# Adviser size

`kaal:entity:adviser-size`

**Status.** derived

This node is assembled mechanically from the 4 claims that carry the concept tag `adviser-size`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

4 claims across 2 works, 2014 to 2016.

**2014**

- [2389423-011](https://wulfkaal.github.io/claims/2389423-011) [normative/argued] -- 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.
  > 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.
  Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423
- [2389423-014](https://wulfkaal.github.io/claims/2389423-014) [empirical/argued] -- 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.
  > 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.
  Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423

**2016**

- [2732915-003](https://wulfkaal.github.io/claims/2732915-003) [empirical/evidenced] -- 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.
  > 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.
  Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915
- [2732915-023](https://wulfkaal.github.io/claims/2732915-023) [condition/argued] *(failure mode)* -- 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.
  > $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.
  Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/adviser-size.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.