kaal:claim:2389423-008

A surplus of larger private fund advisers holding correspondingly larger amounts of assets under management could increase systemic risk, so a regulation that consolidates the industry may work against its own systemic risk objective.

A surplus of larger private fund advisers with correspondingly larger amounts in AUM could increase systemic risk.

Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014), p. 3
https://ssrn.com/abstract=2389423 · source PDF

Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423

• if Title IV compliance cost drives consolidation toward larger advisers

predictivesupport: arguedfailure: consolidation induced systemic riskfamily: systemic-risk-transmissionsystemic-riskrisk-and-incentivesprivate-funds

• extends kaal:claim:2337268-010 Title IV and the SEC forms use assets under management as a proxy for systemic threat, so that disclosure obli...
• supported_by kaal:claim:2998097-018 Because Title IV compliance costs bring increasing returns to scale and therefore favor larger firms, Title IV...

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