{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/marketability",
 "identifier": "kaal:entity:marketability",
 "name": "Marketability",
 "termCode": "marketability",
 "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/marketability.md",
 "sha256": "d3a727042b1eef0ade35919d5888ac76abab7d12c7c80804eaac58d1d16ac5bf",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 1
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2011",
    "2011"
   ]
  },
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   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-033",
   "identifier": "kaal:claim:1908473-033",
   "text": "Exchange uniform voting rights policies should not be applied to contingent capital securities, and the NYSE and Nasdaq would themselves benefit from an exemption because it could increase marketability and trading on each exchange.",
   "abstract": "we believe these restrictions should not be applied to CCS. NYSE and Nasdaq would benefit from exempting CCS from their respective policies because an exemption from the policies could increase the marketability and the trading on each exchange.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "normative",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "Exchange policies allow dual class capitalization but bar midstream dilutive changes in voting rights"
   ],
   "source_pdf_sha256": "9d578dac663357529edd1f6453fcfe69bdc59ac882408d9edfde5a4c2916befa",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-034",
   "identifier": "kaal:claim:1908473-034",
   "text": "A substantial voting rights increase at the second trigger could raise the cost of contingent capital securities, with issuers demanding premiums that push primary issuance toward institutional investors interested in the change of control possibility.",
   "abstract": "Especially if the voting rights increase could reach the level of change of control over the entity, the premium charged by the issuers could rise dramatically and could result in a primary issuance to institutional investors who have an interest in the change of control possibility.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "Especially where the voting rights increase can reach the level of change of control"
   ],
   "source_pdf_sha256": "9d578dac663357529edd1f6453fcfe69bdc59ac882408d9edfde5a4c2916befa",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'marketability'. Derived node: a roster, not an adjudicated definition."
}