kaal:claim:5583610-007

Traditional corporate loyalty programs fail because they saddle issuers with delayed obligations and cannot hold participants without pushing them toward speculation; LER is designed to avoid both defects.

It addresses the drawbacks of traditional loyalty programs, which frequently cause businesses to incur delayed obligations and find it difficult to hold onto assets without engaging in hazardous speculation.

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 2.1. How LER Works, p. 6
https://ssrn.com/abstract=5583610 · source PDF

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

• conventional deferred-liability loyalty programs

failuresupport: assertedfailure: deferred obligation dragfamily: staking-and-incentive-misalignmentinstitutional-design

The quote above is an exact substring of the source PDF, whose sha256 is 2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/c44cc72c28704614...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/5583610-007.md | sha256sum