{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/ipo",
 "identifier": "kaal:entity:ipo",
 "name": "Ipo",
 "termCode": "ipo",
 "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": "d641466512ddb520aa1d364aa75b7eec1067366f7563d35ca283614b3b2ef19c",
 "additionalProperty": [
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   "name": "status",
   "value": "derived"
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   "value": 3
  },
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   "value": 3
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2016",
    "2020"
   ]
  },
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  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2714974-038",
   "identifier": "kaal:claim:2714974-038",
   "text": "Hedge fund and private equity IPOs indicate that the historic contours of the industry as privately held, unregistered, and exempt funds are slowly changing as the industry becomes a more mainstream part of finance.",
   "abstract": "IPOs of hedge and private equity funds suggest that the historic contours of the hedge fund industry as privately-held and managed investment funds, unregistered and exempt from federal securities regulation are slowly changing as the industry becomes a more mainstream part of finance.",
   "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
   "datePublished": "2016",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "based on listings since the mid 2000s, which remain rare among hedge funds"
   ],
   "source_pdf_sha256": "7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-017",
   "identifier": "kaal:claim:3067615-017",
   "text": "Given the advantages of ICOs, traditional regulated IPOs and venture capital funds increasingly fail to adequately capitalize crypto and legacy ventures driven by new economic paradigms.",
   "abstract": "Given these ICO advantages, traditional regulated IPOs and venture capital funds increasingly fail to adequately capitalize crypto and legacy ventures driven by new economic paradigms.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "ventures driven by new economic paradigms, including crypto ventures"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3606663-007",
   "identifier": "kaal:claim:3606663-007",
   "text": "Once the staggered private sale discounts of up to fifty percent are counted as a cost of capital, the cost structure of an ICO is arguably significantly higher than that of an IPO, notwithstanding the ICO's lower legal and offering expenses.",
   "abstract": "Considering these steep discounts to incentivize earliest possible investments, the cost structure of ICOs is arguably significantly higher than the cost structure of an IPO.",
   "citation": "Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663",
   "datePublished": "2020",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "ICOs conducted in 2017 and 2018 with staggered discount structures",
    "comparison against average IPO underwriting fees of four to seven percent"
   ],
   "source_pdf_sha256": "d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'ipo'. Derived node: a roster, not an adjudicated definition."
}