# Fund earnings

`kaal:entity:fund-earnings`

**Status.** derived

This node is assembled mechanically from the 6 claims that carry the concept tag `fund-earnings`. 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

6 claims across 3 works, 2012 to 2016.

**2012**

- [2150377-029](https://wulfkaal.github.io/claims/2150377-029) [empirical/evidenced] -- Registration and disclosure costs had not reached investors at the time of the survey: 76.09% of respondents reported that their investors' rate of return was not affected, while 23.91% believed investors would be affected.
  > Of those who responded, 76.09% stated that their investors' rate of return has not been affected by the registration and disclosure requirements, whereas 23.91% of respondents believe their investors will be affected by the registration and disclosure requirements.
  Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

**2016**

- [2732915-033](https://wulfkaal.github.io/claims/2732915-033) [empirical/evidenced] -- Sixty five percent of adviser survey respondents believed that their fund earnings were not affected by the Dodd-Frank Act.
  > Figure 16 shows that 65% of adviser survey respondents believed that fund earnings were not affected by the Dodd-Frank Act.
  Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915
- [2732915-034](https://wulfkaal.github.io/claims/2732915-034) [empirical/evidenced] -- Among the minority of respondents who believed Dodd-Frank affected fund earnings, the majority attributed that effect to additional compliance costs rather than to lower returns.
  > Figure 17 illustrates that the majority of those respondents who believed that Dodd-Frank affected their fund(s) earnings blamed additional compliance costs associated with Dodd-Frank.
  Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915
- [2739479-032](https://wulfkaal.github.io/claims/2739479-032) [empirical/evidenced] -- A majority of respondents in both surveys, 76.1 percent in 2012 and 65 percent in 2015, believed the Dodd-Frank Act did not affect their reporting funds' earnings.
  > Figure 16 illustrates that the majority of survey respondents in both the 2012 survey (76.1%) and 2015 survey (65%) believed that the Dodd-Frank Act did not affect reporting funds' earnings.
  Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479
- [2739479-034](https://wulfkaal.github.io/claims/2739479-034) [failure/argued] *(failure mode)* -- Passing compliance costs through to reporting funds applies those costs against the funds' trading revenues, which produces an overall adverse impact on fund earnings and so shifts the burden of regulation onto investors.
  > These pass-through costs are applied to the funds' trading rev- enues, which results in an overall adverse impact on the funds' earnings.
  Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479
- [2739479-035](https://wulfkaal.github.io/claims/2739479-035) [empirical/evidenced] -- Among advisers who saw an earnings effect, the attributed cause shifted from direct expense to opportunity cost between 2012 and 2015, with opportunity cost references rising from 9 percent to 32 percent while increased expense references fell from 53 percent to 36 percent.
  > and 2015, investment advisers saw the costs on fund earnings increasingly asso- ciated with opportunity costs (rates rose from 9% in 2012 to 32% in 2015) and not with increased expenses (rates fell from 53% in 2012 to 36% in 2015).
  Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

## 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/fund-earnings.md | sha256sum

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