# Private fund performance

`kaal:entity:private-fund-performance`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `private-fund-performance`. 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

5 claims across 1 works, 2016 to 2016.

**2016**

- [2816408-003](https://wulfkaal.github.io/claims/2816408-003) [empirical/evidenced] -- Using self-reported Morningstar earnings data for 3,424 US private fund advisers covering 2010 to 2015 in multiple regression discontinuity designs with robustness checks, private fund adviser registration and disclosure under the Dodd-Frank Act had no significant effect on private fund adviser returns.
  > Based on the evidence in multiple RD designs including robustness checks, we conclude that private fund adviser registration and disclosure under the Dodd-Frank Act had no significant effect on private fund adviser returns.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408
- [2816408-004](https://wulfkaal.github.io/claims/2816408-004) [empirical/evidenced] *(failure mode)* -- The evidence contradicts the private fund industry's claim that private fund adviser registration under the Dodd-Frank Act negatively affects private fund performance.
  > This evidence contradicts claims of the private fund industry that private fund adviser registration under the Dodd-Frank Act negatively affects private fund performance.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408
- [2816408-005](https://wulfkaal.github.io/claims/2816408-005) [mechanism/argued] -- Regulation could depress reported private fund performance through a compliance cost channel: because monthly performance is reported net of fees, a significant increase in compliance costs would show up immediately in monthly performance figures.
  > First, regulation could decrease performance by increasing compliance costs. Because private fund advisers' monthly performance is reported net of fees, a significant increase in compliance costs could have an immediate effect on monthly performance.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408
- [2816408-007](https://wulfkaal.github.io/claims/2816408-007) [mechanism/argued] -- A second channel by which Title IV could lower performance is risk reduction: private fund advisers have expressed concern that regulation will force them to take on less risk and therefore earn lower returns.
  > Second, some private fund advisers have expressed concern that regulation will force them to take on less risk (Kaal 2013a), therefore lowering performance.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408
- [2816408-014](https://wulfkaal.github.io/claims/2816408-014) [empirical/argued] -- Because private funds evolved under low or no regulatory supervision until Dodd-Frank, the large prior literature on private fund performance largely does not assess the implications of private fund regulation, leaving a gap this study fills.
  > Because private funds evolved in a regulatory environment with low or no regulatory supervision until the enactment of the Dodd-Frank Act, most prior studies on private fund performance do not assess the implications of private fund regulation.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408

## 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/private-fund-performance.md | sha256sum

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