# Empirical data

`kaal:entity:empirical-data`

**Status.** derived

This node is assembled mechanically from the 27 claims that carry the concept tag `empirical-data`. 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

27 claims across 15 works, 2011 to 2022.

**2011**

- [1806252-023](https://wulfkaal.github.io/claims/1806252-023) [empirical/evidenced] -- British Bankers' Association data show that since 2000 hedge funds steadily increased their share of the credit derivatives market while banks' role in that market progressively declined.
  > Table 1 shows that since 2000, hedge funds have steadily increased their share in the credit derivatives market while banks' role in the market for credit derivatives has progressively declined.
  Kaal, Hedge Fund Regulation Via Basel III (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252

**2013**

- [2273857-063](https://wulfkaal.github.io/claims/2273857-063) [empirical/evidenced] -- Almost 300 deferred prosecution agreements have been executed since 2003, whereas before 2003 they were rarely used.
  > Almost 300 DPAs have been executed since 2003. Before 2003, DPAs were rarely used.
  Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013). SSRN: https://ssrn.com/abstract=2273857
- [2348463-003](https://wulfkaal.github.io/claims/2348463-003) [empirical/evidenced] -- Hedge funds' distressed and default debt investments in the United States grew dramatically over two decades, rising from roughly $70 billion in 1998 to roughly $867 billion in 2007.
  > distressed and default debt investments in the United States have increased dramatically in the last two decades (from around $70 billion in 1998 to around $867 billion in 2007).
  Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463
- [2348463-004](https://wulfkaal.github.io/claims/2348463-004) [empirical/evidenced] -- The proliferation of distressed-focused hedge funds gave hedge funds roughly one quarter of the total distressed-debt market and made the distressed-focused approach the fifth-largest hedge fund strategy.
  > The proliferation of distressed-focused hedge funds resulted in hedge funds' market share of around one quarter of the total distressed-debt market 3 and established the distressed-focused strategy as the fifth-largest hedge fund strategy.
  Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463

**2016**

- [2740477-006](https://wulfkaal.github.io/claims/2740477-006) [empirical/evidenced] -- The empirical base for the argument is a PitchBook dataset covering 77,508 completed United States venture capital deals involving 37,298 companies across all venture capital stages from 2005 to 2015.
  > To illustrate venture capital's ability to identify innovation trends, we use a PitchBook Data, Inc. dataset on venture capital deals in the United States with 77,508 deals involving 37,298 companies from 2005 to 2015.
  Wulf A. Kaal, Erik P.M. Vermeulen, Venture Capital as Dynamic Regulation of Disruptive Innovation (2016). SSRN: https://ssrn.com/abstract=2740477
- [2748096-004](https://wulfkaal.github.io/claims/2748096-004) [empirical/evidenced] -- Hedge fund assets under management grew from $118 billion at the end of 1997 to more than $2.7 trillion by the end of 2014, a compound annual growth rate of 19 percent.
  > assets under management (AUM) at hedge funds grew from $118 billion at the end of 1997 to more than $2.7 trillion by the end of 2014 (BarclayHedge 2016). This change represents a compound annual growth of 19 percent.
  Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016). SSRN: https://ssrn.com/abstract=2748096
- [2811729-008](https://wulfkaal.github.io/claims/2811729-008) [failure/evidenced] *(failure mode)* -- Unconstrained mutual funds have not delivered superior performance: Morningstar data for funds with three years of investing history offer no evidence that they outperform mutual funds in comparable asset classifications.
  > The Morningstar data available for UMFs with three years of investing history offer no evidence that UMFs have a superior performance to mutual funds in comparable asset classifications.
  Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729
- [2811729-019](https://wulfkaal.github.io/claims/2811729-019) [empirical/evidenced] -- Unconstrained mutual funds are proliferating at a significant rate, growing steadily since 2007, with the overall trend between 2010 and 2015 showing a steady increase in launches.
  > UMFs are proliferating at a significant rate. Figure 2 demonstrates that since 2007 the number of UMFs has grown at a steady pace. Although 2012 was a weaker year for UMF formation, the overall trend between 2010 and 2015 shows a steady increase in the launch of UMFs.
  Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729
- [2811729-022](https://wulfkaal.github.io/claims/2811729-022) [empirical/evidenced] -- Unconstrained mutual funds exceed typical mutual fund trading engagements in almost all quantifiable categories, often by double or quadruple the average engagements for mutual funds as a group.
  > Figure 3 demonstrates that UMFs exceed the typical mutual fund engagements in almost all quantifiable categories. UMF trading of the referenced security and contract types clearly exceeds— indeed, is often double or quadruple the number of—the average engagements for mutual funds as a group.
  Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729
- [2811729-023](https://wulfkaal.github.io/claims/2811729-023) [empirical/evidenced] -- Average unconstrained mutual fund portfolio turnover exceeds the turnover of other fixed income mutual funds by over 150 percent.
  > In particular, UMF turnover on average exceeds the turnover for other fixed income mutual funds by over 150 percent.
  Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729
- [2811729-025](https://wulfkaal.github.io/claims/2811729-025) [empirical/evidenced] -- Unconstrained mutual funds engaged in almost 50 percent more futures contract transactions than other mutual funds, and the overall scope and nature of their derivative use is consistent with what the authors would expect of a private fund.
  > most importantly, futures contracts, where UMFs engaged in almost 50 percent more transactions than other mutual funds. These statistics reflect the scope and nature of derivative use by UMFs, and are consistent with what the authors would expect of derivative use by a private fund.
  Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

**2017**

- [3067615-014](https://wulfkaal.github.io/claims/3067615-014) [empirical/evidenced] -- In the second quarter of 2017 ICO issuances exceeded venture capital financing of start-ups for the first time, with $210 million invested in ICOs versus $180 million invested into start-ups via traditional venture capital funds.
  > In the second quarter of 2017, ICO issuances exceeded venture capital financing of start-ups for the first time,34 with $210 million invested in ICOs versus $180 million invested into start-ups via traditional venture capital funds.
  Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615
- [3071378-002](https://wulfkaal.github.io/claims/3071378-002) [empirical/evidenced] -- In the Fortune 1000 sample, minorities hold about 15 percent of employee positions but only 6 percent of management positions and 3 percent of executive level management positions, so representation falls as seniority rises.
  > In the sample dataset of Fortune 1000 companies, 37% of employees are women and about 15% are minorities.16 Management positions are held only at 17% by women and 6% by minorities.17 Executive level management positions are only at 6% women and 3% minorities.18
  Wulf A. Kaal, Blockchain Technology and Race in Corporate America (2017). SSRN: https://ssrn.com/abstract=3071378

**2019**

- [3402701-006](https://wulfkaal.github.io/claims/3402701-006) [empirical/evidenced] -- Transacting in cash imposes large measurable costs: roughly 200 billion dollars annually in the United States, about 637 dollars per person, driven by counting, managing, storing, transporting, guarding and accounting for bank notes.
  > In the United States, transacting in cash costs the consumer around 200 billion dollars annually - about $637 per person
  Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701
- [3405660-009](https://wulfkaal.github.io/claims/3405660-009) [empirical/evidenced] -- Before its collapse LTCM held roughly $4.8 billion in capital while controlling $160 billion in stocks and bonds, with derivatives of a notional value of $1 trillion.
  > LTCM had $4.8 billion in capital prior to the crash and controlled $160 billion in stocks and bonds. In addition, derivatives of the fund had a notional value of $1 trillion.
  Kaal, Indirect Regulation of Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3405660

**2021**

- [3782217-021](https://wulfkaal.github.io/claims/3782217-021) [empirical/evidenced] -- By 2012, ninety percent of the United States media and entertainment industry was controlled by the top six media conglomerations.
  > By X`JX, K`% was controlled by the top L media conglomerations.
  Craig Calcaterra, Wulf A. Kaal, The Importance of History In Decentralization (2021). SSRN: https://ssrn.com/abstract=3782217
- [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
- [3808867-038](https://wulfkaal.github.io/claims/3808867-038) [empirical/evidenced] -- Cash usage in the United States, the United Kingdom, the Netherlands, Sweden, Finland, Canada, and France and other industrialized nations has fallen well below 50 percent of total transaction volume.
  > cash usage in the United States, the United Kingdom, the Netherlands, Sweden, Finland, Canada, France, among other industrialized nations, has fallen well below 50% of total transaction volume.
  Wulf A. Kaal, How Decentralized Systems Can Upgrade AI (2021). SSRN: https://ssrn.com/abstract=3808867
- [3808867-039](https://wulfkaal.github.io/claims/3808867-039) [empirical/evidenced] -- Transacting in cash costs United States consumers roughly 200 billion dollars annually, about 637 dollars per person, driven by the costs of production, storage, and transportation.
  > In the United States, transacting in cash costs the consumer around 200 billion dollars annually— about $637 per person annually, which is a result of the cost of production, storage, and transportation, among other factors.
  Wulf A. Kaal, How Decentralized Systems Can Upgrade AI (2021). SSRN: https://ssrn.com/abstract=3808867
- [3936876-015](https://wulfkaal.github.io/claims/3936876-015) [empirical/evidenced] -- Between 2011 and 2018 there were 56 cyberattacks on cryptocurrency exchanges, initial coin offerings and other digital currency platforms worldwide, totaling $1.63 billion in hacking related losses.
  > Between 2011 and 2018 there were 56 cyberattacks directed at cryptocurrency exchanges, initial coin offerings and other digital-currency platforms around the world, totaling $1.63 billion in hacking-related losses.
  Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876
- [3936876-016](https://wulfkaal.github.io/claims/3936876-016) [empirical/evidenced] -- As of 2017, 73 percent of digital asset exchanges took custody of their users' private keys while only 23 percent let users maintain control over their own keys.
  > As of 2017, 73 percent of digital asset exchanges took custody of private keys while 23 percent let users maintain control over their keys.
  Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876
- [3936876-029](https://wulfkaal.github.io/claims/3936876-029) [empirical/evidenced] -- Custodial service providers spend proportionally less on IT security than non custodial ones: custodians spend between 6 and 10 percent of resources on IT security while non custodial service providers spend between 11 and 20 percent.
  > Notably, custodians spend between 6% to 10% of their resources on IT security while non-custodial service providers spend between 11% to 20% of its resources, both financial and human, on IT security.
  Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876
- [3936876-032](https://wulfkaal.github.io/claims/3936876-032) [empirical/evidenced] *(failure mode)* -- Externally led auditing of digital asset reserves among custodial service providers is declining, falling 24 percentage points relative to the 2018 sample.
  > The report noted this is a 24-percentage point decline compared to their 2018 sample.
  Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876
- [3936876-033](https://wulfkaal.github.io/claims/3936876-033) [empirical/evidenced] *(failure mode)* -- Insurance coverage among digital asset service providers is far from universal: 46 percent of surveyed service providers reported not being insured against any risks.
  > 46% of service providers surveyed as discussed above reported not being insured against any risks.
  Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

**2022**

- [4015908-005](https://wulfkaal.github.io/claims/4015908-005) [empirical/evidenced] -- Fair launch tokens outperformed centrally distributed projects during the late 2020 and early 2021 rally: the collective crypto average token launch gained 112.41% over 90 days while fair launch projects gained over 296%.
  > During the digital asset market rally in late 2020 and early 2021, the collective crypto average token launch over 90 days increased 112.41%, while Fair Launch projects gained over 296%.
  Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908
- [4067783-003](https://wulfkaal.github.io/claims/4067783-003) [empirical/evidenced] *(failure mode)* -- Rug pulls grew sharply as a share of crypto crime: of the $7.7 billion in total illicit crypto revenue in 2021, 37 percent came from rug pulls, up from 1 percent of illicit revenue in 2020.
  > In 2021 alone, the total illicit revenue from crypto scams was $7.7 billion; 37% of that total resulted from "rug pulls," an increase from the 1% of total illicit revenue in 2020.
  Wulf A. Kaal, DAO Fallacies (2022). SSRN: https://ssrn.com/abstract=4067783
- [4067783-007](https://wulfkaal.github.io/claims/4067783-007) [empirical/evidenced] *(failure mode)* -- DAO projects accounted for a material share of the largest crypto frauds of the year: two of the top six crypto rug pulls in 2021 were DAO projects.
  > Of the top six crypto rug pulls in 2021, two were DAO projects.
  Wulf A. Kaal, DAO Fallacies (2022). SSRN: https://ssrn.com/abstract=4067783

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