# kaal:claim:2816408-027

**Claim.** A single point in time RD design anchored to March 30, 2012 is inadequate on its own because advisers could and did register before the deadline, funds near the $150 million threshold could choose between registered adviser and exempt reporting adviser status, and self-reported Morningstar AUM is not calculated the same way as the SEC's RAUM.

**Type.** failure  **Support.** argued

**Holds when.**

- broad RD design in Part IV
- Morningstar self-reported AUM

**Source quote.**

> Fourth, the self-reported assets under management numbers in Morningstar are not calculated the same way as the RAUM calculation required by the SEC.

**From.** Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, *Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015* (2016), 6. NARROWER RD DESIGN, page 12

**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

**Failure mode.** single-date-rd-identification-weakness  (family: research-design-limitation)

**Topics.** research-methods, private-funds

**Keywords.** identification-limitations, raum, self-reported-data, regression-discontinuity

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