# kaal:claim:2389416-031

**Claim.** 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.

**Type.** mechanism  **Support.** evidenced

**Holds when.**

- strategic subsample of 87 advisers
- May to August 2012

**Source quote.**

> 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

**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.** risk-and-incentives, research-methods

**Keywords.** aum-reduction, threshold-effects, strategic-behavior, discontinuity

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.