Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration
通过美国SEC要求对冲基金注册并披露Form ADV的规定（后被推翻），研究强制披露对操作风险的影响，发现贷款人和股权投资者已了解操作风险，但投资者未据此调整投资行为，提示监管需考虑信息内生生产和不同投资者的边际收益。
ABSTRACT Mandatory disclosure is a regulatory tool intended to allow market participants to assess operational risk. We examine the value of disclosure through the controversial SEC requirement, since overturned, which required major hedge funds to register as investment advisors and file Form ADV disclosures. Leverage and ownership structures suggest that lenders and equity investors were already aware of operational risk. However, operational risk does not mediate flow‐performance relationships. Investors either lack this information or regard it as immaterial. These findings suggest that regulators should account for the endogenous production of information and the marginal benefit of disclosure to different investment clienteles.