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  "name": "Wulf A. Kaal",
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389416-001",
   "identifier": "kaal:claim:2389416-001",
   "text": "Title IV of the Dodd-Frank Act represents the most significant regulatory change in the history of the hedge fund industry, imposing mandatory adviser registration and disclosure for the first time since the industry's inception.",
   "abstract": "Title IV of the Dodd-Frank Act introduced the most significant regulatory change in the history of the hedge fund industry.",
   "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",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-001",
   "identifier": "kaal:claim:2389423-001",
   "text": "This study finds no evidence of an inverse relationship between the size of regulated hedge fund advisers and the per-unit cost of compliance, contrary to the common complaint that financial regulation brings increasing returns to scale.",
   "abstract": "The author finds no evidence of an inverse relationship between the size of regulated hedge fund advisers and the per-unit cost of compliance.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
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   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
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   "@type": "Claim",
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   "identifier": "kaal:claim:2389423-002",
   "text": "The cost of Title IV compliance, and the other independent variables used as proxies for compliance cost, are associated with the size of hedge fund advisers as measured by assets under management.",
   "abstract": "The cost of Title IV compliance and other independent variables as proxies for cost are associated with the size of hedge fund advisers as measured by assets under management (AUM).",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-003",
   "identifier": "kaal:claim:2389423-003",
   "text": "Anecdotal evidence suggests that Title IV of the Dodd-Frank Act more than doubled the market entry threshold requirements for smaller hedge fund advisers.",
   "abstract": "Anecdotal evidence suggests that Title IV more than doubled the market entry threshold requirements for smaller hedge fund advisers.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
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   "@type": "Claim",
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   "identifier": "kaal:claim:2389423-006",
   "text": "If the administrative and compliance costs created by Title IV disproportionally affect smaller hedge fund advisers, then over time smaller fund advisers could be forced out of the market or pushed to merge with other funds.",
   "abstract": "If the administrative and compliance costs created by Title IV should disproportionally affect smaller hedge fund advisers, it is conceivable that over time smaller fund advisers could get forced out of the market or merge with other funds.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
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   "@type": "Claim",
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   "identifier": "kaal:claim:2389423-007",
   "text": "A disproportionate effect of Title IV on startup hedge funds and smaller advisers could create barriers to market entry and precipitate a trend toward consolidation among smaller hedge fund advisers.",
   "abstract": "A disproportionate effect of Title IV on startup hedge funds and smaller advisers could create barriers to market entry and precipitate a trend toward consolidation among smaller hedge fund advisers.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
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   "@type": "Claim",
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   "identifier": "kaal:claim:2389423-008",
   "text": "A surplus of larger private fund advisers holding correspondingly larger amounts of assets under management could increase systemic risk, so a regulation that consolidates the industry may work against its own systemic risk objective.",
   "abstract": "A surplus of larger private fund advisers with correspondingly larger amounts in AUM could increase systemic risk.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "predictive",
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   "@type": "Claim",
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   "identifier": "kaal:claim:2389423-009",
   "text": "The new regulatory framework for private funds in the United States requires hedge fund manager registration in combination with enhanced disclosure of sensitive proprietary information, a combination that marks a shift in how private funds are regulated.",
   "abstract": "The new regulatory framework for private funds in the United States requires hedge fund manager registration in combination with enhanced disclosure of sensitive proprietary information (Dodd–Frank §§ 401, 402).",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
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   "@type": "Claim",
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   "identifier": "kaal:claim:2389423-010",
   "text": "Because there is no evidence of an inverse relationship between adviser size and per-unit compliance cost, industry concerns over the effect of Title IV compliance cost and possible barriers to entry for smaller funds and startups appear unjustified.",
   "abstract": "Accordingly, industry concerns over the effect of Title IV compliance cost and possible barriers to entry for smaller funds and startups seem to be unjustified.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
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   "status": "current"
  },
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-011",
   "identifier": "kaal:claim:2389423-011",
   "text": "Based on these findings, adviser size may not matter as much for policy adjustments and SEC rule making as the hedge fund industry and its representatives have claimed.",
   "abstract": "Based on these findings, adviser size may not matter as much for policy adjustments and SEC rule making as the hedge fund industry and its representatives claimed.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "normative",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "SEC rule making under Title IV",
    "policy adjustments keyed to adviser size"
   ],
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-012",
   "identifier": "kaal:claim:2389423-012",
   "text": "Title IV mandates hedge fund adviser registration in order to increase record keeping and disclosure, requiring advisers above the statutory AUM threshold to register as investment advisers and to disclose information about their trades and portfolios to the SEC.",
   "abstract": "Title IV mandates hedge fund adviser registration to increase record-keeping and disclosure (Dodd-Frank § 408). Hedge fund advisers with more than $150 AUM are required to register as investment advisers and have to disclose information about their trades and portfolios to the SEC",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "hedge fund advisers above the Title IV registration threshold"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-014",
   "identifier": "kaal:claim:2389423-014",
   "text": "The study's core hypothesis, drawn from the industry view and the anecdotal evidence, is that smaller hedge fund advisers pay more relative to their size than larger hedge fund advisers for Title IV compliance.",
   "abstract": "Hypothesis: Dodd-Frank Effect on Hedge Fund Category. Smaller hedge fund advisers pay more relative to their size than larger hedge fund advisers for Title IV Compliance.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "hedge fund advisers across the AUM spectrum"
   ],
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-016",
   "identifier": "kaal:claim:2389423-016",
   "text": "Linear, robust, and non-linear regression models all show positive and statistically significant coefficients, and compliance costs per unit of AUM do not diminish in the sample, so the hypothesis that smaller advisers pay relatively more is not supported.",
   "abstract": "Figures X and Y show that linear, robust, and non-linear regression models show positive and statistically significant coefficients. Compliance costs per unit AUM do not diminish in the sample. There is thus no support for the hypothesis.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-017",
   "identifier": "kaal:claim:2389423-017",
   "text": "Form PF is structured so that single strategy fund advisers collect and provide only a fraction of the information a multi strategy adviser must make available, which makes reporting burden a function of strategy count rather than of adviser size.",
   "abstract": "Form PF is structured in a way that allows single strategy fund advisers to collect and provide a fraction of the information a multi strategy adviser would be required to make available under Form PF.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "mechanism",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "reporting under Form PF",
    "comparison of single strategy and multi strategy advisers"
   ],
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-023",
   "identifier": "kaal:claim:2389423-023",
   "text": "The analysis uses data from a 2012 survey study of a population of 1,264 private fund advisers registered before the SEC's registration effective date for private funds of March 30, 2012.",
   "abstract": "The data used for the analysis in this article was collected in the context of a 2012 survey study (Kaal [2013]) with a population of 1,264 private fund advisers, registered before the SEC's registration effective date for private funds, March 30, 2012.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "private fund advisers registered before March 30, 2012"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-024",
   "identifier": "kaal:claim:2389423-024",
   "text": "In the open ended survey question on the effects of Title IV, 43.59 percent of respondents, the largest group, said the industry would be affected predominantly by increased costs.",
   "abstract": "Exhibit 1 illustrates that an overwhelming majority of respondents (43.59%) opined that the industry would be affected predominantly by increased costs.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
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    "responses to open ended survey question five"
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-025",
   "identifier": "kaal:claim:2389423-025",
   "text": "The majority of survey respondents believed that Title IV compliance costs $100,000.00 annually.",
   "abstract": "The majority of respondents believed that Title IV compliance costs $100,000.00 annually.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "frequency of survey responses on the annual cost of Title IV compliance"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-026",
   "identifier": "kaal:claim:2389423-026",
   "text": "The most common fund adviser response, at 47.67 percent of the 86 respondents to the question, estimates the annual compliance cost of Title IV in the range of $50,000 to $100,000.",
   "abstract": "The most common fund adviser response (47.67%) estimates the annual compliance cost of Title IV in the range of $50,000 - $100,000. The total number of respondents who answered Question 6bi was 86.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "86 respondents to survey question 6bi",
    "median cost measures for Title IV compliance"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-027",
   "identifier": "kaal:claim:2389423-027",
   "text": "On the median annual time measure for Title IV compliance, 46 percent of respondents estimated between 100 and 250 hours per year and 32 percent estimated between 250 and 500 hours per year.",
   "abstract": "46% of respondents opined that it would take them between 100 and 250 hours to comply with requirements in Title IV. 32% of respondents believed it would take them between 250 and 500 hours per year.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "survey responses on annual time required for Title IV compliance"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-028",
   "identifier": "kaal:claim:2389423-028",
   "text": "The clear majority of respondents prefer an asset size above the $150 million AUM registration threshold after the enactment of Title IV, indicating that advisers respond to the threshold by growing past it rather than staying below it.",
   "abstract": "The clear majority of respondents prefer an assets size above the registration threshold of $150 million AUM.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "survey responses on preferred asset size after Title IV enactment"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-029",
   "identifier": "kaal:claim:2389423-029",
   "text": "The compliance and administrative costs created by Title IV of the Dodd-Frank Act are associated with the size of hedge fund advisers' assets under management.",
   "abstract": "Exhibits 11-13 show that the compliance and administrative costs created by Title IV of the Dodd-Frank Act are associated with the size of hedge fund advisers' AUM.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "entire sample and the single and multi strategy subsamples"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-030",
   "identifier": "kaal:claim:2389423-030",
   "text": "All regression models show positive and predominantly statistically significant coefficients, with 18 out of 30 coefficients in the entire sample statistically significant.",
   "abstract": "All regression models show positive and predominantly statistically significant coefficients. 18 out of 30 coefficients in the entire sample are statistically significant.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "five regression specifications applied to the entire sample"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-035",
   "identifier": "kaal:claim:2389423-035",
   "text": "The findings of this study are based on limited data and a small sample size, so additional research is required to fully investigate the impact of Title IV on the private fund industry.",
   "abstract": "Several limitations in this study seem to suggest that additional research may be required to fully investigate the impact of Title IV on the private fund industry. The findings of this study are based on limited data and a small sample size.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "survey sample of 94 respondents from a population of 1,264 advisers"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-038",
   "identifier": "kaal:claim:2389423-038",
   "text": "There is no evidence that private fund adviser regulation in Title IV of the Dodd-Frank Act increases returns to scale, which counters the most damning putative concern raised about regulatory compliance costs.",
   "abstract": "There is no evidence that private fund adviser regulation in Title IV of the Dodd-Frank Act increases returns to scale.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "private fund advisers subject to Title IV"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-039",
   "identifier": "kaal:claim:2389423-039",
   "text": "Based on these findings, there appears to be no immediate need for policy makers to address concerns over a possible effect of Title IV on startup hedge funds and smaller hedge fund advisers.",
   "abstract": "Based on these findings, there appears to be no immediate need for policy makers to address concerns over a possible effect of Title IV on startup hedge funds and smaller hedge fund advisers.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "normative",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "current policy making on Title IV",
    "subject to the study's data limitations"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-040",
   "identifier": "kaal:claim:2389423-040",
   "text": "A long-term study of the effects of Title IV compliance costs could change the assessment that no policy intervention is needed, so the finding is provisional on the short observation window.",
   "abstract": "A long-term study of the effects of Title IV compliance costs could change this assessment.",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "predictive",
   "confidence": "speculative",
   "is_failure_mode": false,
   "scope_conditions": [
    "longer time horizon than the period immediately after the March 2012 registration effective date"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-001",
   "identifier": "kaal:claim:2447306-001",
   "text": "Title IV of the Dodd-Frank Act and the SEC rules implementing it produced a paradigm shift in United States private fund regulation, raising regulatory oversight of an industry that had been largely exempt to unprecedented levels.",
   "abstract": "Title IV and Securities and Exchange Commission (SEC) rules implementing the requirements under Title IV created a paradigm shift for the regulation of private funds in the United States, increasing the level of regulatory oversight to unprecedented levels.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States private funds after the 2010 enactment of Title IV"
   ],
   "source_pdf_sha256": "0c950d73240845e78faf1c3ca0ab820fcc50556faf7ff07f7f773d0876f0be8a",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-009",
   "identifier": "kaal:claim:2732915-009",
   "text": "Title IV requires private fund advisers with more than $150 million in assets under management to register with the SEC as investment advisers.",
   "abstract": "Title IV requires private fund advisers with more than $150 million assets under management (AUM) to register with the SEC as investment advisers.",
   "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": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "advisers acting solely as advisers to private funds",
    "assets under management in the United States"
   ],
   "source_pdf_sha256": "643658c02f6625bca35595696116d0ad74d681ed8579c644832ae4a88b2a8c14",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2739479-001",
   "identifier": "kaal:claim:2739479-001",
   "text": "Title IV of the Dodd-Frank Act ended more than fifty years during which the hedge fund industry operated under low-level regulatory oversight, constituting a tectonic shift in the regulatory framework for private funds.",
   "abstract": "Over fifty years of low-level regulatory oversight for the hedge fund in- dustry ended with Title IV.",
   "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": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States private fund industry",
    "period following the 2010 enactment of Title IV"
   ],
   "source_pdf_sha256": "b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2739479-020",
   "identifier": "kaal:claim:2739479-020",
   "text": "A majority of private fund adviser respondents in both surveys, 72 percent in 2012 and 75 percent in 2015, did not plan any strategic response, meaning any action to avoid or limit the impact of Title IV.",
   "abstract": "Figure 2 indicates that in both 2012 and 2015 a majority (72% and 75%) of private fund adviser respondents did not plan a strategic response to Title IV of the Dodd-Frank Act. \"Strategic responses\" in both surveys describe actions taken to avoid or limit the impact of Title IV.",
   "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": [
    "survey respondents in 2012 (N = 94) and 2015 (N = 69)"
   ],
   "source_pdf_sha256": "b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2816408-001",
   "identifier": "kaal:claim:2816408-001",
   "text": "Title IV of the Dodd-Frank Act of 2010 is the most significant regulatory change in the history of the private fund industry, ending decades in which the industry operated with little regulatory supervision.",
   "abstract": "Title IV of the Dodd-Frank Act of 2010 introduced the most significant regulatory change in the history of the private fund industry.",
   "citation": "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",
   "datePublished": "2016",
   "claim_type": "empirical",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States private fund industry",
    "post 2010"
   ],
   "source_pdf_sha256": "dc3b2f9e60e42ea1b42c2e0062d65569675b014c05fcd30b15ad44d2410b2ce7",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2816408-012",
   "identifier": "kaal:claim:2816408-012",
   "text": "Title IV exempts private fund advisers with less than $150 million assets under management from registration, and requires the SEC to weigh investment strategy, size, and governance in determining the systemic risk of private funds.",
   "abstract": "Title IV of the Dodd-Frank Act exempts private fund advisers with less than $150 million AUM from registration (Dodd-Frank Act § 408) and requires the SEC to examine factors including the investment strategy, size, and governance of an investment adviser",
   "citation": "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",
   "datePublished": "2016",
   "claim_type": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States",
    "Dodd-Frank Act section 408"
   ],
   "source_pdf_sha256": "dc3b2f9e60e42ea1b42c2e0062d65569675b014c05fcd30b15ad44d2410b2ce7",
   "status": "current"
  }
 ],
 "description": "32 claims in the published works of Wulf A. Kaal carry the concept tag 'title-iv'. Derived node: a roster, not an adjudicated definition."
}