# kaal:claim:5583610-025

**Claim.** Smart contract delivered, time-based vouchers counter activist-induced price dips by giving shareholders a reason to hold through the trough, and they do so without the trading lock-ups that restrict liquidity.

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

**Holds when.**

- pre-defined holding periods
- activist-induced price dips

**Source quote.**

> Delivered via smart contracts, these incentives encourage shareholders to resist selling during activist-induced stock price dips, without restrictive stock trading lock-ups that limit trading flexibility.

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 5.1. Time-Weighted Rewards Between Annual Meetings, page 22

**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

**Keywords.** volatility-mitigation, smart-contracts, lock-ups, holding-incentives

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