, moderating financial
innovation and consumer/investor protection. This article fits into my conversation
because it discusses the different reasons that hedge funds need to be regulated and
different categories for the reforms. I think that this author is credible because of his
position at a university.

Stockwell 3
Crenshaw, Jay. "Hedge Funds: Regulatory, Tax, And Organizational Considerations." Florida
Journal Of International Law 18.1 (2006): 359-412. Academic Search Premier. Web. 18
Mar. 2015. The author of this article, is a member of the Florida bar and is an associate at
Holland & Knight LLP in the area of investment management. This article begins by
talking about the general regulations that are placed on investments. It then continues on
to tell the reader what a hedge fund is and the different exceptions that hedge funds get
from the regular laws. A large portion of this article does not apply to the conversation of
hedge fund regulation, so this portion of the article will not be included. This article
contributes to the conversation of hedge fund regulation by providing a very in depth
discussion on the different ways that hedge funds are regulated, but also different ways
that they get around those regulations. I believe that this article is credible because of the
occupation that the author holds.
Edwards, Franklin R. "Hedge Funds And Investor Protection Regulation." Economic Review
(07321813) 91.4 (2006): 35-48. Academic Search Premier. Web. 2 Mar. 2015. In this
article, Franklin Edwards, the Director of the Center for the Study of Futures Markets at
the Graduate School of Business at Columbia University, talks about many things relating
to hedge funds. First, he goes into a recent change in the regulation of hedge funds. He
then talks about the difficulty of regulating hedge funds and why it is difficult.
Continuing in the article, he offers different suggestions for ways that hedge funds could
be regulated better. He ends the article with his conclusions and the new direction of
regulations. This articles main focus is how regulating hedge funds can lead to more
protection for the investors. Many people believe that hedge funds can be detrimental to
those who invest if the hedge fund manager is not concerned about the people investing. I

Stockwell 4
believe that the author is credible because of the position that he holds at Columbia
University.
Engert., Andreas. "Transnational Hedge Fund Regulation." European Business Organization Law
Review 11.3 (2010): 329-378. Academic Search Premier. Web. 2 Mar. 2015. The author
of this article, Andreas Engert, a Professor of Business Law and Tax Law at the
University of Mannheim. In this article he begins by talking about what hedge funds are
and why they need to be regulated. He then gives suggestions for different strategies to
regulate hedge funds. This article does not specifically focus on the United States, but for
the most part it focuses on hedge funds as a whole in the global economy. He talks about
government regulation and self-regulation of the hedge fund industry. This article
contributes to the conversation of hedge fund regulation because it talks about the hedge
fund industry of not only one country, but multiple. It makes comparisons of different
countries hedge fund regulation. I think that this article is credible because of the
authors position at a university.
Kurdas, Chidem. "Does Regulation Prevent Fraud?: The Case Of Manhattan Hedge Fund."
Independent Review 13.3 (2009): 325-343. Academic Search Premier. Web. 2 Mar. 2015.
In this article, Chidem Kurdas, a writer for MutualFundSmarts.com, discusses the case of
the Manhattan Hedge Fund. The Manhattan Hedge Fund was one of the biggest hedge
funds in the world and its failure led to the loss of hundreds of millions of dollars. This
article discusses the different shady tactics that were used in reporting this hedge funds
numbers in order to keep investors committed. The article then discusses these false
reportings coming out into the open and how the US Securities and Exchange
Commission used this example as a way to push for more regulation of hedge funds. This

Stockwell 5
article fits into my research well because it gives a real life example of what will be
discussed in my paper. Instead of it all being hypothetical, this gives a way to show the
audience that these things are happening in real life all the time. I am not sure if this
author is entirely credible since he does not have any qualifications other than writing for
the website. However, his report does seem to be informative and not biased.
Greupner, Erik J. "Hedge Funds Are Headed Down-Market: A Call For Increased Regulation?."
San Diego Law Review 40.4 (2003): 1555-1596. Academic Search Premier. Web. 18
Mar. 2015. Erik Greupner, the author of this article, was a JD candidate at the University
Of San Diego School Of Law. In this article, he talks about previous investigations and
attempts to regulate the hedge fund industry. Then, the article tells the reader what a
hedge fund is and what the hedge fund industry is like today. Greupner then discusses
specific regulations that were imposed on the hedge fund industry. Then, he continues
and talks about how protecting investors is an important step in hedge fund regulation.
The article also discusses that recently there has been a call for more regulation of hedge
funds. This article contributes to the conversation of hedge fund regulation because it
talks about specific laws and other regulations that are imposed on the hedge fund
industry and how it shaped the industry. I believe that this article is credible because of
the education that the author received.
Jonna, Paul M. "In Search Of Market Discipline: The Case For Indirect Hedge Fund Regulation."
San Diego Law Review 45.4 (2008): 989-1036. Academic Search Premier. Web. 18 Mar.
2015. Paul Jonna was a JD candidate at the University of San Diego School of Law at the
time of writing this article. In the introduction of this article, Jonna talks about how direct
hedge fund regulation does not work and the ways that it failed when attempted before.

Stockwell 6
He then goes on to talk about the basics of hedge funds. Jonna then goes on to give
specific examples of laws and other attempts at direct regulation of hedge funds that have
failed. The author then gives his opinion on why direct regulation cannot and will not
work. Jonna then sets up a method of indirect regulation and its benefits. He even gives
an international solution to regulating hedge funds near the end. This article approaches
hedge fund regulation from only one side, an indirect approach, and gives ideas on
different ways to go about doing so. The author of this article seems credible because of
his education he was receiving at the time of writing this article.
Lewis, Matthew. "A Transatlantic Dilemma: A Comparative Review of American and British
Hedge Fund Regulation." Emory International Law Review 22.1 (2008): 347-383.
Academic Search Premier. Web. 2 Mar. 2015. In this article, Matthew Lewis, whose
qualifications are not explicitly listed in the article, writes about the ways that hedge
funds are regulated in the US and in the UK. He then goes into what exactly a hedge fund
is and its characteristics. After that he discusses the US hedge fund industry and their
regulations and then the UK hedge fund industry and their regulations. Lewis writes
about the SEC and their attempts for more regulations and their possible motives for
doing so. The parts about the UK hedge fund industry will not be talked about because I
am not going to be discussing the UK hedge fund industry. The qualifications of Matthew
Lewis could be questionable, but this article was published in the Emory International
Law Review which is owned by Emory University, so I think that the article has been
reviewed by others and contains legitimate information.
Mallaby, Sebastian. "Hands Off Hedge Funds." Foreign Affairs 86.1 (2007): 91-101. Academic
Search Premier. Web. 18 Mar. 2015. In this article, Sebastian Mallaby, a columnist of the

Stockwell 7
Washington Post and author of a book talks about why hedge funds are likely to become
more regulated in the future. He claims that one of the reasons that hedge funds are likely
to get more regulated, is because people look down upon them and think that they are
bad. He believes that the fear of hedge funds is based on ignorance or people not really
knowing what they are talking about. Overall in this article, it seems like the author
dismisses everything that people find wrong with hedge funds. The author works for a
newspaper, so there is no guarantee that he is completely credible or knowledgeable on
the topic. This article contributes to the conversation of hedge fund regulation in a
different way. Unlike many others, who say that regulation is probably necessary, this
author says that it is unnecessary and people are unaware of what actually happens in the
hedge fund industry.
McClean, Alex R. "The Extraterritorial Implications Of The Sec's New Rule Change To Regulate
Hedge Funds." Case Western Reserve Journal Of International Law 38.1 (2006): 105139. Academic Search Premier. Web. 18 Mar. 2015. Alex McClean, who received his JD
from Case Western University School of Law, wrote this article about the SECs decision
to enact a new law that regulated the hedge fund industry. McClean begins by talking
about what exactly hedge funds are, the investment strategies, the people who invest in
them, modern hedge funds and the history of hedge funds. The article then talks about the
previous regulations that the SEC has placed on the hedge fund industry. McClean then
talks about new regulations that are proposed. This contributes to the conversation of
hedge fund regulation because it talks about the past regulations placed on the hedge fund
industry and the new ideas that are proposed. The author is credible because of the degree
they received from a law school.

Stockwell 8
Mann, Simeon G. "Too Far Over The Hedge: Why The Sec's Attempt To Further Regulate Hedge
Funds Had To Fail & What, If Any, Alternative Solutions Should Be Considered." St.
John's Law Review 82.1 (2008): 315-357. Academic Search Premier. Web. 2 Mar. 2015.
In this article, Simeon Mann, a Juris Doctor candidate at the St Johns University School
of Law, writes about the regulations implemented by the SEC that are discussed in other
articles in this bibliography. He talks about the different people that were against the
regulations including some of the SEC members themselves. Mann then discussed the
history of hedge funds and how their ambiguity started. He then goes into more specific
detail about the actions the SEC tried to take against the hedge fund industry. After that,
Mann says that the new regulations and their repeal has caused some uncertainty in itself.
Finally the topic of new legislation is discussed to end the paper, followed by a short
conclusion. This fits into my research because it talks about hedge fund regulation but
looks at it from a different viewpoint than the other articles. I believe that this author is
qualified because he is in law school and is a candidate to get his doctorate.
Maris, Pavlos G. "The New Architecture For Hedge Fund Regulation: An Assessment Of The
Recent US And EU Initiatives." Law & Financial Markets Review 6.3 (2012): 208-217.
Academic Search Premier. Web. 2 Mar. 2015. In this article, Pavlos Maris, a lawyer for
the Norton Rose LLP in Athens, Greece discusses the legislation that has been made
recently in order to help regulate hedge funds and other types of investments. To begin
the article, Maris talks about what exactly a hedge fund is and what kinds of risks are
involved with them. He claims that the recent legislation has not completely done its job
to regulate hedge funds, but it is a step in the right direction. Since I will be studying the
regulation of hedge funds, I think that this article will help me to understand the types of

Stockwell 9
legislation that are being created to do it. Since Pavlos is a lawyer, I think that he is fairly
credible in this subject. I am not sure what his background is in economics, so that may
be one area where he is not as credible. He is mostly just analyzing the laws, so as a
lawyer, I think that his grasp on that subject is credible.
Morley, John. "The Separation Of Funds And Managers: A Theory Of Investment Fund Structure
And Regulation." Yale Law Journal 123.5 (2014): 1228-1287. Academic Search Premier.
Web. 2 Mar. 2015. The author of this article is John Morley, Associate Professor of Law
at Yale Law School. The article begins with talking about different types of investment
funds. Then Morley discusses the way that different funds are organized. Finally, the
article talks about the different regulations that have been placed on the hedge fund
industry. This article contributes to the conversation of hedge fund regulation by talking
in depth about different regulations and decisions that have been made in order to
regulate the hedge fund industry. I think that the author is credible because of the position
that he holds at a university.
Schwartz, Robert F., and Etay Katz. "US Hedge Fund Oversight In The Aftermath Of Madoff:
Finding The Right Balance." Law & Financial Markets Review 3.2 (2009): 139-144.
Academic Search Premier. Web. 18 Mar. 2015. The authors of this article work for Allen
and Overy LLP, so it would seem like they should be knowledgeable, but there is no
guarantee of it. This article talks about the fact that because of some of the bad things that
certain hedge funds do, laws were made in order to regulate hedge funds. The authors of
this article think that the people who made the law did not necessarily get all of the facts
when creating the law and the law is not a good thing for the hedge fund industry. The
article then breaks down the law. Finally, the authors say that the new law may be a piece

Stockwell 10
of a bigger solution, but not a complete solution in itself. This fits into the conversation
because it talks about a specific regulation that has been placed on the hedge fund
industry.
Semmler, Willi, and Raphaele Chappe. "Ponzi Finance And The Hedge Fund Industry."
Advances In Complex Systems 15.(2012): -1. Academic Search Premier. Web. 2 Mar.
2015. In this article by Willi Semmler and Raphaele Chappe, both of which work in the
economics department at New School University, is about hedge funds possibly
following some of the same methods as Ponzi schemes. This article begins by talking
about the previous research into hedge funds. It then goes into a fairly large section about
the statistics and performance of hedge funds. It then discusses how hedge funds are
managed. After that the articles talks about how and why hedge funds end up collapsing.
The final part of the article talks about the regulation issues of hedge funds and compares
the hedge fund methods to Ponzi schemes. I will be mostly focused on this final section
because it relates to my topic of hedge fund regulation. These authors do seem to be
credible because of their positions at a University.
Stulz, Ren M. "Hedge Funds: Past, Present, And Future." Journal Of Economic Perspectives
21.2 (2007): 175-194. Business Source Premier. Web. 18 Mar. 2015. The author of this
article, Rene Stulz, is a Chair of Banking and Monetary Economics at The Ohio State
University. He opens the article by talking about what a hedge fund is and what exactly it
does. Later on in the article, Stulz talks about the idea that hedge funds may pose a risk to
the economy as a whole. At the end of the article, the author talks about the future of
hedge funds. He goes over how hedge funds will perform in the future, if their
organization will change and if they will become more regulated in the future. This article

Stockwell 11
contributes to my research because it discusses whether hedge funds will become more
regulated in the future. I think this author is credible because of the position he holds at
Ohio State.
Summers, Nick. "Whats Ahead For Hedge Funds?." Bloomberg Businessweek 4410 (2015): 3738. Business Source Premier. Web. 18 Mar. 2015. In this article, Nick Summers, who
wrote an article for Bloomberg Businessweek talks about the future for hedge funds. No
credentials are given for the author so there is no guarantee that the information is quality.
First, Summers talks about why hedge funds have become famous and infamous.
Sometimes they make people a lot of money, other times they lose people a lot of money.
Also, people accuse hedge funds of hurting the economy. Summers also mentions that
hedge fund managers are able to do some shady tricks in order to lock up investors
money or change their minds midway through an investment. These types of things are
what lead to hedge funds regulation. This article fits into the conversation of hedge fund
regulation because it talks about specific issues that cause people to want more hedge
fund regulation.
Verret, J. W. "Review: Is Hedge Fund Registration Necessary?." Washington & Lee Law Review
70.1 (2013): 705-711. Academic Search Premier. Web. 18 Mar. 2015. The author of this
article is an Assistant Professor at George Mason University School of Law. In this
article, J.W. Verret is analyzing a different article written by Luke Ashworth. Verret
disagrees with the fact that registration of hedge funds would have affected certain large
hedge funds that helped contribute to the recent recession. Verret also mentions multiple
times that the SEC has failed to act on, or incorrectly handled Ponzi schemes. This article
contributes to the conversation because it discusses whether or not hedge funds should be

Stockwell 12
registered with the SEC. I think that this author is credible because of his job with a
university.