# kaal:claim:3002908-027

**Claim.** The authors interpret the AUM difference as suggesting that larger European advisers are more willing to fund blockchain infrastructure, while in the United States legacy systems used by larger advisers create a barrier to entry.

**Type.** empirical  **Support.** argued

**Holds when.**

- an interpretation of the AUM distribution, not a tested result

**Source quote.**

> This could suggest that in Europe larger private investment fund advisers are more willing to make the required investments into a blockchain infrastructure whereas in the US the legacy systems utilized by larger private investment fund advisers creates a barrier to entry

**From.** Wulf A. Kaal, Marco Dell'Erba, *Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and* (2017), V. Data, page 31

**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.** risk-and-incentives

**Keywords.** legacy-systems, barriers-to-entry, assets-under-management, comparative-analysis

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