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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/regulatory-avoidance",
 "identifier": "kaal:entity:regulatory-avoidance",
 "name": "Regulatory avoidance",
 "termCode": "regulatory-avoidance",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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   "value": [
    "2012",
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2150377-018",
   "identifier": "kaal:claim:2150377-018",
   "text": "Managers who avoided registration by restructuring, for example by changing organizational form or assets under management, are practically and administratively very difficult to identify, so the population that adapted away from the rule remains largely unobservable to researchers.",
   "abstract": "Identifying hedge fund managers who had been exposed to the treatment and decided to avoid the treatment, by changing their organizational structure, AUM, et cetera, proved practically and administratively very difficult and would have resulted in a very small sample size for the control group.",
   "citation": "Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "identification of advisers who altered structure or AUM to avoid registration"
   ],
   "source_pdf_sha256": "0b58bb409cac7674d78515f5374096f9a349de3bbd1983c990e0edc85a635a09",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2150377-028",
   "identifier": "kaal:claim:2150377-028",
   "text": "Where the Form PF quarterly reporting threshold does influence behavior, it distorts fund size downward: a majority of the advisers who take the threshold into account plan to stay under $1.5 billion in assets under management, and some would close funds to new investors to do so.",
   "abstract": "A majority of those respondents who would take it into account plan to stay under the Form PF threshold for quarterly reporting of $1.5 billion AUM.",
   "citation": "Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377",
   "datePublished": "2012",
   "claim_type": "mechanism",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "the 19.54% of respondents who would take the Form PF threshold into account"
   ],
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389416-004",
   "identifier": "kaal:claim:2389416-004",
   "text": "Strategic behavior by fund advisers around the assets under management registration threshold produces a strong increase in the measured discontinuity at that threshold.",
   "abstract": "Strategic actions by fund advisers lead to a strong increase in the discontinuity around the AUM registration threshold.",
   "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": [
    "advisers whose AUM floats above and below $150 million",
    "months May through August 2012"
   ],
   "source_pdf_sha256": "0e1c4615b104821577498d9655de43b9c5c3e985bb0215f56c038b8232be65c3",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389416-029",
   "identifier": "kaal:claim:2389416-029",
   "text": "The Dodd-Frank Act registration threshold creates incentives strong enough that some advisers opt out of registration and disclosure by strategically changing their AUM size to stay below $150 million.",
   "abstract": "It is possible that the enactment of the Dodd-Frank Act introduces incentives that are powerful enough to cause some hedge fund advisers to opt out of Dodd-Frank Act registration and disclosure through a strategic change of AUM size.",
   "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": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "advisers with AUM floating around the $150 million threshold"
   ],
   "source_pdf_sha256": "0e1c4615b104821577498d9655de43b9c5c3e985bb0215f56c038b8232be65c3",
   "status": "current"
  }
 ],
 "description": "4 claims in the published works of Wulf A. Kaal carry the concept tag 'regulatory-avoidance'. Derived node: a roster, not an adjudicated definition."
}