{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/adviser-size",
 "identifier": "kaal:entity:adviser-size",
 "name": "Adviser size",
 "termCode": "adviser-size",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/adviser-size.md",
 "sha256": "33d16d8fd803173739537a8cb0b824a7cbe69e06da6bb490810cd7a61a4d3282",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 4
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2014",
    "2016"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-011",
   "identifier": "kaal:claim:2389423-011",
   "text": "Based on these findings, adviser size may not matter as much for policy adjustments and SEC rule making as the hedge fund industry and its representatives have claimed.",
   "abstract": "Based on these findings, adviser size may not matter as much for policy adjustments and SEC rule making as the hedge fund industry and its representatives claimed.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "normative",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "SEC rule making under Title IV",
    "policy adjustments keyed to adviser size"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-014",
   "identifier": "kaal:claim:2389423-014",
   "text": "The study's core hypothesis, drawn from the industry view and the anecdotal evidence, is that smaller hedge fund advisers pay more relative to their size than larger hedge fund advisers for Title IV compliance.",
   "abstract": "Hypothesis: Dodd-Frank Effect on Hedge Fund Category. Smaller hedge fund advisers pay more relative to their size than larger hedge fund advisers for Title IV Compliance.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "hedge fund advisers across the AUM spectrum"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-003",
   "identifier": "kaal:claim:2732915-003",
   "text": "The long-term cost implications of Title IV registration and reporting obligations are absorbed relatively quickly after registration, so that Dodd-Frank compliance costs are largely manageable depending on the size of the investment adviser.",
   "abstract": "The long-term cost implications of registration and reporting obligations as reported in this study appear to be absorbed relatively quickly after registration. The costs of compliance associated with the Dodd-Frank Act are, depending on size of the investment adviser, largely manageable.",
   "citation": "Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915",
   "datePublished": "2016",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "cost absorption measured after the initial registration period",
    "manageability varies with adviser size"
   ],
   "source_pdf_sha256": "643658c02f6625bca35595696116d0ad74d681ed8579c644832ae4a88b2a8c14",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-023",
   "identifier": "kaal:claim:2732915-023",
   "text": "Up to $100,000 in additional Dodd-Frank compliance cost is a significant imposition on a smaller private fund adviser, whereas larger and mid sized advisers can absorb it relatively easily or pass it on to clients, so the burden of Title IV is size dependent.",
   "abstract": "$100,000 in additional compliance costs imposed by the Dodd- Frank Act can be a significant imposition on a smaller private fund adviser, for the majority of larger or mid-sized investment advisers those compliance costs can be relatively easily absorbed and/or passed on to their clients.",
   "citation": "Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915",
   "datePublished": "2016",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "anecdotal evidence supplementing the survey results",
    "distinguishes smaller advisers from larger and mid sized advisers"
   ],
   "source_pdf_sha256": "643658c02f6625bca35595696116d0ad74d681ed8579c644832ae4a88b2a8c14",
   "status": "current"
  }
 ],
 "description": "4 claims in the published works of Wulf A. Kaal carry the concept tag 'adviser-size'. Derived node: a roster, not an adjudicated definition."
}