# kaal:claim:2714974-023

**Claim.** Hedge funds retain a structural short selling advantage because they are unaffected by the restrictions imposed on mutual funds, can use derivatives to avoid margin requirements, and have pioneered procedures that lower the direct costs of shorting.

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

**Source quote.**

> Hedge funds are unaffected by the restrictions on mutual funds, can use derivatives to avoid the margin requirements, and pioneered procedures that reduce the direct costs of shorting.

**From.** Kaal and Oesterle, *The History of Hedge Fund Regulation in the United States* (2016), Short Selling, page 21

**Cite as.** Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

**Verify.** sha256 of source PDF `7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Oesterle%20-%202016%20-%20The%20History%20of%20Hedge%20Fund%20Regulation%20in%20the%20United%20States.pdf

**Topics.** private-funds

**Keywords.** short-selling, derivatives, margin-requirements, mutual-funds

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