kaal:claim:1428387-019

State Blue Sky investment adviser registration exemptions are not by themselves sufficient to explain retailization or to justify the absence of data on it; they only indicate theoretically how previously unqualified investors could gain access to hedge funds.

Investment adviser registration exemptions under state Blue Sky laws would probably not suffice to explain the phenomenon of retailization or justify any data insufficiencies.

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009), IV.B.1 U.S. Blue Sky Law Exemptions for Investment Advisors, p. 34
https://ssrn.com/abstract=1428387 · source PDF

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387

• as an explanatory account of the retailization phenomenon

failuresupport: arguedfailure: insufficient-explanationfamily: research-design-limitationsecurities-lawempirical-evidence

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