{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/small-advisers",
 "identifier": "kaal:entity:small-advisers",
 "name": "Small advisers",
 "termCode": "small-advisers",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": 3
  },
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  },
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   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2014",
    "2017"
   ]
  },
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  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389416-028",
   "identifier": "kaal:claim:2389416-028",
   "text": "Hedge fund advisers with very small AUM likely did not respond to the Dodd-Frank Act registration requirement because they anticipated that disclosure would remain voluntary for them.",
   "abstract": "Hedge fund advisers with a very small AUM would have probably been unresponsive to the regulation, anticipating that information disclosure would remain on a voluntary basis.",
   "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": false,
   "scope_conditions": [
    "advisers well below the $150 million threshold"
   ],
   "source_pdf_sha256": "0e1c4615b104821577498d9655de43b9c5c3e985bb0215f56c038b8232be65c3",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-017",
   "identifier": "kaal:claim:2447306-017",
   "text": "The SEC's error runs in the opposite direction for small advisers on recurring filings: the agency marginally underestimated the cost of subsequent Form PF filings for annually filing smaller private fund advisers.",
   "abstract": "The cross-comparison suggests that the SEC may be marginally underestimating the cost of Form PF filings for annually filing smaller private fund advisers.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "subsequent Form PF filings by annually filing smaller advisers"
   ],
   "source_pdf_sha256": "0c950d73240845e78faf1c3ca0ab820fcc50556faf7ff07f7f773d0876f0be8a",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998097-018",
   "identifier": "kaal:claim:2998097-018",
   "text": "Because Title IV compliance costs bring increasing returns to scale and therefore favor larger firms, Title IV may create barriers to entry for smaller private fund advisers, forcing them out of the market or into consolidation with other advisers.",
   "abstract": "In other words, if Title IV compliance costs bring increasing returns to scale because the costs of Title IV compliance favor larger firms, Title IV requirements may contribute to the creation of barriers to entry for smaller private fund advisers.135 This author demonstrated",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "smaller private fund advisers",
    "if Title IV compliance costs bring increasing returns to scale"
   ],
   "source_pdf_sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'small-advisers'. Derived node: a roster, not an adjudicated definition."
}