# Barclays

`kaal:entity:barclays`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `barclays`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

3 claims across 1 works, 2012 to 2012.

**2012**

- [2097160-009](https://wulfkaal.github.io/claims/2097160-009) [empirical/evidenced] -- Barclays's Contingent Capital Plan uses synthetic CoCos that simply lapse when the Group Core Tier 1 capital ratio falls below seven percent, rather than converting into equity.
  > Under Barclays's CCP, its "synthetic CoCos" simply lapse when the capital ratio falls below 7%.135
  Wulf A. Kaal, Contingent Capital in Executive Compensation (2012). SSRN: https://ssrn.com/abstract=2097160
- [2097160-010](https://wulfkaal.github.io/claims/2097160-010) [failure/argued] *(failure mode)* -- Because the Barclays award falls away rather than converting, it does not create a fixed claim giving managers a stake in the firm's liquidation value, and therefore it does not lower agency cost.
  > it does not create a fixed claim for managers with a stake in the firm's liquidation value because it falls away when converted.141 Barclays's CCA, therefore, also does not lower agency cost.
  Wulf A. Kaal, Contingent Capital in Executive Compensation (2012). SSRN: https://ssrn.com/abstract=2097160
- [2097160-011](https://wulfkaal.github.io/claims/2097160-011) [failure/argued] *(failure mode)* -- A contingent capital award to executives without a conversion feature yields only limited governance improvement and only limited incentive to lower risk-taking; in its current form it operates as a mere compensation supplement.
  > Barclays's issuance of contingent convertible bonds without a conversion feature to its executives shows limited governance improvements. Without a conversion to equity, Barclays provides only limited incentives for its executives to lower risk-taking.
  Wulf A. Kaal, Contingent Capital in Executive Compensation (2012). SSRN: https://ssrn.com/abstract=2097160

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/barclays.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.