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  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2714974-002",
   "identifier": "kaal:claim:2714974-002",
   "text": "Qualifying for one of the Investment Company Act statutory exclusions, fewer than 100 investors or exclusively qualified purchasers, is what permits a hedge fund to use investment techniques such as shorting that are forbidden to registered investment companies.",
   "abstract": "A hedge fund that qualifies for one of these statutory exclusions may use investment techniques that are forbidden to the registered investment companies.",
   "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
   "datePublished": "2016",
   "claim_type": "condition",
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   "scope_conditions": [
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2714974-023",
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   "text": "Hedge funds retain a structural short selling advantage because they are unaffected by the restrictions imposed on mutual funds, can use derivatives to avoid margin requirements, and have pioneered procedures that lower the direct costs of shorting.",
   "abstract": "Hedge funds are unaffected by the restrictions on mutual funds, can use derivatives to avoid the margin requirements, and pioneered procedures that reduce the direct costs of shorting.",
   "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
   "datePublished": "2016",
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   "text": "The emergence of hedge funds as short sellers should be viewed as a positive development because it eliminates some of the market overpricing that the high costs of short selling would otherwise sustain.",
   "abstract": "Hedge funds' emergence as short sellers can be viewed as positive, eliminating some of the market overpricing due to the high costs of short selling.",
   "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
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   "@id": "https://wulfkaal.github.io/claims/2714974-036",
   "identifier": "kaal:claim:2714974-036",
   "text": "The combined restrictions on registered investment company short selling, leverage, and organizational structure create a substantial disincentive for such companies to pursue absolute return strategies that are independent of the aggregate value of the market.",
   "abstract": "The restrictions on investment company short selling, leverage, and organizational structure create a substantial disincentive for such companies to engage in so-called absolute return investment strategies, which are strategies that are independent of the aggregate value of the market.",
   "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
   "datePublished": "2016",
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   "@id": "https://wulfkaal.github.io/claims/2715083-034",
   "identifier": "kaal:claim:2715083-034",
   "text": "Confluence is not one directional: the SEC may counteract some confluence drivers, for instance by curtailing derivative trading and short selling used by retail alternative mutual funds to mimic hedge funds.",
   "abstract": "Despite the regulatory trends and investor preference trends favoring increasing confluence of mutual and hedge funds, the SEC might counteract some of the confluence drivers.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
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   "text": "Amendments to Regulation SHO may deny mutual fund advisers certain hedging techniques, making it less likely that mutual funds can attract retail investors who are looking for alternative investment exposure.",
   "abstract": "Investment advisers to mutual funds may not be able to use certain hedging techniques after the amendment of Regulation SHO, making it less likely for investment advisers running mutual funds to attract retail investors who are seeking alternative investment opportunities.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "failure",
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   "@id": "https://wulfkaal.github.io/claims/3411110-010",
   "identifier": "kaal:claim:3411110-010",
   "text": "Naked or out of the box short selling is possible only because settlement takes three days, so eliminating the window between trade and settlement on a blockchain eliminates that abuse.",
   "abstract": "This tactic is only possible because it takes three days to settle a trade. By eliminating the window between trade and settlement, the blockchain eliminates out-of- the-box shorting.",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
   "claim_type": "mechanism",
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   "text": "Instant settlement destroys an existing business practice: without the T+3 grace period, institutional investors can no longer lend idle shares to investors covering short positions.",
   "abstract": "Without this grace period in a blockchain-based settlement system, institutional investors will no longer be able to lend their idle shares to investors to cover short positions.",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
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   "identifier": "kaal:claim:5583610-024",
   "text": "Activist tactics including short selling, public media campaigns, and strategic leaks amplify stock price volatility between annual meetings, exploiting market sentiment and pushing retail holders into selling that deepens the price decline.",
   "abstract": "Activist investors often amplify stock price volatility between annual meetings. Such stock price volatility may derive from activist investors' tactics such as short-selling, public media campaigns, or strategic leaks.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610",
   "datePublished": "2025",
   "claim_type": "mechanism",
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    "activist campaign underway"
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 "description": "9 claims in the published works of Wulf A. Kaal carry the concept tag 'short-selling'. Derived node: a roster, not an adjudicated definition."
}