Tadjeddine Yamina, Rigot Sandra, 2010, « Emergence of a New Regulation: Informational Disclosure Modalities in the Hedge Fund Opacity World », International Economics/ Economie Internationale, CEPII, Paris.

    The 2007-2008 crisis has highlighted the tensions related to lack of transparency and asymmetrical information in the hedge fund industry. Damage can be estimated at a micro level by a misallocation induced by a double (ex ante and ex post) asymmetry and at a macro level by increasing financial and banking instability. One way to resolve market failures is to require hedge funds to disclose more information, but information can be revealed in different ways. We propose an original typology of disclosure modalities by distinguishing the aim of informational disclosure (macro/micro allocation) and the modality (by free bargaining, by a standardized contract, by an obligation toward the regulatory authorities, by publicity). We use Kohonen maps to classify issued proposals and reports. We define two typologies: one of informational disclosure modalities and of financial regulation policy.

    La crise de 2007-2008 a mis en vidence les tensions lies au manque de transparence dans le monde des hedge funds. Cette asymtrie d'information induit une double inefficacit : au niveau micro-conomique (ala moral et slection adverse) et macro-conomique (instabilit financire et risque systmique). La divulgation d'informations connues jusque l des seuls hedge funds permet de rduire ces dfaillances. Toutefois la divulgation peut prendre diffrentes formes. A partir des propositions publies dans diffrents rapports, nous construisons une typologie originale des formes que revt la divulgation, en distinguant les consquences attendues (rsolution de dfaillance micro conomique ou macro conomique) et les modalits de rvlation (discrtionnaire, contractuelle, auprs des Autorits de Rglementation, publique). L'utilisation des cartes de Kohonen nous permet d'identifier diffrentes logiques de divulgation et d'opposer diffrentes politiques de rglementation financire.

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