The decline in survey response rate between 2012 and 2015 is itself evidence of the private fund industry's relatively rapid adaptation to the new statutory and regulatory regime.
Source quote, verbatim
The decline in response rate may itself be suggestive of the relatively rapid adaptation to changes brought about by the new statutory and regulatory regime.
From
Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016), Introduction, p. 4 https://ssrn.com/abstract=2739479 · source PDF
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Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479
Holds when
comparison of 2012 and 2015 responses from the same adviser population
extendskaal:claim:2732915-005 The survey achieved a response rate of 5.44 percent from a population of 1267 registered private fund advisers...
extendskaal:claim:2447306-010 Despite contacting the entire population of 3669 SEC-registered private fund advisers by fax and e-mail over m...
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