# kaal:claim:5583610-004

**Claim.** LER produces shareholder loyalty by using smart contracts to distribute consumptive utilities such as merchant vouchers or platform credits, so retention is encouraged without imposing any lock-up on the shareholder's liquidity.

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

**Holds when.**

- rewards are consumptive utilities, not cash or tradable instruments

**Source quote.**

> LER employs smart contracts to distribute consumptive utilities, such as merchant vouchers or platform credits, fostering shareholder loyalty without imposing liquidity constraints.

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 1. Introduction, page 3

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

**Verify.** sha256 of source PDF `2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards%20in%20Corporate%20America.pdf

**Topics.** smart-contracts, risk-and-incentives, corporate-governance, defi

**Keywords.** smart-contracts, loyalty-incentives, shareholder-retention, liquidity

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