# kaal:claim:1428387-027

**Claim.** Retail investors are more likely to benefit from investor protection rules that optimize hedge fund valuation, because their minority position in the industry, the absence of informal rules, and management's lack of incentive to protect them leave them unprotected.

**Type.** normative  **Support.** argued

**Holds when.**

- retail investors in hedge funds and hedge fund like vehicles

**Source quote.**

> Given their minority position in the industry and the lack of informal rules and management's disincentives to protect their investments, retail investors are more likely to benefit from investor protection rules that optimize valuation of hedge funds.

**From.** Kaal, *Hedge Fund Valuation Retailization, Regulation, and Investor Suitability* (2009), V.B Informal Rules Protect Primarily Qualified Investors, page 46

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

**Verify.** sha256 of source PDF `6aa3a280dc6750723be2389f3af2aabf3a16c4ce20e49fcdaddd7f2ea95a67aa` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202009%20-%20Hedge%20Fund%20Valuation%20Retailization%2C%20Regulation%2C%20and%20Investor%20Suitability.pdf

**Topics.** dynamic-regulation

**Keywords.** retail-investors, investor-protection, informal-rules, regulatory-design

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