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AbstractWe analyze the factors that influence the survival probability of hedge funds reported in the Lipper TASS database. Particular emphasis is placed on (1) non‐normality of returns and assets under management (AUM), (2) short‐term capital outflows, and (3) liquidity constraints associated with a hedge fund's cancellation policy. Estimation results using the Cox proportional hazards model and the panel logit model show that (1) funds with lower skewness in returns and AUM, (2) funds experiencing instantaneous rapid capital outflows, and (3) funds with a shorter redemption notice period and a higher redemption frequency have significantly higher liquidation probabilities, among others.

Regulation of capital outflows has become an important task for the Russian economic policy. Such regulation needs the real picture of the Russian outward foreign direct investment (FDI) geography without distortions by official statistics with its data on indirect FDI via offshores. The article is based on new empirical FDI data collected by the author. This information shows the dominance of Wider Europe in the Russian outward FDI geography. The regional character of many Russian multinationals can be explained by several key factors, including the importance of market-seeking FDI motives, Russian oligarchs' attempts at increasing their bargaining power and relatively comfortable business climate of neighboring countries in combination with the lack of experience and weak state support of Russian investors abroad. At the end of the article, some measures for regulation of FDI outflows are offered for diversification of the Russian outward FDI geography. Russian companies need information and institutional support which is a crucial type of incentives for initial stages of their investment projects abroad. Bilateral investment and double taxation treaties are main measures of institutional support. State insurance of investments is a key element of support for mature projects abroad.

Kunimune, K. and Takeda, M.: Macroeconomic overview and debt problems. Kunimune, K. and Oda, H.: Problems with international financial markets and capital controls. Kunimune, K. and Suzuki, Y.: The financial system. Problems and responses. Kunimune, K. and Kashiwabara, C.: The role of the IMF. Watanabe, S.: The IMF program in Indonesia. Okuda, S.: Financial reorganization in South Korea after the IMF. Higashi, S.: Economic reform and financial sector restructuring after the currency crisis in Thailand. Kunimune, K.: Supplementary remarks and proposals