# kaal:claim:2816408-031

**Claim.** 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.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- prior survey and cost data in Kaal 2013a, 2015b, 2015c, 2016
- evidence described as non-robust

**Source quote.**

> 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, page 13

**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.** compliance, private-funds

**Keywords.** compliance-costs, second-order-effects, private-fund-returns, prior-work

**Related claims.**

- restates: https://wulfkaal.github.io/claims/2389416-038
- extends: https://wulfkaal.github.io/claims/2389423-015

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.