# Treatment effect

`kaal:entity:treatment-effect`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `treatment-effect`. 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 2 works, 2012 to 2014.

**2012**

- [2150377-017](https://wulfkaal.github.io/claims/2150377-017) [design/argued] *(failure mode)* -- A treatment and control design is unavailable for studying registration effects, because managers who did not have to register have no exposure to the treatment and therefore cannot generate informative responses about its effects.
  > Interviewing the treatment group, hedge fund managers who had to register, and a control group, hedge fund managers who did not have to register, would not have yielded appropriate responses because the control group would have had no exposure to the effect of the treatment, registration.
  Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

**2014**

- [2389416-020](https://wulfkaal.github.io/claims/2389416-020) [empirical/evidenced] -- Under the sharp regression discontinuity design, the estimated treatment coefficient exceeds one only in March 2012, at 1.104 with a p-value of 0.015, and is close to zero and insignificant in every other month.
  > Only in March 2012, i.e. the registration effective date for hedge fund advisers, the estimated coefficient has value larger than one, while it is always close to zero in the other periods.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416
- [2389416-033](https://wulfkaal.github.io/claims/2389416-033) [empirical/evidenced] -- Difference-in-differences analysis confirms the regression discontinuity results, showing a positive and highly significant treatment coefficient for funds above the $150 million AUM threshold.
  > Our DiD analysis confirms the results of our RD design. Table 9 shows the dummy variable that identifies the treatment with a positive coefficient that is highly significant.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416
- [2389416-034](https://wulfkaal.github.io/claims/2389416-034) [empirical/evidenced] -- The difference-in-differences interaction term identifying treated funds in 2012 is positive and statistically significant in March, April, and May 2012.
  > Table 9 also shows that the dummy variable that identifies the treatment group univocally (year 2012 and AUM>150M) is positive and statistically significant in March, April and May 2012.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416
- [2389416-035](https://wulfkaal.github.io/claims/2389416-035) [empirical/evidenced] -- The difference-in-differences treatment effect is unstable over time: it loses significance in June and July 2012, then becomes significant again in August and September 2012 with negative coefficients and in October 2012 with a positive coefficient.
  > It loses significance in June and July, but it becomes significant again in August, September (with a negative coefficient) and October (with a positive coefficient).
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416

## 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/treatment-effect.md | sha256sum

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