Abstract The nomenclature for the term “securities token” is unclear and the term securities token has not been defined. The lack of a clearly delineated nomenclature resulted in various uses and interpretations of the term securities token, especially vis-à-vis the term “utility token.” This article helps clarify the nomenclature by first defining the general characteristics […]Read more "Securities Versus Utility Tokens"
What can blockchain technology contribute to the evolution of the trading infrastructure and securities offerings? We provide answers based on existing precedence of blockchain-based securities offerings in this new article (with Sam Evans – PWC): Click here or copy /paste link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3411110 Abstract Blockchain technology has the potential to supplement the existing infrastructure for securities offerings. […]Read more "Blockchain-Based Securities Offerings"
Wulf A. Kaal University of St. Thomas, Minnesota – School of Law Marco Dell’Erba University of Groningen; Sorbonne Law School; University of Rome, Tor Vergata Date Written: July 14, 2017 Abstract The use of blockchain technology in private investment funds is proliferating. Using a dataset of private investment fund advisers that utilize blockchain technology (N=120), […]Read more "Blockchain Innovation in Private Investment Funds – A Comparative Analysis of the United States and Europe"
Full paper with data analysis available here. Abstract Blockchain technology innovation is proliferating in the hedge fund industry. Blockchain technology plays a primary role in front office and investment functions, in the securing of crypto assets, but also in private investment fund managers’ attempts to satisfy the growth expectations of clients. Although the use of […]Read more "Blockchain Innovation for the Hedge Fund Industry"
(Forthcoming: Lowell Milken Institute for Business Law and Policy – UCLA School of Law) Fully Cited Version: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2959730 The traditional 2/20 fee structure of private investment funds has come increasingly under pressure in the last ten years. Several market factors help explain the pressure on the fee structure of the private investment fund industry. Private fund […]Read more "Private Fund Fee Structure and Blockchain Applications"
Dynamic Regulation Via Contingent Capital Review of Banking and Financial Law, Vol. 36, 2017 16 Pages Posted: Wulf A. Kaal University of St. Thomas, Minnesota – School of Law Date Written: April 24, 2017 Abstract Contingent capital securities are a largely overlooked dynamic regulatory mechanism. This essay evaluates the use of contingent capital securities in […]Read more "Dynamic Regulation Via Contingent Capital"
Forthcoming– Cayman Financial Review (April 2017) Blockchain technology offers unprecedented innovation opportunities for the private investment fund industry. Several private investment funds have spearheaded the implementation of blockchain technology and smart contracting in their business model. While some funds simply focus on trading bitcoin and other cryptocurrencies to avoid market fluctuations, others invest in and/or […]Read more "Blockchain Innovation for Private Investment Funds"
Originally blogged on Columbia Blue Sky Blog: http://clsbluesky.law.columbia.edu/2015/09/03/private-fund-performance-after-the-dodd-frank-act-evidence-from-2010-to-2015/ Does the Dodd-Frank Act lower the earnings of the private fund industry? For much of its history, the private fund industry has viewed private fund adviser registration and the disclosure of proprietary information as a threat to its profitability. Title IV of the Dodd-Frank Act introduced the most […]Read more "Private fund Performance After the Dodd-Frank Act – Evidence from 2010 to 2015"
EUROPEAN FINANCIAL MANAGEMENT ASSOCIATION 2014 Annual Conference June 25 – 28, 2014 University of Rome Tor Vergata – School of Economics Rome, ITALY Dear colleagues and friends of the European Financial Management Association (EFMA), On behalf of the School of Economics of the University of Rome Tor Vergata, We have the great pleasure and privilege […]Read more "Presentation: Effect of Dodd-Frank Act on Hedge Fund Performance – at European Financial Management Association – 2014 Annual Conference – Rome Italy"
Upper Midwest Securities Litigation and Enforcement Forum 2014 Briggs Securities Litigation Forum Thursday, May 29, 2014 Graves 601 Hotel 601 1st Avenue North Minneapolis, MN 55403 http://www.graves601hotel.com CLE credits applied for REGISTER: Dena Edmiston, Briggs and Morgan, P.A. 612.977.8581 or e-mail email@example.com Welcome Register today for the fifth annual Upper Midwest Securities Litigation and Enforcement […]Read more "Hedge Funds and Private Equity Presentation at Upper Midwest Securities Litigation and Enforcement Forum"