Prior work by Kaal shows that Dodd-Frank Act registration and increased compliance requirements only marginally increase the cost structure of private funds, and finds non-robust evidence that higher administrative costs are a second-order effect that does not affect overall private fund returns.
Source quote, verbatim
Kaal (2013a, 2015c) finds non-robust evidence that the higher administrative costs imposed by the Dodd-Frank Act are a second-order effect of the regulation, thereby not affecting the overall returns of private funds.
From
Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance – Evidence from 2010 – 2015 (2016), 7. DISCUSSION & FUTURE RESEARCH, p. 13 https://ssrn.com/abstract=2816408 · source PDF
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
Holds when
prior survey and cost data in Kaal 2013a, 2015b, 2015c, 2016
restateskaal:claim:2389416-038 The finding that Dodd-Frank Act registration does not depress hedge fund returns is consistent with prior evid...
extendskaal:claim:2389423-015 Prior work shows that registration and the increased compliance requirements under the Dodd-Frank Act only mar...
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