# kaal:claim:2739479-021

**Claim.** The share of advisers reporting that they changed their communications with investors nearly doubled from 25 percent in 2012 to 47 percent in 2015, a shift the author attributes to advisers increasing investor communications on advice of counsel.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- survey respondents in 2012 and 2015

**Source quote.**

> a substantially higher rate of responses (47% in 2015 versus 25% in 2012) suggests that respondents changed their communications with investors. Since 2012, many private fund advisers have changed and increased their communications with in- vestors, often based on advice from counsel.

**From.** Wulf A. Kaal, *The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2* (2016), IV.1. Adviser Response to Dodd-Frank, page 33

**Cite as.** 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

**Verify.** sha256 of source PDF `b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20The%20Post%20Dodd-Frank%20Act%20Evolution%20of%20the%20Private%20Fund%20Industry%20Comparative%20Evidence%20from%202012%20and%202.pdf

**Topics.** compliance, empirical-evidence, private-funds

**Keywords.** investor-communications, compliance-measures, survey-evidence, private-funds, dodd-frank-act

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