kaal:claim:2748096-010

Any conclusion that hedge funds contributed to the financial crisis of 2007-2008 is circumstantial or anecdotal, because the data needed to test it, on leverage, counterparty relations, AUM, and portfolio holdings, were not collected for any substantial period before the crisis.

Without such data for a substantial time period before the financial crisis, concluding that hedge funds may have had a role in the financial crisis is circumstantial or anecdotal.

Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016), Hedge Funds' Contributions to the Financial Crisis of 2007-2008, p. 5
https://ssrn.com/abstract=2748096 · source PDF

Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016). SSRN: https://ssrn.com/abstract=2748096

• applies to retrospective assessment of the 2007-2008 crisis
• SEC systemic risk data collection began only after Title IV of the Dodd-Frank Act

failuresupport: arguedfailure: pre-crisis data gapfamily: data-quality-and-comparabilitysystemic-riskresearch-methodsrisk-and-incentivescitation-and-knowledge

The quote above is an exact substring of the source PDF, whose sha256 is 8f30260f2c1db728b45c4f3b9b7c64358cf9d3217277bc3c63a910c32f87b508. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/c1d7668939fbe533...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2748096-010.md | sha256sum