kaal:claim:2811718-004

After the financial crisis of 2008 to 2009 and the Madoff scandal, relatively sophisticated investors stopped accepting the slanted phrasing of due diligence questionnaires and their answers, and the questionnaires became more rigorous as a result.

Source quote, verbatim

including the Madoff scandal, investors, at least relatively sophisticated investors, no longer accepted the slanted phrasing of the due diligence questionnaires and their answers.13 As a result, the questionnaires became more rigorous.

From

Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016), I. Introduction, p. 7
https://ssrn.com/abstract=2811718 · source PDF

Cite as

Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718

Holds when

relatively sophisticated investors
post crisis period

Classification

mechanismsupport: arguedinstitutional-design

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