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Decentralized finance: From intermediaries to protocols
Decentralized finance (DeFi) represents a fundamental reconfiguration of financial intermediation, replacing traditional institutions with programmable protocols, token-based governance, and distributed consensus mechanisms. While often described as a technological innovation, DeFi raises core institutional questions about how capital is raised, how control rights are allocated, and how information is produced and enforced in the absence of centralized intermediaries. By embe
Advances in blockchain-based finance: Insights from the Special Issue
Journal of
Corporate Finance 97 (12), 102934, December 2025
Industry equilibrium with blockchain
Research Policy, forthcoming
Auditing decentralized finance (DeFi) protocols
Journal of Accounting and Economics, forthcoming
Trading volume manipulation and competition among centralized crypto exchanges
Management Science 71 (10), October 2025
Product market competition with crypto tokens and smart contracts
Journal of Financial Economics 149 (1), July 2023
Initial coin offering (ICO) success and post-ICO performance
Management Science 68 (12), December 2022
A theory of ICOs: Diversification, agency, and information asymmetry
Management Science 67 (10), October 2021
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