Evgeny Lyandres

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

Journal of Corporate Finance 97 (12), 102934, December 2025

working paper

working paper

Journal of Accounting and Economics, forthcoming

working paper