# Financial markets

`kaal:entity:financial-markets`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `financial-markets`. 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 3 works, 2012 to 2017.

**2012**

- [2061166-038](https://wulfkaal.github.io/claims/2061166-038) [condition/argued] *(failure mode)* -- 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.
  > 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.
  Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166

**2015**

- [2629451-037](https://wulfkaal.github.io/claims/2629451-037) [empirical/asserted] -- The existing literature has barely engaged the financial market implications of N/DPAs, which is the gap this study fills.
  > The literature has only marginally recognized the implications of N/DPAs for financial markets.
  Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451

**2017**

- [3002908-004](https://wulfkaal.github.io/claims/3002908-004) [failure/argued] *(failure mode)* -- Regulators cannot draft specific blockchain regulation because the risks, opportunities, and concrete outcomes of blockchain in reshaping financial markets are unpredictable.
  > 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.
  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

## 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/financial-markets.md | sha256sum

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