# kaal:claim:1908473-008

**Claim.** The first trigger should be based on a threshold in market value rather than accounting measures, because a market value trigger avoids total reliance on accounting methods that are open to manipulation.

**Type.** design  **Support.** argued

**Holds when.**

- The authors decline to take a general position in the first trigger debate

**Source quote.**

> The core argument for this design feature is that it helps avoid total reliance on accounting methods that could otherwise be subject to manipulation.

**From.** Wulf A. Kaal, Christoph Henkel, *Contingent Capital with Sequential Triggers* (2011), I. INTRODUCTION, page 13

**Cite as.** Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473

**Verify.** sha256 of source PDF `9d578dac663357529edd1f6453fcfe69bdc59ac882408d9edfde5a4c2916befa` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Henkel%20-%202011%20-%20Contingent%20Capital%20with%20Sequential%20Triggers.pdf

**Topics.** contingent-capital, economics

**Keywords.** trigger-design, market-value-trigger, accounting-manipulation, contingent-capital

**Superseded by.** A later claim revises this one. Prefer quoting: https://wulfkaal.github.io/claims/2273857-060

**Related claims.**

- contested_by: https://wulfkaal.github.io/claims/2097160-016

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.