# kaal:claim:3002908-021

**Claim.** Consistent with market fragmentation and disintermediation, smaller private investment fund managers have begun to erode the power of established market institutions such as banks and insurance companies.

**Type.** empirical  **Support.** asserted

**Source quote.**

> Moreover, consistenly with the general trends of market fragmentation and disintermediation, smaller private investment fund managers started to erode the power of established market institutions such as banks and insurance companies.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and* (2017), I. Introduction, page 4

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908

**Verify.** sha256 of source PDF `06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Blockchain%20Innovation%20in%20Private%20Investment%20Funds%20-%20A%20Comparative%20Analysis%20of%20the%20United%20States%20and.pdf

**Topics.** decentralization, economics, systemic-risk

**Keywords.** disintermediation, market-fragmentation, banks, private-investment-funds

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