{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/2748096-020",
 "identifier": "kaal:claim:2748096-020",
 "text": "The systemic risk of hedge fund leverage comes from its capacity to amplify liquidity losses and to contribute to asset overvaluation during bull markets, not from leverage as such.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "citation": "Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016). SSRN: https://ssrn.com/abstract=2748096",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Hedge Funds and Systemic Risk",
  "datePublished": "2016",
  "url": "https://ssrn.com/abstract=2748096",
  "sha256": "8f30260f2c1db728b45c4f3b9b7c64358cf9d3217277bc3c63a910c32f87b508",
  "encoding": "https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Krause%20-%202016%20-%20Hedge%20Funds%20and%20Systemic%20Risk.pdf"
 },
 "keywords": [
  "defi",
  "economics",
  "systemic-risk",
  "risk-and-incentives"
 ],
 "about": [
  "leverage",
  "liquidity",
  "asset-overvaluation",
  "systemic-risk"
 ],
 "abstract": "Systemic risks associated with hedge funds' use of leverage stems from its ability to amplify liquidity losses and contribute to the overvaluation of assets during bull markets.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "mechanism"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": []
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": false
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/0738f414017941ea731522e08963bbda6440dc2f66d6ef4800d6fcfe071be47d.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": [
    {
     "rel": "supersedes",
     "to": "https://wulfkaal.github.io/claims/2470008-005",
     "to_id": "kaal:claim:2470008-005",
     "similarity": 0.427
    }
   ]
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "0738f414017941ea731522e08963bbda6440dc2f66d6ef4800d6fcfe071be47d",
 "canonicalForm": "https://wulfkaal.github.io/claims/2748096-020.md"
}