{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/discontinuity",
 "identifier": "kaal:entity:discontinuity",
 "name": "Discontinuity",
 "termCode": "discontinuity",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": [
    "2014",
    "2014"
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389416-030",
   "identifier": "kaal:claim:2389416-030",
   "text": "Unlike the entire sample, whose discontinuity coefficient is near zero except in March 2012, the strategic subsample shows a discontinuity coefficient that is always above zero across the sample months.",
   "abstract": "While the entire sample has a value always very close to zero, except for March 2012, the strategic subsample has a value always above zero.",
   "citation": "Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "fuzzy RD on the 87 fund strategic subsample",
    "March to October 2012"
   ],
   "source_pdf_sha256": "0e1c4615b104821577498d9655de43b9c5c3e985bb0215f56c038b8232be65c3",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389416-031",
   "identifier": "kaal:claim:2389416-031",
   "text": "Some large advisers reduce their AUM in the months from May to August 2012, which strongly increases the discontinuity around the registration threshold and separates the two groups more sharply, though the effect vanishes late in the sample period.",
   "abstract": "In particular, some large advisers reduce their AUM. This leads to a strong increase in the discontinuity around the AUM registration threshold, suggesting a stronger separation between the two groups. The effect vanishes during the last months of our sample period.",
   "citation": "Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416",
   "datePublished": "2014",
   "claim_type": "mechanism",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "strategic subsample of 87 advisers",
    "May to August 2012"
   ],
   "source_pdf_sha256": "0e1c4615b104821577498d9655de43b9c5c3e985bb0215f56c038b8232be65c3",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389416-037",
   "identifier": "kaal:claim:2389416-037",
   "text": "Despite the great volatility of hedge fund adviser returns over the observation period, the empirical evidence for a discontinuity at the $150 million AUM threshold is robust, but the discontinuity does not persist beyond the registration effective date.",
   "abstract": "Despite the great volatility of hedge fund adviser returns displayed over the period under examination, the empirical evidence is robust. The discontinuity is not persistent and dissipates in the subsequent months after the registration effective date for hedge fund advisers.",
   "citation": "Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "January to October 2012 observation window"
   ],
   "source_pdf_sha256": "0e1c4615b104821577498d9655de43b9c5c3e985bb0215f56c038b8232be65c3",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'discontinuity'. Derived node: a roster, not an adjudicated definition."
}