# kaal:claim:5583610-040

**Claim.** On the author's numbers, initial LER costs of $5 to $10 million are outweighed by reduced activism volatility and tokenized market capture, giving a return on investment often exceeding two hundred percent over five years.

**Type.** predictive  **Support.** argued

**Holds when.**

- firms with robust technological infrastructure and proactive compliance
- five year horizon

**Source quote.**

> Quantitatively, while initial costs may reach $5–10 million, the projected savings from reduced activism volatility (15–25% net gains in market stability) and market capture in a $2 trillion tokenized ecosystem provide a favorable return on investment

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 9.3. Net Evaluation, page 34

**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.** economics

**Keywords.** cost-benefit, return-on-investment, net-evaluation, implementation

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