A STUDY ON THE LACK OF SCALE WITHIN THE HEDGE FUND INDUSTRY IN CANADA
Notice bibliographique
Résumé
The University of ManchesterJoseph PancratiusDoctor of Business Administration (DBA)A STUDY ON THE LACK OF SCALE WITHIN THE HEDGE FUND INDUSTRY IN CANADAJanuary 31, 2015AbstractAs a nation, Canada has claimed global success in financial services in many ways. However, the scale of the Canadian hedge fund industry is incomparable to that of London and New York. Although it only holds 1.5% of global hedge fund assets, the Canadian hedge fund industry has the ingredients to become a leader among its peers. During the past ten years, several external factors (including changes in technology, the 2008 economic crash, and trends in outsourcing) have had an effect on financial services worldwide, but there are also internal factors specific to Canada that have directly contributed to the industry?s lack of scale. The thesis uses cluster concepts to gain an in-depth understanding of these patterns and identify the causes for the Canadian hedge fund industry?s lack of scale. However, cluster concepts are only useful to a limited extent in explaining the emergence, sustenance, and decline of financial services clusters. Historically, cluster concepts as explored by Marshall (1890), Porter (1990), and Piore and Sabel (1984) have been used to explain the successes and failures of manufacturing industry clusters, but these theories have been infrequently used to explain financial services industries. The dispersion of clusters due to globalization, advancements in technology, and deglomeration has made it even more challenging to identify, measure, and evaluate cluster behaviour in general, but especially in the financial services industry. Therefore, in addition to traditional cluster theories, this thesis seeks to evaluate the dynamics of the Canadian hedge fund cluster using newer theories such as New Economic Geography and the concepts of dispersion and deglomeration in order to explain Canadian hedge funds? lack of scale.The thesis explores the main ingredients for cluster formation and growth, as well as the opposing arguments of cluster dispersal. A mixed-methods approach was used, employing semi-structured interviews and secondary analysis. Endogenous causes specific to Canada were isolated and investigated through data analysis. Throughout this study, the task of cluster facilitation was explored in order to identify the key role that each individual participant plays within the Canadian hedge fund industry. The present research is the first of its kind, and could open up possibilities for further study. The core of future research could be focused on the cluster measurement and identification of cluster borders. Another research stream could attempt to deepen understanding of the feasibility of each recommendation listed in this research. This could involve more detailed, exploratory quantitative and qualitative work that could quantify the cost and benefits of promoting hedge funds in Canada.
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Prédiction distillée sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,003 | 0,000 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,000 | 0,001 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,000 | 0,000 |
| Science ouverte | 0,001 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,002 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,000 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; un appel candidat d’une seule tête enseignante, pas un consensus.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».