# kaal:claim:2748096-011

**Claim.** The opacity of the hedge fund shadow banking system blocks direct measurement of hedge funds' role in the crisis, leaving researchers with indirect measures extracted from existing data rather than primary pre-crisis sources.

**Type.** failure  **Support.** argued

**Holds when.**

- absence of access to primary pre-crisis hedge fund data

**Source quote.**

> the shadow banking system of hedge funds and the lack of sufficient transparency create substantial obstacles to implementing direct measures, especially without the access to primary sources of data regarding hedge funds before the crisis.

**From.** Wulf A. Kaal, Timothy A. Krause, *Hedge Funds and Systemic Risk* (2016), Hedge Funds' Contributions to the Financial Crisis of 2007-2008, page 5

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

**Verify.** sha256 of source PDF `8f30260f2c1db728b45c4f3b9b7c64358cf9d3217277bc3c63a910c32f87b508` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Krause%20-%202016%20-%20Hedge%20Funds%20and%20Systemic%20Risk.pdf

**Failure mode.** opacity blocks direct measurement  (family: measurement-and-metric-failure)

**Topics.** disclosure, systemic-risk, research-methods, risk-and-incentives

**Keywords.** transparency, shadow-banking, measurement-obstacles, systemic-risk

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