Advances in blockchain-based finance: Insights from the Special Issue

This special issue of the Journal of Corporate Finance brings together eleven papers that examine how blockchain technologies are reshaping modern financial systems. The contributions analyze decentralized markets, information provision, digital asset pricing, governance via smart contracts, and corporate implications of central bank digital currencies.The papers offer new empirical evidence on liquidity provision, oracle accuracy, investor behavior, and cross-asset information flows. They also develop theoretical foundations for automated market makers and for the incentive structures arising under proof-of-stake consensus. Finally, studies of China’s e-CNY pilot provide the first large-sample evidence on how programmable digital money affects firms’ liquidity management and adoption dynamics. Together, the papers highlight how blockchain creates new forms of intermediation, governance, and policy interaction that expand the research frontier in corporate finance.

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