{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/capital-markets",
 "identifier": "kaal:entity:capital-markets",
 "name": "Capital markets",
 "termCode": "capital-markets",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "sha256": "c4ee111345150b2822c2ca680a33fa2ae2df89bff43ca2dcce17318c72516091",
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   "value": 3
  },
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   "value": 3
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   "value": [
    "2010",
    "2025"
   ]
  },
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 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1558614-021",
   "identifier": "kaal:claim:1558614-021",
   "text": "Because U.S. companies historically financed themselves through markets rather than through each other, U.S. managers are less attuned to risks accumulating at other firms, a blind spot that mattered once swaps and other complex instruments made firms directly vulnerable to each other's conditions.",
   "abstract": "Historically, U.S. companies have relied on markets for financing more than they have relied on each other, meaning U.S. managers are perhaps less aware than they should be of the risks that are being incurred by companies other than their own.",
   "citation": "Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614",
   "datePublished": "2010",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "applies once counterparty exposure through swaps and complex instruments becomes significant"
   ],
   "source_pdf_sha256": "e898211630f4116879329d6de8397523dca5b066864147421aa5cbc7429dc83b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-036",
   "identifier": "kaal:claim:3411110-036",
   "text": "Governmental endorsement and guidance on crypto investments is essential for future securities offerings involving cryptocurrencies and blockchain, and absent it the gap between the existing regulatory infrastructure and crypto securities investment will inevitably widen as the market grows.",
   "abstract": "As the market for crypto investments grows, the regulatory gap between the existing regulatory infrastructure and crypto securities investment will inevitably increase further.",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "growth in the market for crypto investments",
    "United States regulatory infrastructure"
   ],
   "source_pdf_sha256": "c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5454054-012",
   "identifier": "kaal:claim:5454054-012",
   "text": "LER democratizes capital market access because consumers can earn equity-like voucher rewards through ordinary e-commerce participation, creating a new market for tokenized dividends.",
   "abstract": "Through LERs, consumers are enabled to earn equity-like voucher loyalty rewards through routine participation in metaverse or retail e-commerce ecosystems. LER, thus, create a new market for tokenized dividends.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
   "datePublished": "2025",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "consumers participating in merchant or metaverse e-commerce ecosystems"
   ],
   "source_pdf_sha256": "9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'capital-markets'. Derived node: a roster, not an adjudicated definition."
}