Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016
Wulf A. Kaal · 2017
Private investment fund regulation in the United States evolved substantially in the last two decades. Tracing the main regulatory developments, this article summarizes the author’s theoretical and empirical findings on the effects of changes in private investment fund regulation from 2006 to 2016, assessing the regulatory implications of the failure of Long–Term Capital Management L.P. in 1998 and the Dodd-Frank Act in 2010. More recent trends include the emerging confluence of private investment funds and mutual funds as well as private investment funds’ use of blockchain technology and smart contracts. Key Words: Private Investment Funds, Hedge Funds, Private Equity, Long Term Capital Management, Regulation, Dodd-Frank Act, PFIARA, Compliance, Blockchain, Distributed Ledger Technology, Artificial Intelligence, Machine Learning, Data Science, Data Scientists, Meta Models, Innovation, Entrepreneur, Startup, Big Data, Diversification, Optimization, Efficiency JEL Categories: K20, K23, K32, L43, L5, O31, O32 * © 2017 Wulf A. Kaal. Associate Professor, University of Saint Thomas School of Law and Director of the Private Investment Funds Institute, Minneapolis. The author sincerely thanks the many industry representatives who provided comments and feedback on initial drafts of this article. He is also grateful for outstanding research assistance from librarian Ann Bateson. 0 Electronic copy available at: https://ssrn.com/abstract=2998097 Electronic copy available at: https://ssrn.com/abstract=2998097
Cite: Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097. https://doi.org/10.2139/SSRN.2998097
PDF sha256: 0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5