kaal:claim:2150377-028

Where the Form PF quarterly reporting threshold does influence behavior, it distorts fund size downward: a majority of the advisers who take the threshold into account plan to stay under $1.5 billion in assets under management, and some would close funds to new investors to do so.

A majority of those respondents who would take it into account plan to stay under the Form PF threshold for quarterly reporting of $1.5 billion AUM.

Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012), D. Assets Under Management
https://ssrn.com/abstract=2150377 · source PDF

Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

• the 19.54% of respondents who would take the Form PF threshold into account

mechanismsupport: evidencedfailure: reporting-threshold-bunchingfamily: disclosure-cost-and-burdenprivate-fundsregulatory-failureempirical-evidence

• extended_by kaal:claim:2739479-030 Sensitivity to the Form PF quarterly reporting threshold rose sharply: only 19 percent of 2012 respondents too...
• extended_by kaal:claim:2389416-004 Strategic behavior by fund advisers around the assets under management registration threshold produces a stron...
• supported_by kaal:claim:2389416-029 The Dodd-Frank Act registration threshold creates incentives strong enough that some advisers opt out of regis...

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