# kaal:claim:2811729-028

**Claim.** Existing evidence about risk-shifting by the average derivative-using mutual fund is less relevant to unconstrained mutual funds, because their derivative use is closer to that of a typical private fund.

**Type.** mechanism  **Support.** argued

**Holds when.**

- unconstrained mutual funds whose derivative use resembles private fund practice

**Source quote.**

> show that derivative use by UMFs is closer to that of a typical private fund, which may mean that the absence of evidence on risk-shifting by the average mutual fund that engages in derivatives transactions is less relevant.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), IV.B. UMF vs. Private Fund Characteristics, page 47

**Cite as.** Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

**Verify.** sha256 of source PDF `0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Anderson%20-%202016%20-%20Unconstrained%20Mutual%20Funds%20and%20Retail%20Investor%20Protection.pdf

**Topics.** risk-and-incentives, empirical-evidence

**Keywords.** derivatives, risk-shifting, empirical-literature, risk-profile

**Related claims.**

- extends: https://wulfkaal.github.io/claims/2715083-009

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.