# Disclosure costs

`kaal:entity:disclosure-costs`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `disclosure-costs`. 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

3 claims across 2 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
- [2348463-036](https://wulfkaal.github.io/claims/2348463-036) [failure/argued] *(failure mode)* -- There is a real risk that increased disclosure through Form PF would destroy the balance of power in the restructuring process.
  > In summary, there is a real risk that increased disclosures via Form PF would destroy the balance of power in the restructuring process.
  Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463

**2017**

- [2998097-020](https://wulfkaal.github.io/claims/2998097-020) [empirical/evidenced] -- Using a regression discontinuity design around the 150 million dollar registration threshold with five years of performance data on more than 3500 reporting private funds, the study finds no significant effect of Dodd-Frank requirements on private fund performance, with all p-values above the 5 percent level.
  > Using an array of robustness tests validating the RD results, the paper shows that the requirements introduced by the Dodd-Frank Act create no significant effect on private fund performance. The P-values for all RD results are above the 5% level and confirm the finding of no affect.
  Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

## 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/disclosure-costs.md | sha256sum

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