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 "identifier": "kaal:entity:fund-structure",
 "name": "Fund structure",
 "termCode": "fund-structure",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2150377-021",
   "identifier": "kaal:claim:2150377-021",
   "text": "Structural and portfolio level responses to registration were rare: only a minority of respondents severed an advising relationship, changed a fund's legal structure, liquidated positions, changed investment styles, changed portfolio structure, or closed funds to new investors.",
   "abstract": "A minority of respondents: (1) severed an advising relationship, (2) changed funds' (legal) structure, (3) liquidated positions, (4) changed investment styles, (5) changed portfolio structure, or (6) closed funds to new investors.",
   "citation": "Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377",
   "datePublished": "2012",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "survey respondents, n=94",
    "measured shortly after the registration effective date"
   ],
   "source_pdf_sha256": "0b58bb409cac7674d78515f5374096f9a349de3bbd1983c990e0edc85a635a09",
   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-020",
   "identifier": "kaal:claim:2732915-020",
   "text": "Private fund advisers in the sample did not terminate existing employment relationships, and only few severed advising relationships, changed fund legal structure, liquidated positions, changed investment styles or portfolio structure, or closed funds to new investors.",
   "abstract": "Private fund advisers in the sample did not terminate existing employment relationships. Few respondents severed an advising relationship, changed funds' (legal) structure, liquidated positions, changed investment styles, changed portfolio structure, or closed funds to new investors.",
   "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",
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   "scope_conditions": [
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  {
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   "@id": "https://wulfkaal.github.io/claims/2739479-022",
   "identifier": "kaal:claim:2739479-022",
   "text": "Although rare in absolute terms, structural responses grew: at least part of the industry is increasingly changing the legal structure of its funds and closing funds to new investors in response to the post-2012 regulatory changes.",
   "abstract": "Most notably, the comparative data in Figure 4 suggest that at least a part of the industry is increasingly changing the legal structure of their fund(s) and closing funds to new investors in response to the regulatory changes",
   "citation": "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",
   "datePublished": "2016",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "least common actions reported in the 2012 and 2015 surveys",
    "rates doubled or tripled between the two surveys from a low base"
   ],
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2739479-033",
   "identifier": "kaal:claim:2739479-033",
   "text": "Although Dodd-Frank compliance costs fall primarily on the investment adviser rather than the fund, advisers have increasingly built fund structures that pass most of those compliance expenses through to their reporting funds.",
   "abstract": "Although Dodd-Frank Act compliance costs predominantly affect the investment advisers of private funds rather than the funds themselves, investment advisers have increasingly created fund struc- tures that allow them to pass most of their compliance expenses through to their reporting funds.",
   "citation": "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",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "adviser and private fund contractual structures",
    "between 2012 and 2015"
   ],
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   "status": "current"
  },
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3405660-018",
   "identifier": "kaal:claim:3405660-018",
   "text": "The complex trading, investing and corporate structures of active international hedge funds are a major constraint on effective prudential supervision.",
   "abstract": "One of the major constraining factors that constricts effective prudential supervision of hedge funds is the complex trading-, investing- and corporate structure of active international hedge funds.",
   "citation": "Kaal, Indirect Regulation of Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3405660",
   "datePublished": "2019",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "internationally active hedge funds with complex group structures"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3409548-011",
   "identifier": "kaal:claim:3409548-011",
   "text": "Blockchain adoption by private investment funds followed a staged path: minimal use from 2000 to 2012, then experimentation through separate new fund entities beginning in 2012, and from 2015 the creation of blockchain substructures inside existing funds.",
   "abstract": "They began to experiment with the technology by setting up separate and new fund entities that utilized the technology in various forms. In 2015, however, existing funds also started to create substructures that utilized blockchain technology.",
   "citation": "Kaal, Financial Technology and Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3409548",
   "datePublished": "2019",
   "claim_type": "empirical",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "private investment fund industry, 2000 to 2015"
   ],
   "source_pdf_sha256": "74227ab2656b06bfe4a29c942fc2ba26df9f476917e0a9f85ec038b8c3402c40",
   "status": "current"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3949098-012",
   "identifier": "kaal:claim:3949098-012",
   "text": "Because reputation staking carries no ex post capital commitment, the removal of capital makes capital calls and other liquidity limiting measures less relevant for DAOIC members.",
   "abstract": "The removal of capital through RNFT staking also makes capital calls and other liquidity-limiting measures less relevant. There are no ex post capital commitments associated with an RNFT staking participation.",
   "citation": "Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098",
   "datePublished": "2021",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "best efforts style RNFT staking participations, not firm commitment deals"
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   "source_pdf_sha256": "04297905564a6092b2db7640561f58fd374d3114c79527357bad09d11b909819",
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 ],
 "description": "7 claims in the published works of Wulf A. Kaal carry the concept tag 'fund-structure'. Derived node: a roster, not an adjudicated definition."
}