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 "text": "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.",
 "author": {
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  "name": "Wulf A. Kaal",
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 "citation": "Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610",
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 "abstract": "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.",
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