# kaal:claim:2714974-034

**Claim.** A public database of nonproprietary hedge fund information might demystify the industry, but it would not address the central policy concern that opacity creates liquidity risk.

**Type.** failure  **Support.** argued

**Holds when.**

- applies to public databases limited to nonproprietary information

**Source quote.**

> Such a public database might demystify hedge funds, but it would not address the central policy concern that opacity creates liquidity risk.

**From.** Kaal and Oesterle, *The History of Hedge Fund Regulation in the United States* (2016), INDIRECT HEDGE FUND REGULATION, page 27

**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

**Failure mode.** Demystification without risk reduction  (family: disclosure-ineffectiveness)

**Topics.** disclosure, defi, risk-and-incentives

**Keywords.** public-database, transparency, liquidity-risk, opacity

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