{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/financial-markets",
 "identifier": "kaal:entity:financial-markets",
 "name": "Financial markets",
 "termCode": "financial-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",
 "canonicalForm": "https://wulfkaal.github.io/entities/financial-markets.md",
 "sha256": "a103fbf378df1cd10125dcc1cabd9ee1c383f14a6ac2e4561d4e6fac8c95894f",
 "additionalProperty": [
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   "name": "status",
   "value": "derived"
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   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 3
  },
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   "value": 3
  },
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   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2012",
    "2017"
   ]
  },
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  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2061166-038",
   "identifier": "kaal:claim:2061166-038",
   "text": "Without a degree of similarity and convergence in bank resolution and contingent capital rules, regulatory arbitrage will work against establishing contingent capital as an integral part of financial markets.",
   "abstract": "Without a degree of similarity and convergence in bank resolution and contingent capital rules, regulatory arbitrage could have an adverse effect on establishing contingent capital as an integral part of financial markets.",
   "citation": "Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166",
   "datePublished": "2012",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "absent international convergence of resolution and contingent capital rules"
   ],
   "source_pdf_sha256": "43625ea260d0fc045e86d3435df50c9d0ca4abf8542e6085a6165be6653b4a7b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-037",
   "identifier": "kaal:claim:2629451-037",
   "text": "The existing literature has barely engaged the financial market implications of N/DPAs, which is the gap this study fills.",
   "abstract": "The literature has only marginally recognized the implications of N/DPAs for financial markets.",
   "citation": "Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451",
   "datePublished": "2015",
   "claim_type": "empirical",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "legal and governance literature on N/DPAs as of 2015"
   ],
   "source_pdf_sha256": "507404d641abb922ab6d8e3a0b032e35ead2befd7b88746d09d178a8fa816957",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3002908-004",
   "identifier": "kaal:claim:3002908-004",
   "text": "Regulators cannot draft specific blockchain regulation because the risks, opportunities, and concrete outcomes of blockchain in reshaping financial markets are unpredictable.",
   "abstract": "The unpredictability of the risks and the opportunities as well as the concrete outcomes of blockchain in reshaping financial markets are clear obstacles for regulators' attempts at drafting new specific regulation.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "applies to attempts at drafting new technology specific regulation while the technology is still evolving"
   ],
   "source_pdf_sha256": "06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'financial-markets'. Derived node: a roster, not an adjudicated definition."
}