{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/2348463-035",
 "identifier": "kaal:claim:2348463-035",
 "text": "Increased disclosure obligations let so-called pilot fish emulate hedge funds' investment strategies and positions, which makes those positions more expensive to build and strips systematic bargaining strength from the negotiation process.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "citation": "Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Hedge Funds’ Systemic Risk Disclosures in Bankruptcy",
  "datePublished": "2013",
  "url": "https://ssrn.com/abstract=2348463",
  "sha256": "b3682f24c0b277b3307fb9f54cd17a4e0a87b48eecba34b40e189212f20c9a22",
  "encoding": "https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Hedge%20Funds%E2%80%99%20Systemic%20Risk%20Disclosures%20in%20Bankruptcy.pdf"
 },
 "keywords": [
  "disclosure"
 ],
 "about": [
  "pilot-fish",
  "strategy-replication",
  "bargaining-power",
  "disclosure-costs"
 ],
 "abstract": "disclosure obligations, \"pilot fish\" can increasingly emulate investment strategies and positions. As a result, investment positions can become more expensive and systematic bargaining strength is removed from the negotiation process.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "mechanism"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": [
    "markets where competitors can observe and copy disclosed positions",
    "illiquid distressed debt markets"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": true
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/a4a8d18f3c90a41211d140dd95689dc0a873e60b1b79a6ccc787dde186f36d12.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": []
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "a4a8d18f3c90a41211d140dd95689dc0a873e60b1b79a6ccc787dde186f36d12",
 "canonicalForm": "https://wulfkaal.github.io/claims/2348463-035.md"
}