kaal:claim:2816408-016

The study identifies the causal effect of Title IV by treating the March 30, 2012 registration effective date combined with the $150 million AUM threshold as an exogenous regulatory shock, so that any discontinuity in returns at the cutoff is evidence of a causal treatment effect.

The basic idea behind the RD design is that any discontinuity in the conditional distribution of Yi as a function of Xi at the cutoff value c is interpreted as evidence of a causal effect of the treatment.

Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance – Evidence from 2010 – 2015 (2016), 5.2.2. Regression Discontinuity, p. 10
https://ssrn.com/abstract=2816408 · source PDF

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

• sharp regression discontinuity design
• forcing variable is log AUM with threshold at $150 million
• treatment date March 30, 2012

designsupport: arguedresearch-methods

• supports kaal:claim:2389416-033 Difference-in-differences analysis confirms the regression discontinuity results, showing a positive and highl...
• supports kaal:claim:2389416-037 Despite the great volatility of hedge fund adviser returns over the observation period, the empirical evidence...
• supports kaal:claim:2389416-003 The hedge fund adviser registration requirement under the Dodd-Frank Act creates a discontinuity in hedge fund...

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