{
 "failure_mode": "data-quality-and-comparability",
 "specific_names": [
  "Acknowledged data gaps",
  "Deal flow data unavailability",
  "Defect to use matching reveals assessment risk",
  "Defective inputs to stage one screen",
  "Error propagation from filer uncertainty to regulator conclusions",
  "Error propagation from filings to designation",
  "Estimates and assumptions substitute for measurement",
  "Filer error anomalies",
  "Human error in manual fee calculation",
  "Inaccurate regulatory data undermines systemic risk assessment",
  "Inconsistent adviser responses",
  "Mandated data collection creates evaluation problems",
  "Manual Verification Regress",
  "No comparative yardstick",
  "Non comparable filing methodologies",
  "Recursive human verification problem",
  "Regulator leans hardest on the weakest data items",
  "Reliance concentrated on weakest data",
  "Remedies insufficient to restore confidence",
  "Reporting issues affect assessment",
  "Unanswerable disclosure items",
  "Undeterminable counterparty exposure data",
  "Unobtainable counterparty exposure data",
  "Upstream data error propagates to risk assessment",
  "Weakest data drives interconnectedness finding",
  "annotation quality drift",
  "big data validity illusion",
  "big-data-validity-deficit",
  "connectivity and legal constriction of supply",
  "data staleness",
  "document-recording-gap",
  "garbage-in-policy-out",
  "generic and outdated data yields no improvement",
  "generic data fails to reveal investor motives",
  "incomparable-performance-metrics",
  "inconsistent industry terminology in Form PF",
  "opaque-and-ambiguous-precedent",
  "pre-crisis data gap",
  "stale filed disclosure data",
  "unreliable systemic risk data"
 ],
 "count": 40,
 "claims": [
  {
   "id": "kaal:claim:2348463-007",
   "url": "https://wulfkaal.github.io/claims/2348463-007",
   "claim": "The SEC has not standardized the disclosures required in Form PF, and there is evidence that Form PF requirements rest on an inconsistent use of industry terms, which can in turn produce inconsistent and contradictory data reporting.",
   "specific_name": "inconsistent industry terminology in Form PF",
   "conditions": [
    "Form PF as promulgated and in effect at the time of writing"
   ],
   "source": "Hedge Funds’ Systemic Risk Disclosures in Bankruptcy",
   "year": "2013",
   "quote": "The SEC has not yet standardized the required disclosures in Form PF and there is some evidence that the disclosure requirements in Form PF are based on an inconsistent use of industry terms which may in turn result in inconsistent and perhaps contradictory data reporting.",
   "citation": "Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463"
  },
  {
   "id": "kaal:claim:2348463-019",
   "url": "https://wulfkaal.github.io/claims/2348463-019",
   "claim": "Under both the bankruptcy and the systemic risk disclosure regimes, filed data carries a serious risk of being out of date and less accurate at the time it is analyzed than when it was disclosed, partly because of the lag needed to collect data before filing.",
   "specific_name": "stale filed disclosure data",
   "conditions": [
    "any analysis of data filed under Revised Rule 2019 or Form PF"
   ],
   "source": "Hedge Funds’ Systemic Risk Disclosures in Bankruptcy",
   "year": "2013",
   "quote": "It is important to note that for purposes of any analysis of filed data under either disclosure system, there is a serious risk that data may be out of date and less accurate when analysed than at the time when it was disclosed.",
   "citation": "Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463"
  },
  {
   "id": "kaal:claim:2348463-022",
   "url": "https://wulfkaal.github.io/claims/2348463-022",
   "claim": "Form PF disclosures have not been standardized, and anecdotal evidence indicates that the SEC and the FSOC may be working with contradictory, misleading, inaccurate, and incomplete systemic risk data.",
   "specific_name": "unreliable systemic risk data",
   "conditions": [
    "Form PF filings made under the initial implementation stages"
   ],
   "source": "Hedge Funds’ Systemic Risk Disclosures in Bankruptcy",
   "year": "2013",
   "quote": "Form PF disclosures have not yet been standardized, and anecdotal evidence suggests that the SEC and the FSOC could be working with contradictory, misleading, inaccurate, and incomplete systemic risk data in Form PF.",
   "citation": "Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463"
  },
  {
   "id": "kaal:claim:2348463-033",
   "url": "https://wulfkaal.github.io/claims/2348463-033",
   "claim": "Because systemic risk disclosures are far more generic and are not tailored to any specific distressed investment, importing them into bankruptcy would improve only marginally the information available about the motives of distressed securities investors.",
   "specific_name": "generic data fails to reveal investor motives",
   "conditions": [
    "Form PF disclosures in their current generic form"
   ],
   "source": "Hedge Funds’ Systemic Risk Disclosures in Bankruptcy",
   "year": "2013",
   "quote": "Hence, with regard to disclosure of possible motives of hedge fund investors in bankruptcy, systemic risk disclosures in the bankruptcy context would only marginally improve the availability of relevant information pertaining to possible motives of distressed securities investors.",
   "citation": "Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463"
  },
  {
   "id": "kaal:claim:2348463-038",
   "url": "https://wulfkaal.github.io/claims/2348463-038",
   "claim": "Using generic and possibly outdated systemic risk data in the bankruptcy process would not improve hedge funds' bankruptcy practices in the near term.",
   "specific_name": "generic and outdated data yields no improvement",
   "conditions": [
    "near term, before standardization of Form PF",
    "Form PF information can be out of date immediately after filing"
   ],
   "source": "Hedge Funds’ Systemic Risk Disclosures in Bankruptcy",
   "year": "2013",
   "quote": "The use of generic and possibly outdated systemic risk data in the bankruptcy process would therefore not improve hedge funds' practices in bankruptcy in the near term.",
   "citation": "Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463"
  },
  {
   "id": "kaal:claim:2447306-004",
   "url": "https://wulfkaal.github.io/claims/2447306-004",
   "claim": "If advisers' allegations that Form PF disclosures cannot be answered other than by guessing are correct, then the SEC's capacity to evaluate the data is compromised, and regulation built on incomplete and misleading data will itself be questionable.",
   "specific_name": "garbage-in-policy-out",
   "conditions": [
    "conditional on the accuracy of anecdotal reports from advisers"
   ],
   "source": "Private Fund Disclosures Under the Dodd-Frank Act",
   "year": "2014",
   "quote": "If these allegations should be true, the SEC's ability to evaluate and assess the data could be compromised. The use of incomplete and misleading data could lead to the development of questionable policies and regulations applicable to the private fund industry.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306"
  },
  {
   "id": "kaal:claim:2447306-037",
   "url": "https://wulfkaal.github.io/claims/2447306-037",
   "claim": "Form PF fund performance metrics are not accurate or comparable across filers, because reporting entities employ different calculation methodologies to produce them.",
   "specific_name": "incomparable-performance-metrics",
   "conditions": [
    "Form PF Item C, Question 17 on reporting fund performance"
   ],
   "source": "Private Fund Disclosures Under the Dodd-Frank Act",
   "year": "2014",
   "quote": "Several respondents mentioned Form PF Item C., Question 17 (Reporting Fund Performance), suggesting that existing Form PF fund performance metrics are not accurate because the reporting entities employ different calculation methodologies.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306"
  },
  {
   "id": "kaal:claim:2486570-014",
   "url": "https://wulfkaal.github.io/claims/2486570-014",
   "claim": "Where coded categories such as cooperating, disclosure, and internal review fall well short of 100 percent of the sample, the shortfall may reflect a gap in what the agreements record rather than a real absence of those corporate actions, so the coded frequencies understate actual conduct.",
   "specific_name": "document-recording-gap",
   "conditions": [
    "applies to categories whose coded frequency is not near 100 percent"
   ],
   "source": "The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance Evidence from 1993-20",
   "year": "2014",
   "quote": "there is a chance that we may be capturing a gap in what is recorded in the N/DPAs in the sample, rather than a real absence of these factors.",
   "citation": "Wulf A. Kaal, Timothy Lacine, The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance Evidence from 1993-20 (2014). SSRN: https://ssrn.com/abstract=2486570"
  },
  {
   "id": "kaal:claim:2470008-001",
   "url": "https://wulfkaal.github.io/claims/2470008-001",
   "claim": "The SEC data collected from private fund advisers feeds every stage of the FSOC's systemic risk assessment, and the FSOC leans most heavily on precisely those disclosure items that are the most problematic.",
   "specific_name": "Reliance concentrated on weakest data",
   "conditions": [
    "private fund advisers reporting under SEC Form PF",
    "FSOC systemic risk assessment of nonbank financial companies"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "The author shows that while the SEC's data plays a crucial role in all stages of FSOC's systemic risk assessment of private fund advisers, the FSOC relies most heavily on some of the most problematic disclosure items collected by the SEC.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-002",
   "url": "https://wulfkaal.github.io/claims/2470008-002",
   "claim": "Accuracy and consistency problems in the SEC's private fund data collection can impair the FSOC's ability to evaluate the systemic risk posed by private fund advisers.",
   "specific_name": "Upstream data error propagates to risk assessment",
   "conditions": [
    "data collected through Form PF",
    "FSOC evaluation of nonbank systemic risk"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "Evidence that the SEC's data collection encounters accuracy and consistency problems might hamper the FSOC's ability to evaluate the systemic risk of private fund advisers.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-003",
   "url": "https://wulfkaal.github.io/claims/2470008-003",
   "claim": "Prior studies and anecdotal evidence indicate that the data collection mandated by Form PF could itself create problems for the FSOC when it evaluates hedge fund systemic risk.",
   "specific_name": "Mandated data collection creates evaluation problems",
   "conditions": [
    "hedge fund systemic risk evaluation by FSOC"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "Several observations from previous studies and anecdotal evidence suggest that the mandated data collection in Form PF could create issues for FSOC in evaluating the systemic risk of hedge funds.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-022",
   "url": "https://wulfkaal.github.io/claims/2470008-022",
   "claim": "The SEC itself reports that the consistency of investment advisers' responses on Form PF is not ensured and may be questionable.",
   "specific_name": "Inconsistent adviser responses",
   "conditions": [
    "Form PF filings as analyzed by SEC staff"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "The analysis of the data collected in Form PF presents several key challenges. The SEC suggests that the consistency of investment adviser's responses on Form PF is not ensured and could be questionable.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-023",
   "url": "https://wulfkaal.github.io/claims/2470008-023",
   "claim": "Advisers take different approaches and make different assumptions when completing Form PF, which the SEC identifies as a further challenge to the usability of the data.",
   "specific_name": "Non comparable filing methodologies",
   "conditions": [
    "Form PF filings by registered private fund advisers"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "Other challenges with Form PF identified by the SEC include the differences in approaches taken by investment advisers in completing Form PF and differences in assumptions made by investment advisers in completing Form PF.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-024",
   "url": "https://wulfkaal.github.io/claims/2470008-024",
   "claim": "The SEC's initial analysis of Form PF data turned up anomalies attributed to filer error, which prompted SEC concern about the quality of the information private fund advisers report.",
   "specific_name": "Filer error anomalies",
   "conditions": [
    "early Form PF filing cycles"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "Upon initial analysis of Form PF data, the SEC identified data anomalies deemed to be attributable to filer error165 which precipitated SEC concerns about the quality of the information provided by private fund advisers.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-025",
   "url": "https://wulfkaal.github.io/claims/2470008-025",
   "claim": "Expanding the uses of Form PF data remains difficult so long as there is insufficient confidence in the accuracy of what advisers report, notwithstanding SEC efforts to improve quality through interpretive FAQs and curative amendments.",
   "specific_name": "Remedies insufficient to restore confidence",
   "conditions": [
    "current state of Form PF data accuracy",
    "SEC remedial measures limited to FAQs and curative amendments"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "expanding the utility of Form PF data without sufficient confidence in the accuracy of the information provided by investment advisers on Form PF remains difficult",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-027",
   "url": "https://wulfkaal.github.io/claims/2470008-027",
   "claim": "The FSOC itself conceded that available data was insufficient when it tried to identify the activities of the twenty largest United States fund managers as possible sources of systemic risk.",
   "specific_name": "Acknowledged data gaps",
   "conditions": [
    "FSOC 2013 annual report",
    "counterparty risk, leverage, repo, securities lending, and separate accounts"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "Similarly, in its attempt to identify activities of twenty of the largest U.S. fund managers as possible sources of systemic risk,171 the FSOC acknowledged that the available data was insufficient",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-033",
   "url": "https://wulfkaal.github.io/claims/2470008-033",
   "claim": "Because several core Form PF questions feeding the FSOC's stage one threshold screen are themselves defective, the FSOC's systemic risk assessment process could be compromised.",
   "specific_name": "Defective inputs to stage one screen",
   "conditions": [
    "FSOC stage one threshold assessment",
    "reliance on Form PF questions with identified defects"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "Given the identified shortcomings of Form PF data, the systemic risk assessment process employed by the FSOC could be compromised. Several core Form PF questions that provide specific information for FSOC's stage one threshold assessment encounter problems.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-035",
   "url": "https://wulfkaal.github.io/claims/2470008-035",
   "claim": "The Form PF counterparty questions most affected by filer interpretation, Questions 22 and 23, are the very ones the FSOC uses in stage two to determine the interconnectedness of private funds.",
   "specific_name": "Weakest data drives interconnectedness finding",
   "conditions": [
    "FSOC stage two analysis of interconnectedness"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "Form PF questions 22 and 23 are directly used in FSOC's stage two analysis to determine the interconnectedness of private funds.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-036",
   "url": "https://wulfkaal.github.io/claims/2470008-036",
   "claim": "Widespread filer disagreement with Form PF definitions implies that a large share of filers are uncertain how to answer, which raises the possibility that they complete the form with estimates and varied assumptions.",
   "specific_name": "Estimates and assumptions substitute for measurement",
   "conditions": [
    "filers who disagreed with Form PF definitions or instructions"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "This suggests that a large proportion of filers are uncertain as to how Form PF questions are to be answered. This uncertainty at least raises the possibility that the filers are using estimates and a variety of assumptions to complete Form PF.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-037",
   "url": "https://wulfkaal.github.io/claims/2470008-037",
   "claim": "If the FSOC relies on inaccurate Form PF data in its systemic risk assessment, its work on private funds may itself be erroneous.",
   "specific_name": "Error propagation from filings to designation",
   "conditions": [
    "FSOC reliance on Form PF data subject to inaccuracies"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "If FSOC relies on Form PF data in its systemic risk assessment that is subject to inaccuracies, it appears possible that FSOC's work pertaining to private funds could in turn be subject to errors.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-038",
   "url": "https://wulfkaal.github.io/claims/2470008-038",
   "claim": "Private fund advisers reporting under Form PF encountered issues that could affect the FSOC's systemic risk assessment, but the author does not claim that the FSOC is unable to fulfill its congressional mandate.",
   "specific_name": "Reporting issues affect assessment",
   "conditions": [
    "scope limited to the effects of Form PF reporting issues"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "The article suggests that private fund advisers who reported data as required by SEC Form PF encountered issues that could affect FSOC's systemic risk assessment of private funds. The author does not suggest that the FSOC is unable to fulfill Congress's mandate.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2470008-039",
   "url": "https://wulfkaal.github.io/claims/2470008-039",
   "claim": "Matching the identified Form PF defects against the FSOC's specific uses of that data suggests possible inaccuracies in the FSOC's systemic risk assessment process, although the author disclaims scientific or empirical precision for the analysis.",
   "specific_name": "Defect to use matching reveals assessment risk",
   "conditions": [
    "method of matching known data defects to documented FSOC uses",
    "no claim of empirical precision"
   ],
   "source": "The Systemic Risk of Private Funds after the Dodd-Frank Act",
   "year": "2014",
   "quote": "The matching of identified Form PF issues with FSOC's respective use of such suboptimal Form PF data suggests that possible inaccuracies may exist in FSOC's systemic risk assessment process. The author does not claim scientific and/or empirical precision in the analysis.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008"
  },
  {
   "id": "kaal:claim:2748096-010",
   "url": "https://wulfkaal.github.io/claims/2748096-010",
   "claim": "Any conclusion that hedge funds contributed to the financial crisis of 2007-2008 is circumstantial or anecdotal, because the data needed to test it, on leverage, counterparty relations, AUM, and portfolio holdings, were not collected for any substantial period before the crisis.",
   "specific_name": "pre-crisis data gap",
   "conditions": [
    "applies to retrospective assessment of the 2007-2008 crisis",
    "SEC systemic risk data collection began only after Title IV of the Dodd-Frank Act"
   ],
   "source": "Hedge Funds and Systemic Risk",
   "year": "2016",
   "quote": "Without such data for a substantial time period before the financial crisis, concluding that hedge funds may have had a role in the financial crisis is circumstantial or anecdotal.",
   "citation": "Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016). SSRN: https://ssrn.com/abstract=2748096"
  },
  {
   "id": "kaal:claim:2808132-037",
   "url": "https://wulfkaal.github.io/claims/2808132-037",
   "claim": "Venture capital deal flow, meaning the totality of potential deals and business plans screened by venture capitalists, would provide the optimal assessment of innovation trends, but that data is not available, so realized investment allocations must be used as a second-best proxy.",
   "specific_name": "Deal flow data unavailability",
   "conditions": [
    "current data availability from commercial venture capital databases"
   ],
   "source": "How to Regulate Disruptive Innovation - From Facts to Data",
   "year": "2016",
   "quote": "innovation trends. While deal flow, that is, the totality of potential deals and business plans screened by venture capitalists, would provide an optimal assessment of innovation trends, deal flow data is not available. We therefore use venture capital investment",
   "citation": "Wulf A. Kaal, Erik P.M. Vermeulen, How to Regulate Disruptive Innovation - From Facts to Data (2016). SSRN: https://ssrn.com/abstract=2808132"
  },
  {
   "id": "kaal:claim:2714974-008",
   "url": "https://wulfkaal.github.io/claims/2714974-008",
   "claim": "Some of the most sensitive Form PF disclosures are not readily obtainable by the funds themselves: counterparty credit exposure often cannot be determined by individual fund managers, which makes the reporting requirement burdensome in practice.",
   "specific_name": "Unobtainable counterparty exposure data",
   "conditions": [
    "applies to Form PF counterparty credit exposure reporting"
   ],
   "source": "The History of Hedge Fund Regulation in the United States",
   "year": "2016",
   "quote": "For example, the disclosure of counterparty credit exposure is sensitive information that often cannot readily be determined by the individual fund managers.",
   "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"
  },
  {
   "id": "kaal:claim:2732915-012",
   "url": "https://wulfkaal.github.io/claims/2732915-012",
   "claim": "Form PF required disclosures of counterparty credit exposure constitute sensitive information that individual fund managers often cannot readily determine, which makes that reporting requirement hard to satisfy.",
   "specific_name": "Undeterminable counterparty exposure data",
   "conditions": [
    "Form PF counterparty credit exposure items"
   ],
   "source": "The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study",
   "year": "2016",
   "quote": "For instance, Form PF required disclosures of counterparty credit exposure constitute sensitive information that often cannot be readily determined by the individual fund managers.",
   "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"
  },
  {
   "id": "kaal:claim:2811729-012",
   "url": "https://wulfkaal.github.io/claims/2811729-012",
   "claim": "Three features make it uniquely challenging for retail investors to evaluate the risks of unconstrained mutual funds: the lack of standard benchmarks, the recent emergence of the fund type, and the diversity and complexity of the strategies and risk exposures involved.",
   "specific_name": "No comparative yardstick",
   "conditions": [
    "retail investors evaluating unconstrained mutual fund securities"
   ],
   "source": "Unconstrained Mutual Funds and Retail Investor Protection",
   "year": "2016",
   "quote": "the lack of standard benchmarks for UMFs, the recent emergence of UMFs as an investment asset type, and the diversity among and complexity of UMFs' strategies and risk exposures make it uniquely challenging for retail investors to evaluate the risks of investing in UMF securities.",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729"
  },
  {
   "id": "kaal:claim:2959730-031",
   "url": "https://wulfkaal.github.io/claims/2959730-031",
   "claim": "Manual per transaction fee calculation and settlement is prone to human error, and these errors are removed through the use of blockchain technology.",
   "specific_name": "Human error in manual fee calculation",
   "conditions": [
    "fee calculation and settlement performed manually"
   ],
   "source": "Blockchain Applications and Fee Structure Developments in Private Investment Funds",
   "year": "2017",
   "quote": "While normally the use of this type of fee is prone to human errors that occur during manual calculation or settlement, these errors are removed through the use of blockchain technology",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730"
  },
  {
   "id": "kaal:claim:2998097-013",
   "url": "https://wulfkaal.github.io/claims/2998097-013",
   "claim": "Some Form PF disclosure requirements are not answerable as designed, because counterparty credit exposure is sensitive information that individual private fund managers often cannot readily determine.",
   "specific_name": "Unanswerable disclosure items",
   "conditions": [
    "Form PF counterparty credit exposure items"
   ],
   "source": "Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016",
   "year": "2017",
   "quote": "For instance, the disclosure of counterparty credit exposure is sensitive information that often cannot readily be determined by the individual private investment fund managers.",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097"
  },
  {
   "id": "kaal:claim:2998097-021",
   "url": "https://wulfkaal.github.io/claims/2998097-021",
   "claim": "The SEC's private fund data collection encountered accuracy and consistency problems that hampered the FSOC's ability to evaluate the systemic risk of private funds.",
   "specific_name": "Inaccurate regulatory data undermines systemic risk assessment",
   "conditions": [
    "SEC data collection under Title IV",
    "FSOC systemic risk assessment"
   ],
   "source": "Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016",
   "year": "2017",
   "quote": "The paper created and evaluated data evidence that demonstrated that the SEC's data collection encountered accuracy and consistency problems that hampered the FSOC's ability to evaluate the systemic risk of private funds.141 The author",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097"
  },
  {
   "id": "kaal:claim:2998097-022",
   "url": "https://wulfkaal.github.io/claims/2998097-022",
   "claim": "The FSOC relied most heavily on some of the most problematic disclosure items the SEC collects, even though SEC data played a crucial role at every stage of its systemic risk assessment of private funds.",
   "specific_name": "Regulator leans hardest on the weakest data items",
   "conditions": [
    "FSOC systemic risk assessment of private funds",
    "post Dodd-Frank Form PF data"
   ],
   "source": "Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016",
   "year": "2017",
   "quote": "The author showed that while the SEC's data played a crucial role in all stages of FSOC's systemic risk assessment of private funds, the FSOC relied most heavily on some of the most problematic disclosure items collected by the SEC.",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097"
  },
  {
   "id": "kaal:claim:2998097-025",
   "url": "https://wulfkaal.github.io/claims/2998097-025",
   "claim": "If the FSOC relies on Form PF data that is subject to inaccuracies, because uncertain filers complete the form using estimates and assumptions, then the FSOC's own work on private funds may in turn be subject to errors.",
   "specific_name": "Error propagation from filer uncertainty to regulator conclusions",
   "conditions": [
    "over 40 percent of surveyed filers disagreed with Form PF definitions or instructions"
   ],
   "source": "Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016",
   "year": "2017",
   "quote": "If FSOC relied on Form PF data in its systemic risk assessment that is subject to inaccuracies, the paper suggested that it appeared possible that FSOC's work pertaining to private funds could in turn be subject to errors.149",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097"
  },
  {
   "id": "kaal:claim:2834531-003",
   "url": "https://wulfkaal.github.io/claims/2834531-003",
   "claim": "Increasing the quantity of data does not dissolve the foundational methodological problems of data: construct validity, measurement, reliability, and data dependencies remain the same regardless of how much data is collected.",
   "specific_name": "big data validity illusion",
   "conditions": [
    "where big data is used as a basis for analysis or inference"
   ],
   "source": "Regulation Tomorrow What Happens When Technology Is Faster Than the Law",
   "year": "2017",
   "quote": "Foundational data issues of construct validity, measurement, reliability, and data dependencies are the same regardless of data quantities.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531"
  },
  {
   "id": "kaal:claim:3128900-007",
   "url": "https://wulfkaal.github.io/claims/3128900-007",
   "claim": "Human shortcomings in micro task work such as limited attention span, irrationality, and inaccuracy create a need for verification, but manual verification fails as a remedy because the verifiers are subject to the same human limitations.",
   "specific_name": "Recursive human verification problem",
   "conditions": [
    "manual verification of micro task work"
   ],
   "source": "Decentralized Mechanical Turk Through Verified Reputation",
   "year": "2018",
   "quote": "All too human shortcomings of micro task works, such as limited attention span, irrationality, and inaccuracies result in verification requirements for micro task work. However, manual verification of micro task work is subject to the same human limitations.",
   "citation": "Wulf A. Kaal, Decentralized Mechanical Turk Through Verified Reputation (2018). SSRN: https://ssrn.com/abstract=3128900"
  },
  {
   "id": "kaal:claim:3411897-015",
   "url": "https://wulfkaal.github.io/claims/3411897-015",
   "claim": "Big data is often not the output of instruments designed to generate valid and reliable data suitable for scientific analysis, so foundational data quality problems persist regardless of how much data is collected.",
   "specific_name": "big-data-validity-deficit",
   "conditions": [
    "applies where data is drawn from databases requiring only generalized accuracy"
   ],
   "source": "Decentralization - Past, Present, and Future",
   "year": "2019",
   "quote": "Big data is often not the output of instruments designed to generate valid and reliable data suitable for scientific analysis.",
   "citation": "Wulf A. Kaal, Decentralization - Past, Present, and Future (2019). SSRN: https://ssrn.com/abstract=3411897"
  },
  {
   "id": "kaal:claim:4755632-010",
   "url": "https://wulfkaal.github.io/claims/4755632-010",
   "claim": "Human shortcomings in micro task work such as limited attention span, irrationality, and inaccuracy create verification requirements, but manual verification is performed by humans subject to the same limitations, so verification does not resolve the quality problem it is meant to solve.",
   "specific_name": "Manual Verification Regress",
   "conditions": [
    "applies where verification of micro task work is itself manual"
   ],
   "source": "AI Learning - Decentralized Governance to Optimize Human Output Datasets for AI Learning",
   "year": "2024",
   "quote": "However, manual verification of micro task work is subject to the same human limitations.",
   "citation": "Wulf A. Kaal, AI Learning - Decentralized Governance to Optimize Human Output Datasets for AI Learning (2024). SSRN: https://ssrn.com/abstract=4755632"
  },
  {
   "id": "kaal:claim:5095633-006",
   "url": "https://wulfkaal.github.io/claims/5095633-006",
   "claim": "Privacy rules, copyright, and the uneven global distribution of digital connectivity independently reduce both the availability and the diversity of human-generated text for AI training.",
   "specific_name": "connectivity and legal constriction of supply",
   "conditions": [],
   "source": "Artificial Intelligence The Final Frontier",
   "year": "2025",
   "quote": "issues such as privacy, copyright, and the uneven global distribution of digital connectivity further exacerbate these shortcomings by curtailing the availability and diversity of human- generated textual content.",
   "citation": "Wulf A. Kaal, Artificial Intelligence The Final Frontier (2025). SSRN: https://ssrn.com/abstract=5095633"
  },
  {
   "id": "kaal:claim:5095633-014",
   "url": "https://wulfkaal.github.io/claims/5095633-014",
   "claim": "In fast-moving fields such as technology, law, and public policy, models trained on obsolete datasets fail to capture new trends, behaviors, or regulatory changes, which reduces their predictive and explanatory power.",
   "specific_name": "data staleness",
   "conditions": [
    "domains with rapid regulatory or behavioral change"
   ],
   "source": "Artificial Intelligence The Final Frontier",
   "year": "2025",
   "quote": "In rapidly evolving fields—technology, law, or public policy—models trained on obsolete datasets fail to capture new trends, behaviors, or regulatory changes, ultimately reducing their predictive and explanatory power.",
   "citation": "Wulf A. Kaal, Artificial Intelligence The Final Frontier (2025). SSRN: https://ssrn.com/abstract=5095633"
  },
  {
   "id": "kaal:claim:5095633-023",
   "url": "https://wulfkaal.github.io/claims/5095633-023",
   "claim": "Maintaining consistent annotation quality across many annotators and automated systems is unsolved at scale, and small labeling errors translate into significant degradation of model performance in critical applications.",
   "specific_name": "annotation quality drift",
   "conditions": [
    "large-scale annotation operations",
    "safety-critical applications such as autonomous driving"
   ],
   "source": "Artificial Intelligence The Final Frontier",
   "year": "2025",
   "quote": "With the scale at which data annotation occurs, maintaining consistent quality across different annotators or automated systems remains a practical challenge. Small errors in annotation can have significant impacts on model performance",
   "citation": "Wulf A. Kaal, Artificial Intelligence The Final Frontier (2025). SSRN: https://ssrn.com/abstract=5095633"
  },
  {
   "id": "kaal:claim:5887242-036",
   "url": "https://wulfkaal.github.io/claims/5887242-036",
   "claim": "Existing precedent regimes fail on accessibility and weighting: national precedent is scattered across opaque reporters, paywalled databases and untranslated languages, while treaties and private codes such as INCOTERMS and UCP 600 are static texts with ambiguous citation hierarchies.",
   "specific_name": "opaque-and-ambiguous-precedent",
   "conditions": [],
   "source": "The UDLC DAO Operationalizing a Continuously Evolving Universal Digital Law Codex Through Weighted",
   "year": "2025",
   "quote": "National legal systems offer precedent that is scattered across opaque reporters, paywalled databases, or untranslated local languages. International treaties and private codes (e.g., INCOTERMS, UCP 600) are static texts with ambiguous citation hierarchies.",
   "citation": "Wulf A. Kaal, The UDLC DAO Operationalizing a Continuously Evolving Universal Digital Law Codex Through Weighted (2025). SSRN: https://ssrn.com/abstract=5887242"
  }
 ]
}