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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2348463-007",
   "identifier": "kaal:claim:2348463-007",
   "text": "The SEC has not standardized the disclosures required in Form PF, and there is evidence that Form PF requirements rest on an inconsistent use of industry terms, which can in turn produce inconsistent and contradictory data reporting.",
   "abstract": "The SEC has not yet standardized the required disclosures in Form PF and there is some evidence that the disclosure requirements in Form PF are based on an inconsistent use of industry terms which may in turn result in inconsistent and perhaps contradictory data reporting.",
   "citation": "Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463",
   "datePublished": "2013",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF as promulgated and in effect at the time of writing"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2348463-022",
   "identifier": "kaal:claim:2348463-022",
   "text": "Form PF disclosures have not been standardized, and anecdotal evidence indicates that the SEC and the FSOC may be working with contradictory, misleading, inaccurate, and incomplete systemic risk data.",
   "abstract": "Form PF disclosures have not yet been standardized, and anecdotal evidence suggests that the SEC and the FSOC could be working with contradictory, misleading, inaccurate, and incomplete systemic risk data in Form PF.",
   "citation": "Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463",
   "datePublished": "2013",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-003",
   "identifier": "kaal:claim:2447306-003",
   "text": "Form PF's counterparty credit exposure requirement is difficult to satisfy at the source, because the exposure is highly sensitive information that individual fund managers often cannot readily determine.",
   "abstract": "For instance, the disclosure of counterparty credit exposure is sensitive information that can often not readily be determined by the individual fund managers.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF counterparty credit exposure disclosures"
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-004",
   "identifier": "kaal:claim:2447306-004",
   "text": "If advisers' allegations that Form PF disclosures cannot be answered other than by guessing are correct, then the SEC's capacity to evaluate the data is compromised, and regulation built on incomplete and misleading data will itself be questionable.",
   "abstract": "If these allegations should be true, the SEC's ability to evaluate and assess the data could be compromised. The use of incomplete and misleading data could lead to the development of questionable policies and regulations applicable to the private fund industry.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "conditional on the accuracy of anecdotal reports from advisers"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-034",
   "identifier": "kaal:claim:2447306-034",
   "text": "Because only 27.08 percent of respondents used a service provider to complete Form PF, the widespread concern that outside service providers would overinterpret required Form PF data on filers' behalf appears unjustified.",
   "abstract": "This seems to suggest that concerns over service providers (over)interpreting required Form PF data on behalf of filers, among other concerns over service providers' completing Form PF, may not be justified.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "argued",
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   "scope_conditions": [
    "responses to survey Question 11"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-037",
   "identifier": "kaal:claim:2447306-037",
   "text": "Form PF fund performance metrics are not accurate or comparable across filers, because reporting entities employ different calculation methodologies to produce them.",
   "abstract": "Several respondents mentioned Form PF Item C., Question 17 (Reporting Fund Performance), suggesting that existing Form PF fund performance metrics are not accurate because the reporting entities employ different calculation methodologies.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF Item C, Question 17 on reporting fund performance"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-001",
   "identifier": "kaal:claim:2470008-001",
   "text": "The SEC data collected from private fund advisers feeds every stage of the FSOC's systemic risk assessment, and the FSOC leans most heavily on precisely those disclosure items that are the most problematic.",
   "abstract": "The author shows that while the SEC's data plays a crucial role in all stages of FSOC's systemic risk assessment of private fund advisers, the FSOC relies most heavily on some of the most problematic disclosure items collected by the SEC.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "argued",
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   "scope_conditions": [
    "private fund advisers reporting under SEC Form PF",
    "FSOC systemic risk assessment of nonbank financial companies"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-002",
   "identifier": "kaal:claim:2470008-002",
   "text": "Accuracy and consistency problems in the SEC's private fund data collection can impair the FSOC's ability to evaluate the systemic risk posed by private fund advisers.",
   "abstract": "Evidence that the SEC's data collection encounters accuracy and consistency problems might hamper the FSOC's ability to evaluate the systemic risk of private fund advisers.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
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    "data collected through Form PF",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-022",
   "identifier": "kaal:claim:2470008-022",
   "text": "The SEC itself reports that the consistency of investment advisers' responses on Form PF is not ensured and may be questionable.",
   "abstract": "The analysis of the data collected in Form PF presents several key challenges. The SEC suggests that the consistency of investment adviser's responses on Form PF is not ensured and could be questionable.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF filings as analyzed by SEC staff"
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   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-023",
   "identifier": "kaal:claim:2470008-023",
   "text": "Advisers take different approaches and make different assumptions when completing Form PF, which the SEC identifies as a further challenge to the usability of the data.",
   "abstract": "Other challenges with Form PF identified by the SEC include the differences in approaches taken by investment advisers in completing Form PF and differences in assumptions made by investment advisers in completing Form PF.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF filings by registered private fund advisers"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-024",
   "identifier": "kaal:claim:2470008-024",
   "text": "The SEC's initial analysis of Form PF data turned up anomalies attributed to filer error, which prompted SEC concern about the quality of the information private fund advisers report.",
   "abstract": "Upon initial analysis of Form PF data, the SEC identified data anomalies deemed to be attributable to filer error165 which precipitated SEC concerns about the quality of the information provided by private fund advisers.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "early Form PF filing cycles"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-025",
   "identifier": "kaal:claim:2470008-025",
   "text": "Expanding the uses of Form PF data remains difficult so long as there is insufficient confidence in the accuracy of what advisers report, notwithstanding SEC efforts to improve quality through interpretive FAQs and curative amendments.",
   "abstract": "expanding the utility of Form PF data without sufficient confidence in the accuracy of the information provided by investment advisers on Form PF remains difficult",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "current state of Form PF data accuracy",
    "SEC remedial measures limited to FAQs and curative amendments"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-026",
   "identifier": "kaal:claim:2470008-026",
   "text": "Form PF data quality and utility are likely to improve over time as filers grow familiar with the form's requirements and calculation methods, because the SEC's experience with the data is still early.",
   "abstract": "On the upside, the SEC's experience with Form PF data is in its early stages and the data quality and utility is likely to evolve over time as filers become more familiar with the requirements of Form PF and the methods of calculation.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "predictive",
   "confidence": "speculative",
   "is_failure_mode": false,
   "scope_conditions": [
    "early stage of SEC experience with Form PF",
    "assumes filers become more familiar with requirements"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-028",
   "identifier": "kaal:claim:2470008-028",
   "text": "The substantive defects in Form PF data are the ambiguity of several key questions, inaccurate definitions paired with insufficient SEC guidance, and difficulty aggregating the required information.",
   "abstract": "Core substantive issues with Form PF include: the ambiguity of several key questions on Form PF, the inaccuracy of Form PF definitions and corresponding insufficiency of SEC guidance for Form PF, and difficulties in aggregating the required Form PF information.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF as filed by private fund advisers"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-030",
   "identifier": "kaal:claim:2470008-030",
   "text": "The Form PF definition of Regulatory Assets under Management is the leading example of a definition that forced filers to interpret what they were required to report.",
   "abstract": "Especially the definition of Regulatory Assets under Management (RAUM), as required by Form PF, required filers to interpret what they were required to report.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "RAUM reporting under Form PF"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-031",
   "identifier": "kaal:claim:2470008-031",
   "text": "The interpretation Form PF demands generated particular concern among filers about the definition of counterparties and about counterparty performance measures.",
   "abstract": "The level of interpretation required to answer Form PF precipitated particular concerns among filers pertaining to the definition of counterparties and performance measures for counterparties in Form PF.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF counterparty reporting items"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-033",
   "identifier": "kaal:claim:2470008-033",
   "text": "Because several core Form PF questions feeding the FSOC's stage one threshold screen are themselves defective, the FSOC's systemic risk assessment process could be compromised.",
   "abstract": "Given the identified shortcomings of Form PF data, the systemic risk assessment process employed by the FSOC could be compromised. Several core Form PF questions that provide specific information for FSOC's stage one threshold assessment encounter problems.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "FSOC stage one threshold assessment",
    "reliance on Form PF questions with identified defects"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-034",
   "identifier": "kaal:claim:2470008-034",
   "text": "Because the FSOC uses RAUM related valuations directly and indirectly to set stage one thresholds, and because RAUM requires substantial filer interpretation, it is questionable whether the FSOC can use that Form PF data effectively and sustainably for systemic risk evaluations and SIFI designations.",
   "abstract": "it seems at least questionable if FSOC will be able to use the related Form PF data effectively and sustainably for its systemic risk evaluations and the designation of non-bank financial companies as systemically risky",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "stage one thresholds computed from RAUM related asset valuations",
    "Form PF Questions 8, 9, 13, 44, 46, and 58"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-036",
   "identifier": "kaal:claim:2470008-036",
   "text": "Widespread filer disagreement with Form PF definitions implies that a large share of filers are uncertain how to answer, which raises the possibility that they complete the form with estimates and varied assumptions.",
   "abstract": "This suggests that a large proportion of filers are uncertain as to how Form PF questions are to be answered. This uncertainty at least raises the possibility that the filers are using estimates and a variety of assumptions to complete Form PF.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "filers who disagreed with Form PF definitions or instructions"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-037",
   "identifier": "kaal:claim:2470008-037",
   "text": "If the FSOC relies on inaccurate Form PF data in its systemic risk assessment, its work on private funds may itself be erroneous.",
   "abstract": "If FSOC relies on Form PF data in its systemic risk assessment that is subject to inaccuracies, it appears possible that FSOC's work pertaining to private funds could in turn be subject to errors.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "FSOC reliance on Form PF data subject to inaccuracies"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-039",
   "identifier": "kaal:claim:2470008-039",
   "text": "Matching the identified Form PF defects against the FSOC's specific uses of that data suggests possible inaccuracies in the FSOC's systemic risk assessment process, although the author disclaims scientific or empirical precision for the analysis.",
   "abstract": "The matching of identified Form PF issues with FSOC's respective use of such suboptimal Form PF data suggests that possible inaccuracies may exist in FSOC's systemic risk assessment process. The author does not claim scientific and/or empirical precision in the analysis.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "method of matching known data defects to documented FSOC uses",
    "no claim of empirical precision"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-012",
   "identifier": "kaal:claim:2732915-012",
   "text": "Form PF required disclosures of counterparty credit exposure constitute sensitive information that individual fund managers often cannot readily determine, which makes that reporting requirement hard to satisfy.",
   "abstract": "For instance, Form PF required disclosures of counterparty credit exposure constitute sensitive information that often cannot be readily determined by the individual fund managers.",
   "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": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF counterparty credit exposure items"
   ],
   "source_pdf_sha256": "643658c02f6625bca35595696116d0ad74d681ed8579c644832ae4a88b2a8c14",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-017",
   "identifier": "kaal:claim:2732915-017",
   "text": "Industry concerns about the burdensome nature of Title IV's mandatory private fund adviser registration and disclosure requirements appear mostly unfounded, although data inconsistencies remain a concern.",
   "abstract": "While data inconsistencies appear to be remain as a concerns,63 concerns over the burdensome nature of Title IV's mandatory private fund adviser registration and disclosure requirements64 seem to be mostly unfounded.",
   "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": [
    "measured through adviser reported cost and time of Form PF compliance"
   ],
   "source_pdf_sha256": "643658c02f6625bca35595696116d0ad74d681ed8579c644832ae4a88b2a8c14",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2834531-003",
   "identifier": "kaal:claim:2834531-003",
   "text": "Increasing the quantity of data does not dissolve the foundational methodological problems of data: construct validity, measurement, reliability, and data dependencies remain the same regardless of how much data is collected.",
   "abstract": "Foundational data issues of construct validity, measurement, reliability, and data dependencies are the same regardless of data quantities.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "where big data is used as a basis for analysis or inference"
   ],
   "source_pdf_sha256": "9cd875ebdb0266febbdcdabfca5b9b9f0de1b7ad9e3d5a8a5971bdbe469323b7",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998097-013",
   "identifier": "kaal:claim:2998097-013",
   "text": "Some Form PF disclosure requirements are not answerable as designed, because counterparty credit exposure is sensitive information that individual private fund managers often cannot readily determine.",
   "abstract": "For instance, the disclosure of counterparty credit exposure is sensitive information that often cannot readily be determined by the individual private investment fund managers.",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "Form PF counterparty credit exposure items"
   ],
   "source_pdf_sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998097-021",
   "identifier": "kaal:claim:2998097-021",
   "text": "The SEC's private fund data collection encountered accuracy and consistency problems that hampered the FSOC's ability to evaluate the systemic risk of private funds.",
   "abstract": "The paper created and evaluated data evidence that demonstrated that the SEC's data collection encountered accuracy and consistency problems that hampered the FSOC's ability to evaluate the systemic risk of private funds.141 The author",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "SEC data collection under Title IV",
    "FSOC systemic risk assessment"
   ],
   "source_pdf_sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3128900-003",
   "identifier": "kaal:claim:3128900-003",
   "text": "The performance of an AI neural network's learning algorithm during supervised training rises with the quality and quantity of the labelled datasets it is trained on, which ties AI progress directly to micro task work.",
   "abstract": "The higher the quality and quantity of such labelled datasets the better the AI neural network's learning algorithm during the supervised training process.",
   "citation": "Wulf A. Kaal, Decentralized Mechanical Turk Through Verified Reputation (2018). SSRN: https://ssrn.com/abstract=3128900",
   "datePublished": "2018",
   "claim_type": "mechanism",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "supervised training process"
   ],
   "source_pdf_sha256": "381d72e85d976e2af852e8ec3bba87bc6a05ccb3349a2c3dd6f9e64de96ab4b0",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411897-015",
   "identifier": "kaal:claim:3411897-015",
   "text": "Big data is often not the output of instruments designed to generate valid and reliable data suitable for scientific analysis, so foundational data quality problems persist regardless of how much data is collected.",
   "abstract": "Big data is often not the output of instruments designed to generate valid and reliable data suitable for scientific analysis.",
   "citation": "Wulf A. Kaal, Decentralization - Past, Present, and Future (2019). SSRN: https://ssrn.com/abstract=3411897",
   "datePublished": "2019",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "applies where data is drawn from databases requiring only generalized accuracy"
   ],
   "source_pdf_sha256": "82f0aea026b3e3a526ec51bc073b3b864dc06cd9083ff9c54c550037045edaa9",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4755632-001",
   "identifier": "kaal:claim:4755632-001",
   "text": "Data quality is a necessary but not a sufficient condition for AI growth: algorithms, computing power, and developer expertise also play significant roles, yet access to quality datasets remains a fundamental requirement for advancing AI.",
   "abstract": "data quality alone is not sufficient for AI growth and its disruption and reinvention of business models, the algorithms, computing power, and expertise of developers also play significant roles",
   "citation": "Wulf A. Kaal, AI Learning - Decentralized Governance to Optimize Human Output Datasets for AI Learning (2024). SSRN: https://ssrn.com/abstract=4755632",
   "datePublished": "2024",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [],
   "source_pdf_sha256": "972ccebf0c06ac1767a9e443bb95942b7670e806a63c25ee817c368a64c8eca8",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4755632-002",
   "identifier": "kaal:claim:4755632-002",
   "text": "Transformer neural network architecture removes the scale constraint on training data but not the quality constraint, so data quality continues to be a major unsolved issue for large language models even where internet scale corpora are available.",
   "abstract": "data quality continues to be a huge issue for LLMs",
   "citation": "Wulf A. Kaal, AI Learning - Decentralized Governance to Optimize Human Output Datasets for AI Learning (2024). SSRN: https://ssrn.com/abstract=4755632",
   "datePublished": "2024",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "applies to LLMs trained on internet derived corpora"
   ],
   "source_pdf_sha256": "972ccebf0c06ac1767a9e443bb95942b7670e806a63c25ee817c368a64c8eca8",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4900880-026",
   "identifier": "kaal:claim:4900880-026",
   "text": "Many existing studies of automation and job loss rest on flawed assumptions and weak data, and their seemingly precise figures conceal those defects, so their headline numbers should not be taken at face value.",
   "abstract": "Many existing studies on automation and job loss are criticized for their flawed assumptions and data weaknesses, often hidden by seemingly precise figures.",
   "citation": "Wulf A. Kaal, Quantum Economy and the Future of Work (2024). SSRN: https://ssrn.com/abstract=4900880",
   "datePublished": "2024",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [],
   "source_pdf_sha256": "64ea6e8b7cfb3d9a83801eba54f9b87182b842a963273ddab7f2d5305639db73",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5095633-004",
   "identifier": "kaal:claim:5095633-004",
   "text": "The apparent abundance of internet text overstates the usable supply, because much of it fails quality thresholds for model training due to redundancy, noise, or irrelevance.",
   "abstract": "while the internet contains a vast corpus of textual material, not all content meets quality thresholds suitable for model training, given issues such as redundancy, noise, or irrelevance.",
   "citation": "Wulf A. Kaal, Artificial Intelligence The Final Frontier (2025). SSRN: https://ssrn.com/abstract=5095633",
   "datePublished": "2025",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "applies to internet-sourced text used for model training"
   ],
   "source_pdf_sha256": "cbb484711f89bcefc9fc6a5730a1ed0a3f764d7999ad9b6f7d8ea05634c26c63",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5095633-020",
   "identifier": "kaal:claim:5095633-020",
   "text": "Automating annotation to gain speed and cost savings produces less nuanced labeling that misses the complex human judgments and context certain AI applications require.",
   "abstract": "Automation can sometimes result in less nuanced data labeling, potentially missing complex human judgments or context that are critical for certain AI applications.",
   "citation": "Wulf A. Kaal, Artificial Intelligence The Final Frontier (2025). SSRN: https://ssrn.com/abstract=5095633",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "automation-heavy annotation workflows such as those of Hive and V7 Labs"
   ],
   "source_pdf_sha256": "cbb484711f89bcefc9fc6a5730a1ed0a3f764d7999ad9b6f7d8ea05634c26c63",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5095633-036",
   "identifier": "kaal:claim:5095633-036",
   "text": "Ocean Protocol's market-driven reputation signal is too indirect: it does not measure individual expertise or annotation consistency, and market forces lag behind real-time shifts in best practices and ethical standards.",
   "abstract": "this indirect feedback loop does not thoroughly account for the individual expertise or consistency of data annotation work. Market forces can lag behind real-time changes in best practices or ethical standards, leaving critical gaps in data quality and compliance.",
   "citation": "Wulf A. Kaal, Artificial Intelligence The Final Frontier (2025). SSRN: https://ssrn.com/abstract=5095633",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "reputation inferred from price signals and demand rather than direct evaluation"
   ],
   "source_pdf_sha256": "cbb484711f89bcefc9fc6a5730a1ed0a3f764d7999ad9b6f7d8ea05634c26c63",
   "status": "current"
  }
 ],
 "description": "34 claims in the published works of Wulf A. Kaal carry the concept tag 'data-quality'. Derived node: a roster, not an adjudicated definition."
}