{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/positions/2026-08-08-116",
 "identifier": "kaal:position:2026-08-08-116",
 "additionalType": "https://wulfkaal.github.io/positions/schema.json#AffirmedPositionClaim",
 "name": "Streaming Comment Regulation And Investors Trust In The Securities Markets Fccb8825Bd",
 "text": "Comment, Regulation and Investors' Trust in the Securities Markets states that regulation relaxes when market prices rise and becomes stricter when prices fall. This independently corresponds to Kaal's historical account of regulatory expansion and relaxation and the regulatory sine curve. The abstract does not identify the causal political-economy variables or establish that every market follows this cycle.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "datePublished": "2026-08-08",
 "dateModified": "2026-08-08",
 "creativeWorkStatus": "Affirmed",
 "responseType": "agreement",
 "keywords": [
  "economics",
  "historical-response",
  "scholarly-literature",
  "crossref"
 ],
 "scope_conditions": [
  "The response is limited to the retrieved source proposition and mapped Kaal claim unless fuller source review supports a broader conclusion.",
  "External evidence level: abstract indexed.",
  "Mapping review tier: substantively reviewed abstract-level agreement.",
  "Primary mapping confidence: 0.62.",
  "The primary mapping cleared the automated ambiguity test; substantive scope remains review-bound.",
  "Evidence is limited to an exact proposition in a Crossref-indexed abstract; full text was not reviewed.",
  "No relationship is treated as external endorsement, citation, causation, or validation of a broader Kaal claim.",
  "The source states a two-sided market cycle in which regulation relaxes as prices rise and becomes stricter as prices fall. This independently corresponds to Kaal's historical account of post-crisis regulatory expansion followed by relaxation and to the regulatory sine-curve definition, while the abstract does not identify causal political-economy variables or establish that every market follows the cycle."
 ],
 "currentDebate": {
  "name": "Comment, Regulation and Investors' Trust in the Securities Markets",
  "url": "https://doi.org/10.2139/ssrn.333340"
 },
 "extends": {
  "identifier": "kaal:claim:1998455-025",
  "url": "https://wulfkaal.github.io/claims/1998455-025",
  "citation": "Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012). SSRN: https://ssrn.com/abstract=1998455",
  "paper": "Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance",
  "authors": [
   "Wulf A. Kaal"
  ],
  "year": "2012",
  "ssrn": "https://ssrn.com/abstract=1998455",
  "source_pdf_sha256": "1c16ff10a284469ba15fb7ba5523449b917388ee692d9b394f9e8c094544e32c"
 },
 "isBasedOn": [
  {
   "@id": "https://wulfkaal.github.io/claims/1998455-025"
  },
  {
   "@type": "CreativeWork",
   "name": "Comment, Regulation and Investors' Trust in the Securities Markets",
   "url": "https://doi.org/10.2139/ssrn.333340"
  }
 ],
 "batch_id": "kaal-review:2026-08-08:continuous-crossref-0011-remainder-0003-oldest-0050-reviewed-v1",
 "review_provenance": "https://kaal-signal-desk.wulf577462.chatgpt.site/#review",
 "publicationStatus": "public",
 "recordTypeNote": "Dated commentary position extending a scholarly corpus claim. Not a verbatim claim extracted from the paper.",
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/positions/index.json"
 },
 "version": "1.0",
 "canonical_url": "https://wulfkaal.github.io/positions/2026-08-08-116",
 "canonicalForm": "https://wulfkaal.github.io/positions/2026-08-08-116.md",
 "candidateId": "kaal:response-draft:2026-08-08:f5c42264b08ccaf5fba5",
 "evidenceLevel": "abstract indexed",
 "reviewTier": "substantively reviewed abstract-level agreement",
 "mappingConfidence": 0.62,
 "mappingAmbiguous": false,
 "mappingMethod": "complete-corpus source-proposition mechanism and scope adjudication",
 "mappingWhyRelevant": "The source states a two-sided market cycle in which regulation relaxes as prices rise and becomes stricter as prices fall. This independently corresponds to Kaal's historical account of post-crisis regulatory expansion followed by relaxation and to the regulatory sine-curve definition, while the abstract does not identify causal political-economy variables or establish that every market follows the cycle.",
 "sourceProvenance": {
  "source": "crossref",
  "sourceRecordId": "10.2139/ssrn.333340",
  "queryId": "concept:cdce38cb65b9",
  "queryText": "digital assets securities regulation",
  "canonicalUrl": "https://doi.org/10.2139/ssrn.333340",
  "doi": "10.2139/ssrn.333340",
  "externalIds": {
   "DOI": "10.2139/ssrn.333340",
   "Crossref": "10.2139/ssrn.333340"
  },
  "retrievedAt": "2026-08-09T08:12:12.262Z",
  "providerPage": 1,
  "rawObservationSha256": "197fd5a39f2ebe1b378b7e17ef5b0c888c36f4b4c961cdae6f833d58be7f8a71",
  "inputSnapshotSha256": "5829c2764f83b19514a4b2695814ab254455f8d877e9703dbc39c64312d8e000",
  "inputLine": 5261,
  "chunkId": "crossref-00001",
  "workId": "work:doi:10.2139/ssrn.333340",
  "workAuthors": [
   "Tamar Frankel"
  ],
  "workPublishedAt": "2002-01-01",
  "identityKeys": [
   "doi:10.2139/ssrn.333340",
   "crossref:10.2139/ssrn.333340",
   "url:https://doi.org/10.2139/ssrn.333340",
   "title:33cf16790fea4c89e885175e",
   "proposition:9d272ae80ff240171554c1f9fa2cd8f055bae3a55561150d99e1568c7ef972e7"
  ],
  "sourceProposition": "The costs of regulation may be a barrier to issuers; however, when market prices rise, government regulation relaxes, and when prices fall, regulation becomes stricter.",
  "sourcePropositionSha256": "96d4b2144a002fdf42626c107cec570bc835adda95b824e12a89d98d35c7d116",
  "sourcePropositionIndex": 1,
  "claimMappings": [
   {
    "claimId": "kaal:claim:1998455-025",
    "claimUrl": "https://wulfkaal.github.io/claims/1998455-025",
    "rank": 1,
    "confidence": 0.62,
    "method": "complete-corpus source-proposition mechanism and scope adjudication",
    "whyRelevant": "The source states a two-sided market cycle in which regulation relaxes as prices rise and becomes stricter as prices fall. This independently corresponds to Kaal's historical account of post-crisis regulatory expansion followed by relaxation and to the regulatory sine-curve definition, while the abstract does not identify causal political-economy variables or establish that every market follows the cycle.",
    "ambiguous": false
   },
   {
    "claimId": "kaal:claim:2273857-028",
    "claimUrl": "https://wulfkaal.github.io/claims/2273857-028",
    "rank": 2,
    "confidence": 0.62,
    "method": "complete-corpus source-proposition mechanism and scope adjudication",
    "whyRelevant": "The source states a two-sided market cycle in which regulation relaxes as prices rise and becomes stricter as prices fall. This independently corresponds to Kaal's historical account of post-crisis regulatory expansion followed by relaxation and to the regulatory sine-curve definition, while the abstract does not identify causal political-economy variables or establish that every market follows the cycle.",
    "ambiguous": false
   }
  ],
  "substantiveReview": {
   "disposition": "retained",
   "reviewVersion": "kaal-continuous-crossref-substantive-review-v1",
   "reviewedAt": "2026-08-09T14:20:21.202Z",
   "reviewer": "Codex continuous substantive reviewer",
   "rationale": "The source states a two-sided market cycle in which regulation relaxes as prices rise and becomes stricter as prices fall. This independently corresponds to Kaal's historical account of post-crisis regulatory expansion followed by relaxation and to the regulatory sine-curve definition, while the abstract does not identify causal political-economy variables or establish that every market follows the cycle.",
   "limitations": [
    "Evidence is limited to an exact proposition in a Crossref-indexed abstract; full text was not reviewed.",
    "No relationship is treated as external endorsement, citation, causation, or validation of a broader Kaal claim.",
    "The source states a two-sided market cycle in which regulation relaxes as prices rise and becomes stricter as prices fall. This independently corresponds to Kaal's historical account of post-crisis regulatory expansion followed by relaxation and to the regulatory sine-curve definition, while the abstract does not identify causal political-economy variables or establish that every market follows the cycle."
   ],
   "sourceIdentity": {
    "status": "verified",
    "source": "Crossref REST work record",
    "doi": "10.2139/ssrn.333340",
    "title": "Comment, Regulation and Investors' Trust in the Securities Markets",
    "authors": [
     "Tamar Frankel"
    ],
    "language": "unavailable",
    "publisher": "Elsevier BV",
    "checkedAt": "2026-08-09T14:20:21.202Z",
    "responseBodySha256": "f13f0fb226fcf18b3553e90b1955eb840e81f8f1a7d70d92f91ac12323d07d45",
    "providerReceipt": {
     "path": "outputs/historical-backfill-2026-08-08-crossref/raw-receipts/crossref-011-00001.json",
     "sha256": "2998f6673b80a099a0a86027403f2a47b9817253198451e573a940b3f80cf5c2",
     "byteLength": 2030401
    }
   },
   "independentRationale": "The exact proposition is present in the live Crossref abstract and the deposited reference list contains no Kaal-authored reference; the relationship is limited to the independently stated proposition.",
   "nonOverlap": {
    "candidateIdMatches": 0,
    "canonicalUrlMatches": 0,
    "propositionHashMatches": 0
   }
  }
 },
 "userAffirmation": "Automatically authorized under standing authority receipt kaal-standing-publication-authorization:2026-08-01:hourly-reviewed-batches, SHA-256 e2126054b58bb4e88db65c334ef4fc8ae78dcaadc63543c408133c4eefceb9b1, limited to this substantively reviewed batch and the unchanged 5,033 scholarly claims.",
 "sha256": "f7a04b05aad829f3ad49d1e3111335dc922a9604ca426dd9f872d1f6a9414236"
}