# kaal:claim:2389416-028

**Claim.** Hedge fund advisers with very small AUM likely did not respond to the Dodd-Frank Act registration requirement because they anticipated that disclosure would remain voluntary for them.

**Type.** mechanism  **Support.** argued

**Holds when.**

- advisers well below the $150 million threshold

**Source quote.**

> Hedge fund advisers with a very small AUM would have probably been unresponsive to the regulation, anticipating that information disclosure would remain on a voluntary basis.

**From.** Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, *Did the Dodd-Frank Act Impact Hedge Fund Performance* (2014), 5.2.2. Strategic Subsample

**Cite as.** Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416

**Verify.** sha256 of source PDF `0e1c4615b104821577498d9655de43b9c5c3e985bb0215f56c038b8232be65c3` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20et%20al.%20-%202014%20-%20Did%20the%20Dodd-Frank%20Act%20Impact%20Hedge%20Fund%20Performance.pdf

**Topics.** disclosure, securities-law

**Keywords.** heterogeneous-effects, small-advisers, voluntary-disclosure, registration

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