Using self-reported Morningstar earnings data for 3,424 US private fund advisers covering 2010 to 2015 in multiple regression discontinuity designs with robustness checks, private fund adviser registration and disclosure under the Dodd-Frank Act had no significant effect on private fund adviser returns.
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Based on the evidence in multiple RD designs including robustness checks, we conclude that private fund adviser registration and disclosure under the Dodd-Frank Act had no significant effect on private fund adviser returns.
From
Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance – Evidence from 2010 – 2015 (2016), 1. INTRODUCTION, p. 3 https://ssrn.com/abstract=2816408 · source PDF
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Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408
Holds when
US based private fund advisers subject to Title IV
2010 to 2015 monthly earnings data
registration effective date March 30, 2012 as the discontinuity
restated_bykaal:claim:2998097-020 Using a regression discontinuity design around the 150 million dollar registration threshold with five years o...
supersedeskaal:claim:2389416-003 The hedge fund adviser registration requirement under the Dodd-Frank Act creates a discontinuity in hedge fund...
supersedeskaal:claim:2389416-022 The discontinuity in hedge fund earnings at the registration effective date is positive, which is the opposite...
supersedeskaal:claim:2389416-007 Hedge fund adviser registration under the Dodd-Frank Act positively affects adviser returns in March 2012, but...
supportskaal:claim:2389416-008 The authors find no empirical evidence that hedge fund adviser registration under the Dodd-Frank Act negativel...
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