# kaal:claim:2739479-035

**Claim.** 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.

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

**Holds when.**

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

**Source quote.**

> 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).

**From.** 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, page 45

**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.** opportunity-cost, fund-earnings, compliance-costs, survey-evidence, private-funds

**Related claims.**

- extends: https://wulfkaal.github.io/claims/2732915-034
- extended_by: https://wulfkaal.github.io/claims/2998097-017

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.