# kaal:claim:2816408-020

**Claim.** The absence of any statistically significant effect of mandatory disclosure on hedge fund returns suggests that the transparency costs associated with disclosure do not significantly affect the profitability of hedge fund advisers.

**Type.** empirical  **Support.** argued

**Holds when.**

- conditional on the null RD result
- US hedge fund advisers around the $150 million threshold

**Source quote.**

> The absence of any statistical significant effect of mandatory disclosure on hedge fund returns may suggest that the transparency costs associated with disclosure do not significantly affect the profitability of hedge fund advisers.

**From.** 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, page 11

**Cite as.** 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

**Verify.** sha256 of source PDF `dc3b2f9e60e42ea1b42c2e0062d65569675b014c05fcd30b15ad44d2410b2ce7` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20et%20al.%20-%202016%20-%20Did%20the%20Dodd-Frank%20Act%20Impact%20Private%20Fund%20Performance%20%20%E2%80%93%20Evidence%20from%202010%20%E2%80%93%202015.pdf

**Topics.** disclosure

**Keywords.** transparency-costs, disclosure, profitability, null-result

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