kaal:claim:3405660-010

Hedge fund disclosure to counterparties and investors relies on balance sheet concepts that are uninformative about the actual nature of market risk and credit risk exposures.

Disclosure by hedge funds to counterparties and investors are often made by using balance-sheet concepts, which are not informative about the nature of the exposures to market risk and credit risk.

Kaal, Indirect Regulation of Hedge Funds (2019), II.1 Industry Practices, p. 11
https://ssrn.com/abstract=3405660 · source PDF

Kaal, Indirect Regulation of Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3405660

failuresupport: arguedfailure: balance sheet disclosure inadequacyfamily: disclosure-ineffectivenessdisclosureeconomicsrisk-and-incentivesprivate-funds

• supports kaal:claim:2714974-026 Direct regulation of hedge fund leverage collapses on the details because balance sheet leverage is not an ade...
• extends kaal:claim:2714974-025 There are no legal limits on hedge fund leverage; the only constraint comes from market discipline supplied by...

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