kaal:claim:2998097-020

Using a regression discontinuity design around the 150 million dollar registration threshold with five years of performance data on more than 3500 reporting private funds, the study finds no significant effect of Dodd-Frank requirements on private fund performance, with all p-values above the 5 percent level.

Using an array of robustness tests validating the RD results, the paper shows that the requirements introduced by the Dodd-Frank Act create no significant effect on private fund performance. The P-values for all RD results are above the 5% level and confirm the finding of no affect.

Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017), IV.1.f Dodd-Frank Impact on Private Fund Performance, p. 34
https://ssrn.com/abstract=2998097 · source PDF

Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

• private funds reporting performance data, 2010 to 2015
• regression discontinuity around the $150 million AUM registration threshold

empiricalsupport: evidencedresearch-methodsdisclosure

• restates kaal:claim:2816408-019 Across an array of robustness tests, the requirements introduced by the Dodd-Frank Act create no significant e...
• restates kaal:claim:2816408-033 Relative to existing work, this study uses a much larger dataset and a more sophisticated empirical approach, ...
• restates kaal:claim:2816408-003 Using self-reported Morningstar earnings data for 3,424 US private fund advisers covering 2010 to 2015 in mult...
• supersedes kaal:claim:2389416-002 Contrary to the hedge fund industry's claim that increased supervision and disclosure would harm profitability...
• supersedes kaal:claim:2389416-022 The discontinuity in hedge fund earnings at the registration effective date is positive, which is the opposite...

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