# Consolidation

`kaal:entity:consolidation`

**Status.** derived

This node is assembled mechanically from the 7 claims that carry the concept tag `consolidation`. 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

7 claims across 5 works, 2012 to 2021.

**2012**

- [2150377-033](https://wulfkaal.github.io/claims/2150377-033) [failure/evidenced] *(failure mode)* -- Respondents identified the creation of barriers to entry as an industry level effect of the registration and disclosure requirements, because the rules make the market environment for private funds less attractive to new entrants.
  > Another response cluster that merits mentioning is the creation of barriers to entry for other funds because of a less attractive market environment for private funds as a result of the registration and disclosure requirements.
  Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

**2014**

- [2389423-006](https://wulfkaal.github.io/claims/2389423-006) [predictive/argued] -- If the administrative and compliance costs created by Title IV disproportionally affect smaller hedge fund advisers, then over time smaller fund advisers could be forced out of the market or pushed to merge with other funds.
  > If the administrative and compliance costs created by Title IV should disproportionally affect smaller hedge fund advisers, it is conceivable that over time smaller fund advisers could get forced out of the market or merge with other funds.
  Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423
- [2389423-007](https://wulfkaal.github.io/claims/2389423-007) [predictive/argued] -- A disproportionate effect of Title IV on startup hedge funds and smaller advisers could create barriers to market entry and precipitate a trend toward consolidation among smaller hedge fund advisers.
  > A disproportionate effect of Title IV on startup hedge funds and smaller advisers could create barriers to market entry and precipitate a trend toward consolidation among smaller hedge fund advisers.
  Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423
- [2389423-008](https://wulfkaal.github.io/claims/2389423-008) [predictive/argued] *(failure mode)* -- A surplus of larger private fund advisers holding correspondingly larger amounts of assets under management could increase systemic risk, so a regulation that consolidates the industry may work against its own systemic risk objective.
  > A surplus of larger private fund advisers with correspondingly larger amounts in AUM could increase systemic risk.
  Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423

**2016**

- [2714974-040](https://wulfkaal.github.io/claims/2714974-040) [predictive/argued] *(failure mode)* -- Higher compliance costs from hedge fund regulation can create barriers to entry for new market entrants and can accelerate consolidation of the hedge fund industry.
  > costs can lead to barriers to entry for new market entrants and can also accelerate the consolidation of the industry.
  Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

**2017**

- [2998097-018](https://wulfkaal.github.io/claims/2998097-018) [failure/argued] *(failure mode)* -- Because Title IV compliance costs bring increasing returns to scale and therefore favor larger firms, Title IV may create barriers to entry for smaller private fund advisers, forcing them out of the market or into consolidation with other advisers.
  > In other words, if Title IV compliance costs bring increasing returns to scale because the costs of Title IV compliance favor larger firms, Title IV requirements may contribute to the creation of barriers to entry for smaller private fund advisers.135 This author demonstrated
  Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

**2021**

- [3782217-022](https://wulfkaal.github.io/claims/3782217-022) [empirical/evidenced] -- American faith in media has fallen in direct correlation with the consolidation of broadcasting power for as long as active statistics have been studied.
  > American faith in media has reliably fallen in direct correlation with the consolidation of broadcasting power, as long as active statistics have been studied.
  Craig Calcaterra, Wulf A. Kaal, The Importance of History In Decentralization (2021). SSRN: https://ssrn.com/abstract=3782217

## 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/consolidation.md | sha256sum

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