# Valuation `kaal:entity:valuation` **Status.** derived This node is assembled mechanically from the 9 claims that carry the concept tag `valuation`. 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 9 claims across 8 works, 2009 to 2024. **2009** - [1428387-017](https://wulfkaal.github.io/claims/1428387-017) [failure/argued] *(failure mode)* -- Although regulators and legislatures in many jurisdictions recognize that hedge fund issues affect retail investors, they have so far not addressed valuation and its interplay with retail investors. > So far, however, regulators and legislatures have not addressed the issue of valuation and its interplay with retail investors. The Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387 **2012** - [2061166-012](https://wulfkaal.github.io/claims/2061166-012) [failure/argued] *(failure mode)* -- The German provision allowing appropriate compensation of shareholders whose rights are impaired can defeat the statute's own purpose, because time is of the essence in bank reorganization and the appointment of a court-appointed expert to value shareholder claims may significantly slow the procedure. > Time is of the essence in any bank reorganization and the appointment of an expert may significantly slow down the procedure, making it less effective. Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166 - [2061166-017](https://wulfkaal.github.io/claims/2061166-017) [failure/argued] *(failure mode)* -- Requiring only that consideration be commensurate with the value of transferred assets invites frequent and significant disputes over valuation, a problem compounded when the consideration consists of shares in the bridge bank, whose own value must then also be assessed. > However, because the required consideration must only be commensurate with the value of the transferred assets,419 there may often be significant disagreements over the issue of valuation. Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166 **2017** - [3067615-006](https://wulfkaal.github.io/claims/3067615-006) [mechanism/argued] -- The pre-ICO price of a cryptocurrency is set arbitrarily by the start-up team that structured the offering, while post-ICO price dynamics are left to supply and demand determined by the network of participants rather than any central authority. > A cryptocurrencies' *"pre-ICO price" is arbitrarily determined by the start-up team that structured the ICO, 24 whereas the post-ICO price dynamics are determined by supply and demand. Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615 **2020** - [3606663-020](https://wulfkaal.github.io/claims/3606663-020) [failure/argued] *(failure mode)* -- Bitcoin functions as a medium of exchange for a number of businesses but arguably fails as a store of value and as a unit of account, because of its volatility and its lack of intrinsic value. > but it arguably fails as a store of value and as a unit of account because of its volatility and lack of intrinsic value. Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663 **2021** - [3782192-036](https://wulfkaal.github.io/claims/3782192-036) [empirical/asserted] -- Bitcoin and Ethereum are worth hundreds of billions of dollars not because people are using them but almost entirely because of speculation on their future value, which is the expectation that people will use them to build decentralized autonomous organizations. > These networks are worth hundreds of billions of dollars, not because people are using them, but almost entirely because of speculation. People see the future value of these tools. Their future value is the dream that people will use them to build DAOs. Craig Calcaterra, Wulf A. Kaal, Introduction to Decentralization (2021). SSRN: https://ssrn.com/abstract=3782192 - [3782214-024](https://wulfkaal.github.io/claims/3782214-024) [mechanism/argued] -- Reputation can be objectively valued by estimating the probability of future business deals, taking the expected value of that probability, and computing the present value of those deals, which is what makes reputation function as a promise of future rewards. > Reputation gives the promise of future rewards. Reputation can be objectively valued, by estimating the probability of future business deals, taking the expected value of that probability, and calculating the present value of those business deals. Craig Calcaterra, Wulf A. Kaal, Decentralized Governance (2021). SSRN: https://ssrn.com/abstract=3782214 **2022** - [4033886-001](https://wulfkaal.github.io/claims/4033886-001) [failure/argued] *(failure mode)* -- Valuation metrics developed for legacy assets apply only in a limited way to digital assets, so importing them wholesale produces unreliable digital asset valuations. > Existing valuation metrics for legacy assets only limitedly apply in the context of digital assets. Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886 **2024** - [4685567-029](https://wulfkaal.github.io/claims/4685567-029) [normative/argued] -- Kaal adopts an indifference principle as the benchmark for a functioning impact certificate marketplace: a philanthropist should be indifferent between spending money to do a good deed and paying someone else to do it, provided the philanthropist receives the entire certificate for that deed. > in a perfect world of a functioning impact certificate marketplace, a philanthropist should be indifferent as to whether spending money to do a good deed or paying someone else to do it, provided the philanthropist gets the entire certificate for that good deed. Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567 ## 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/valuation.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.