# kaal:claim:2748096-037

**Claim.** Systemic risk rankings that place a loosely defined other financial services sector above banking and insurance are of limited use, because the analysis does not clearly identify the firms included in that category even though a substantial portion of them may be hedge funds.

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

**Holds when.**

- applies to CoVaR based sector rankings of systemic risk contribution

**Source quote.**

> Their analysis, however, does not clearly identify firms included in this "other" financial services sector even though a substantial portion of these entities may be hedge funds.

**From.** Wulf A. Kaal, Timothy A. Krause, *Hedge Funds and Systemic Risk* (2016), POST-CRISIS EVIDENCE ON THE SYSTEMIC RISK OF HEDGE FUNDS, page 18

**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.** unidentified residual sector  (family: measurement-and-metric-failure)

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

**Keywords.** covar, sector-classification, systemic-risk-measurement, identification-gap

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