kaal:claim:2714974-027

Alternative risk measures such as value at risk have severe measurement problems, so any direct regulation of leverage would be set conservatively and would substantially limit hedge funds' ability to provide market liquidity.

Any attempt to directly regulate leverage would likely be conservative, due to measurement problems, and put major limits on hedge funds' ability to provide market liquidity.

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016), INDIRECT HEDGE FUND REGULATION, p. 25
https://ssrn.com/abstract=2714974 · source PDF

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

• applies to direct regulation of hedge fund leverage

failuresupport: arguedfailure: Conservative calibration destroys liquidity provisionfamily: liquidity-and-market-structure-failurerisk-and-incentivesdefieconomicsresearch-methods

• extended_by kaal:claim:3405660-024 Any risk assessment of hedge funds as counterparties is necessarily incomplete, because there is no common mea...

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