kaal:claim:2389416-031

Some large advisers reduce their AUM in the months from May to August 2012, which strongly increases the discontinuity around the registration threshold and separates the two groups more sharply, though the effect vanishes late in the sample period.

Source quote, verbatim
In particular, some large advisers reduce their AUM. This leads to a strong increase in the discontinuity around the AUM registration threshold, suggesting a stronger separation between the two groups. The effect vanishes during the last months of our sample period.
From

Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014), 5.2.2. Strategic Subsample
https://ssrn.com/abstract=2389416 · source PDF

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

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mechanismsupport: evidencedrisk-and-incentivesresearch-methods

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