kaal:claim:2739479-035

Among advisers who saw an earnings effect, the attributed cause shifted from direct expense to opportunity cost between 2012 and 2015, with opportunity cost references rising from 9 percent to 32 percent while increased expense references fell from 53 percent to 36 percent.

and 2015, investment advisers saw the costs on fund earnings increasingly asso- ciated with opportunity costs (rates rose from 9% in 2012 to 32% in 2015) and not with increased expenses (rates fell from 53% in 2012 to 36% in 2015).

Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016), IV.4. Fund Earnings, p. 45
https://ssrn.com/abstract=2739479 · source PDF

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

• only respondents who reported an effect on fund earnings
• 2012 and 2015 surveys

empiricalsupport: evidencedcomplianceempirical-evidenceprivate-funds

• extends kaal:claim:2732915-034 Among the minority of respondents who believed Dodd-Frank affected fund earnings, the majority attributed that...
• extended_by kaal:claim:2998097-017 The industry largely absorbed the increased expenses of the Dodd-Frank Act by increasing the use of pass-throu...

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