# Market share

`kaal:entity:market-share`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `market-share`. 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

5 claims across 4 works, 2011 to 2026.

**2011**

- [1806252-022](https://wulfkaal.github.io/claims/1806252-022) [empirical/evidenced] -- Although hedge funds manage only a small proportion of the investment universe compared with banks, they do manage a proportionally large part of complex financial instruments such as CDOs and other derivatives.
  > However, it appears that hedge funds do manage a proportionally large part of complex financial instruments, such as CDOs and other derivatives.
  Kaal, Hedge Fund Regulation Via Basel III (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252
- [1806252-023](https://wulfkaal.github.io/claims/1806252-023) [empirical/evidenced] -- British Bankers' Association data show that since 2000 hedge funds steadily increased their share of the credit derivatives market while banks' role in that market progressively declined.
  > Table 1 shows that since 2000, hedge funds have steadily increased their share in the credit derivatives market while banks' role in the market for credit derivatives has progressively declined.
  Kaal, Hedge Fund Regulation Via Basel III (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252

**2013**

- [2348463-004](https://wulfkaal.github.io/claims/2348463-004) [empirical/evidenced] -- The proliferation of distressed-focused hedge funds gave hedge funds roughly one quarter of the total distressed-debt market and made the distressed-focused approach the fifth-largest hedge fund strategy.
  > The proliferation of distressed-focused hedge funds resulted in hedge funds' market share of around one quarter of the total distressed-debt market 3 and established the distressed-focused strategy as the fifth-largest hedge fund strategy.
  Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463

**2017**

- [2998097-009](https://wulfkaal.github.io/claims/2998097-009) [empirical/evidenced] -- Data on the credit derivatives market show that since 2000 private investment funds steadily increased their share of that market while banks' role declined, which supports shifting regulatory emphasis onto banks' lending exposure to those funds.
  > The data suggest that since 2000 private investment funds have steadily increased their share in the credit derivatives market while banks' role in the market for credit derivatives has declined.49 The increasing role of private
  Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

**2026**

- [6244278-035](https://wulfkaal.github.io/claims/6244278-035) [predictive/argued] -- Decentralized institutional alignment is a competitive advantage and not merely an ethical one, because the most aligned system will be the most trusted and the most trusted will command the largest market.
  > The most aligned system will be the most trusted, and the most trusted will command the largest market. Decentralized alignment is not merely an ethical advantage. It is a competitive one.
  Wulf A. Kaal, AI's Mother's Instinct Engineered Consequence Emergent Ethics and the Institutional Trajectory Toward Agentic Alignment (2026). SSRN: https://ssrn.com/abstract=6244278

## 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-share.md | sha256sum

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