# Market formation

`kaal:entity:market-formation`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `market-formation`. 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, 2011 to 2022.

**2011**

- [1908473-019](https://wulfkaal.github.io/claims/1908473-019) [empirical/evidenced] -- Mandatory contingent capital issuance requires the creation of a new market, and market creation takes time: the European hybrid market established in 1997 needed five years to reach critical mass.
  > Market creation will take time. For instance, the European hybrid market, established in 1997, took five years to gain critical mass.
  Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473

**2021**

- [3936876-001](https://wulfkaal.github.io/claims/3936876-001) [mechanism/argued] -- Fully compliant legal custody solutions for digital assets increase legal certainty and mainstream investor confidence, and that increased confidence in turn builds markets in digital assets.
  > Fully compliant legal custody solutions for digital assets increase legal certainty and mainstream investor confidence which, in turn, helps build markets in digital assets.
  Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

**2022**

- [4033886-034](https://wulfkaal.github.io/claims/4033886-034) [design/argued] -- Digital assets resemble high growth companies for valuation purposes, so scenario planning is essential and business leaders must reason backward from the future rather than forward from the present, because the relevant markets may not yet exist.
  > Digital assets are comparable to high-growth companies, where scenario planning is critical because markets may not yet exist.129 In such a case, business leaders must start from the future rather than the present.
  Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

## 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/market-formation.md | sha256sum

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