# kaal:claim:5454054-011

**Claim.** LER converts marketing expenditure into shareholder value by redirecting budgets from conventional advertising, whose returns are indirect and uncertain, into voucher rewards that flow directly to shareholders.

**Type.** mechanism  **Support.** argued

**Holds when.**

- listed companies with discretionary marketing budgets

**Source quote.**

> Instead of allocating budgets to conventional advertising campaigns with indirect or uncertain returns, in the LER system, companies can channel these resources into LER-based voucher rewards that directly benefit shareholders.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Benefits for Listed Companies, page 13

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** economics, corporate-governance

**Keywords.** marketing-budget, shareholder-value, advertising, issuer-economics

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