# Bargaining power

`kaal:entity:bargaining-power`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `bargaining-power`. 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

5 claims across 5 works, 2013 to 2017.

**2013**

- [2348463-035](https://wulfkaal.github.io/claims/2348463-035) [mechanism/argued] *(failure mode)* -- Increased disclosure obligations let so-called pilot fish emulate hedge funds' investment strategies and positions, which makes those positions more expensive to build and strips systematic bargaining strength from the negotiation process.
  > disclosure obligations, "pilot fish" can increasingly emulate investment strategies and positions. As a result, investment positions can become more expensive and systematic bargaining strength is removed from the negotiation process.
  Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463

**2014**

- [2486570-008](https://wulfkaal.github.io/claims/2486570-008) [mechanism/argued] -- At the pre charging stage the government typically holds extraordinary bargaining power, which lets it extract fines and sanctions comparable to those following a criminal conviction while avoiding the risk and cost of trial.
  > The government typically has extraordinary bargaining power at the pre-charging stage, enabling it to extract fines and sanctions similar to those from a criminal conviction69 without the risk and cost of a trial.
  Wulf A. Kaal, Timothy Lacine, The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance Evidence from 1993-20 (2014). SSRN: https://ssrn.com/abstract=2486570

**2016**

- [2739479-008](https://wulfkaal.github.io/claims/2739479-008) [mechanism/argued] -- Underperformance combined with the influx of institutional money means that pension funds, endowments and other institutions, which now outnumber wealthy individuals as private fund investors, hold more bargaining power over fees.
  > of underperformance in the private fund industry, combined with the rush of new investors into alternative investments—pension funds, endowments, and other institutions now outnumber rich individuals as private fund investors— means that those investors have more bargaining power regarding fees.
  Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

**2017**

- [2959730-008](https://wulfkaal.github.io/claims/2959730-008) [mechanism/asserted] -- Early limited partnership investors increasingly use their leverage to negotiate tough fee terms with first time managers.
  > Another phenomenon that affects first-time managers pertains to early limited partnership investors who increasingly throw their weight around to negotiate tough terms on fees.
  Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730
- [3017612-007](https://wulfkaal.github.io/claims/3017612-007) [normative/argued] -- Because public and close corporation shareholders differ materially in bargaining power, close corporation shareholders should be granted greater flexibility to order their affairs by agreement.
  > Courts and academics have acknowledged there is a significant difference between shareholders of public and close corporations, specifically in regards to bargaining power, such that close corporation shareholders should have greater flexibility to align their affairs as they see fit.
  Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612

## 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/bargaining-power.md | sha256sum

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