kaal:claim:1998455-035

Treating the price of contingent capital securities as an indicator of how much people care about market integrity and moral hazard would require altruistic motives on the part of purchasers, and the author doubts this: the nascent market appears to have been built on investors' expectation of above average returns.

This would imply, however, altruistic motives of CCS purchasers. It is unclear if altruism in CCS purchases would be realistic. The nascent market in CCS seems to have been built on investors' expectation of above- average returns.

Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012), VII.C. Increased Voting Rights, p. 47
https://ssrn.com/abstract=1998455 · source PDF

Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012). SSRN: https://ssrn.com/abstract=1998455

• based on the observed nascent market in CCS

empiricalsupport: arguedeconomicsrisk-and-incentives

The quote above is an exact substring of the source PDF, whose sha256 is 1c16ff10a284469ba15fb7ba5523449b917388ee692d9b394f9e8c094544e32c. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/2f93c6e62c904f5f...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/1998455-035.md | sha256sum