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Lin William Cong

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Lin William Cong & Eswar S. Prasad & Daniel Rabetti, 2025. "Financial and Informational Integration Through Oracle Networks," NBER Working Papers 33639, National Bureau of Economic Research, Inc.

    Cited by:

    1. Nadler, Matthias & Schuler, Katrin & Schär, Fabian, 2026. "Blockchain price oracles: Accuracy and violation recovery," Journal of Corporate Finance, Elsevier, vol. 96(C).
    2. David Dai & Ruizhe Jia & Shihao Yu, 2026. "Settlement Manipulation in Prediction Markets," Papers 2606.31675, arXiv.org.

  2. Lin William Cong & Simon Mayer, 2025. "Strategic Digitization in Currency and Payment Competition," NBER Working Papers 33593, National Bureau of Economic Research, Inc.

    Cited by:

    1. Dirk Niepelt, 2025. "Central Bank Digital Currency and Monetary Architecture," Diskussionsschriften dp2509, Universitaet Bern, Departement Volkswirtschaft.
    2. Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025. "The digital euro: awareness, adoption and household portfolios," Research Bulletin, European Central Bank, vol. 138.
    3. Vanhoudt Patrick, 2026. "Anchoring Europe’s Monetary Future: Why a Wholesale Digital Euro Is the Immediate Priority," Intereconomics: Review of European Economic Policy, Paradigm, vol. 61(2), pages 73-80.
    4. Jon Frost & Jean-Charles Rochet & Hyun Song Shin & Marianne Verdier, 2025. "Competing digital monies," BIS Working Papers 1301, Bank for International Settlements.
    5. Zhang, Guanglong & Chan, Kam C., 2025. "Central bank digital currency and corporate cash holdings: Evidence from China's e-CNY pilot," Journal of Corporate Finance, Elsevier, vol. 94(C).

  3. Lin William Cong & Zhiheng He & Ke Tang, 2025. "The Tokenomics of Staking," NBER Working Papers 33640, National Bureau of Economic Research, Inc.

    Cited by:

    1. Joel Hasbrouck & Julian Ma & Fahad Saleh & Caspar Schwarz-Schilling, 2026. "Market Inefficiency in Cryptoasset Markets," Papers 2602.20771, arXiv.org, revised Mar 2026.
    2. Carlo Brunetta & Amit Chaudhary & Stefano Galatolo & Massimiliano Sala, 2025. "Stabilizing the Staking Rate, Dynamically Distributed Inflation and Delay Induced Oscillations," Papers 2510.11065, arXiv.org.

  4. Lin William Cong & Tengyuan Liang & Xiao Zhang & Wu Zhu, 2024. "Textual Factors: A Scalable, Interpretable, and Data-driven Approach to Analyzing Unstructured Information," NBER Working Papers 33168, National Bureau of Economic Research, Inc.

    Cited by:

    1. Yuxiao Jiao & Guofu Zhou & Wu Zhu & Yingzi Zhu, 2025. "Interpretable Factors of Firm Characteristics," Papers 2508.02253, arXiv.org.
    2. Yang, Alex J., 2025. "Text vs. citations: A comparative analysis of breakthrough and disruption metrics in patent innovation," Research Policy, Elsevier, vol. 54(8).
    3. Fisher, Adlai & Knesl, Jiří & Lee, Ryan C.Y., 2025. "How valuable is corporate adaptation to crisis? Estimates from Covid-19 work-from-home announcements," Journal of Financial Economics, Elsevier, vol. 174(C).

  5. Wenlong Bian & Lin William Cong & Yang Ji, 2024. "The Rise of E-Wallet Super-Apps and Buy-Now-Pay-Later," NBER Working Papers 33178, National Bureau of Economic Research, Inc.

    Cited by:

    1. Agur, Itai & Ari, Anil & Dell’Ariccia, Giovanni, 2025. "Bank competition and household privacy in a digital payment monopoly," Journal of Financial Economics, Elsevier, vol. 166(C).

  6. Lin William Cong & Pulak Ghosh & Jiasun Li & Qihong Ruan, 2024. "Inflation Expectation and Cryptocurrency Investment," NBER Working Papers 32945, National Bureau of Economic Research, Inc.

    Cited by:

    1. Di Casola, Paola & Habib, Maurizio Michael & Tercero-Lucas, David, 2025. "Global and local drivers of Bitcoin trading vis-à-vis fiat currencies," Journal of International Money and Finance, Elsevier, vol. 158(C).
    2. Pavel Ciaian & d'Artis Kancs & Miroslava Rajcaniova, 2026. "On- and off-chain demand and supply drivers of Bitcoin price," EERI Research Paper Series EERI RP 2026/01, Economics and Econometrics Research Institute (EERI), Brussels.
    3. Cong, Lin William & Tang, Vicki Wei & Zhang, Tony Qingquan, 2026. "How transparency shapes tax policy effectiveness: Evidence from cryptocurrency markets," Research Policy, Elsevier, vol. 55(1).
    4. Maxime L. D. Nicolas & Franc{c}ois Sicard & Marion Laboure & Zixin Sun & Anah'i Rodr'iguez-Mart'inez, 2026. "Is Bitcoin A Hedge Against Central Banking? Evidence from AI-Driven Monetary Policy Expectations," Papers 2604.08825, arXiv.org, revised Aug 2026.

  7. Fukang Chen & Minhao Chen & Lin William Cong & Haoyu Gao & Jacopo Ponticelli, 2024. "Pricing the Priceless: The Financial Cost of Biodiversity Conservation," NBER Working Papers 32743, National Bureau of Economic Research, Inc.

    Cited by:

    1. Cheng, Feiyang & Gao, Haoyu & Pan, Xiaofei & Qian, Meijun & Zhou, Qing (Clara), 2025. "China's debt market: Evolution, regulation, and global integration," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    2. Zhang, Jinlong & Zhang, Wei & E, Jiyue, 2025. "The impact of biodiversity regulation on audit pricing − A quasi-natural experiment based on the Green Shield Program," The Quarterly Review of Economics and Finance, Elsevier, vol. 103(C).
    3. Hirschbühl, Dominik & Ceglar, Andrej & Emambakhsh, Tina & Pasqua, Carlo & Cojoianu, Theodor & Qi, Yifan & Rho, Caterina & Hu, Elsie & Petracco, Marco & Biganzoli, Fabrizio & de Jager, Alfred & Herrero, 2025. "The climate-biodiversity-pollution nexus: the pricing of environmental credit risks for European," Working Paper Series 3164, European Central Bank.
    4. Chen, Luoye & Li, Tao & Zhang, Yi, 2025. "Municipal Finance and Biodiversity Conservation," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO 360756, Agricultural and Applied Economics Association.
    5. Hirschbuehl Dominik & Ceglar Andrej & Cojoianu Theodor & Emambakhsh Tina & Qi Yifan & Rho Caterina & Hu Elsie & Petracco Marco & Biganzoli Fabrizio & De Jager Alfred & Garcia Herrero Laura & Mandrici , 2025. "The Climate-Biodiversity-Pollution Nexus: The pricing of environmental credit risks for European industrial polluters," JRC Working Papers in Economics and Finance 2025-10, Joint Research Centre, European Commission.
    6. Li, Yi & Li, Yang & Wang, Zhaohua, 2025. "Counting the carbon burden: Evidence from municipal bonds in China," Energy Economics, Elsevier, vol. 148(C).
    7. Koetter, Michael & Winter, Birte & Wöbbeking, Carl Fabian, 2025. "The price of beauty: Biodiversity effects on residential housing markets," IWH Discussion Papers 21/2025, Halle Institute for Economic Research (IWH).

  8. Lin William Cong & Ke Tang & Danxia Xie & Weiyi Zhao, 2024. "FinTech Platforms and Asymmetric Network Effects: Theory and Evidence from Marketplace Lending," NBER Working Papers 33173, National Bureau of Economic Research, Inc.

    Cited by:

    1. Dan Amiram & Evgeny Lyandres & Daniel Rabetti, 2025. "Trading Volume Manipulation and Competition Among Centralized Crypto Exchanges," Management Science, INFORMS, vol. 71(10), pages 8604-8622, October.
    2. Zhenkai Ran & P. Raghavendra Rau & Tania Ziegler, 2025. "Sometimes, Always, Never: Regulatory Clarity and the Development of Digital Financing," Management Science, INFORMS, vol. 71(9), pages 8027-8071, September.

  9. Lin William Cong & Ke Tang & Yanxin Wang & Xi Zhao, 2023. "Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem," NBER Working Papers 30949, National Bureau of Economic Research, Inc.

    Cited by:

    1. Tom Celig & Tim Alvaro Ockenga & Detlef Schoder, 2025. "Distributional equality in Ethereum? On-chain analysis of Ether supply distribution and supply dynamics," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.
    2. Luyao Zhang, 2025. "SoK: Stablecoins for Digital Transformation -- Design, Metrics, and Application with Real World Asset Tokenization as a Case Study," Papers 2508.02403, arXiv.org.
    3. Chemaya, Nir & Cong, Lin William & Joergensen, Emma & Liu, Dingyue & Zhang, Luyao, 2023. "Uniswap Daily Transaction Indices by Network," OSF Preprints ube2z, Center for Open Science.
    4. Raza, Syed Ali & Sharif, Arshian & Anwar, Rija, 2025. "Optimizing portfolio performance with DeFi tokens: Insights from a dynamic R-vine copula-based mean-CVaR approach," Research in International Business and Finance, Elsevier, vol. 77(PB).
    5. Schuler, Katrin & Nadler, Matthias & Schär, Fabian, 2023. "Contagion and loss redistribution in crypto asset markets," Economics Letters, Elsevier, vol. 231(C).
    6. Matteo Aquilina & Sean Foley & Leonardo Gambacorta & William Krekel, 2024. "Decentralised dealers? examining liquidity provision in decentralised exchanges," BIS Working Papers 1227, Bank for International Settlements.
    7. Lucas Amherd & Sheng-Nan Li & Claudio J. Tessone, 2023. "Centralised or Decentralised? Data Analysis of Transaction Network of Hedera Hashgraph," Papers 2311.06865, arXiv.org.
    8. Lin William Cong & Xiang Hui & Catherine Tucker & Luofeng Zhou, 2023. "Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence," Management Science, INFORMS, vol. 69(12), pages 7306-7316, December.
    9. Nir Chemaya & Lin William Cong & Emma Jorgensen & Dingyue Liu & Luyao Zhang, 2023. "A Dataset of Uniswap daily transaction indices by network," Papers 2312.02660, arXiv.org, revised Sep 2024.

  10. Lin William Cong & Campbell R. Harvey & Daniel Rabetti & Zong-Yu Wu, 2023. "An Anatomy of Crypto-Enabled Cybercrimes," NBER Working Papers 30834, National Bureau of Economic Research, Inc.

    Cited by:

    1. Harvey, Campbell R. & Hasbrouck, Joel & Saleh, Fahad, 2026. "The evolution of decentralized exchange: Risks, benefits, and oversight," Research Policy, Elsevier, vol. 55(3).
    2. Yang, Ming-Yuan & Chen, Zhe-Kai & Hu, Jingwen & Chen, Yiru & Wu, Xin, 2025. "Multidimensional information spillover between cryptocurrencies and China’s financial markets under shocks from stringent government regulations," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 100(C).
    3. Nektarios Aslanidis & Aurelio Bariviera & George Kapetanios & Vasilis Sarafidis, 2025. "Heterogeneous Exposures to Systematic and Idiosyncratic Risk across Crypto Assets: A Divide-and-Conquer Approach," Papers 2506.21100, arXiv.org.
    4. Marmora, Paul, 2026. "Hiding in plain sight: Detecting underground sportsbooks through local Bitcoin demand," Journal of International Money and Finance, Elsevier, vol. 161(C).
    5. Koutmos, Dimitrios & Gunay, Samet & Payne, James E., 2025. "Market expectations and the holding behaviors of bitcoin whales, dolphins, and minnows," Finance Research Letters, Elsevier, vol. 86(PE).
    6. Zhang, Luyao, 2023. "Machine Learning for Blockchain: Literature Review and Open Research Questions," OSF Preprints g2q5t, Center for Open Science.
    7. Castillo León, Jaime & Lehar, Alfred, 2026. "What data have told us about decentralized finance," Journal of Corporate Finance, Elsevier, vol. 96(C).
    8. Jin-Wook Chang & Jacob Dice & Shengwu Du & Adam Flury & Sam Jerow & Seung Jung Lee & Stacey L. Schreft & Craig Vandre, 2025. "Cyber Vulnerabilities at Large US Financial Institutions and Their Third-Party Service Providers," Finance and Economics Discussion Series 2025-103, Board of Governors of the Federal Reserve System (U.S.).
    9. Cong, Lin William & Tang, Vicki Wei & Zhang, Tony Qingquan, 2026. "How transparency shapes tax policy effectiveness: Evidence from cryptocurrency markets," Research Policy, Elsevier, vol. 55(1).

  11. Lin William Cong & Guanhao Feng & Jingyu He & Junye Li, 2023. "Sparse Modeling Under Grouped Heterogeneity with an Application to Asset Pricing," NBER Working Papers 31424, National Bureau of Economic Research, Inc.

    Cited by:

    1. Xiong, Youlin & Shen, Jun & Yoon, Seong-Min & Dong, Xiyong, 2024. "Macroeconomic determinants of the long-term correlation between stock and exchange rate markets in China: A DCC-MIDAS-X approach considering structural breaks," Finance Research Letters, Elsevier, vol. 61(C).
    2. Siyu Bie & Francis X. Diebold & Jingyu He & Junye Li, 2024. "Machine Learning and the Yield Curve: Tree-Based Macroeconomic Regime Switching," Papers 2408.12863, arXiv.org, revised May 2025.

  12. Lin William Cong & Xiang Hui & Catherine Tucker & Luofeng Zhou, 2023. "Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence," NBER Working Papers 30912, National Bureau of Economic Research, Inc.

    Cited by:

    1. Agostino Capponi & 'Alvaro Cartea & Fayc{c}al Drissi, 2026. "The Viability of Blockchain Markets under Discrete Clearing and Paid Priority," Papers 2605.17425, arXiv.org.
    2. Cong, Lin William & Fox, Liam & Li, Siguang & Zhou, Luofeng, 2025. "A primer on oracle economics," Journal of Corporate Finance, Elsevier, vol. 94(C).
    3. Bae, Sang Hoo & Saberi, Sara & Kouhizadeh, Mahtab & Sarkis, Joseph, 2025. "Examining blockchain's role in supply chain finance structure and governance," International Review of Financial Analysis, Elsevier, vol. 99(C).
    4. Chemaya, Nir & Cong, Lin William & Joergensen, Emma & Liu, Dingyue & Zhang, Luyao, 2023. "Uniswap Daily Transaction Indices by Network," OSF Preprints ube2z, Center for Open Science.
    5. Chen Liang & Murat Tunc & Gordon Burtch, 2024. "The Market Consequences of Perceived Strategic Generosity: An Empirical Examination of NFT Charity Fundraisers," Papers 2401.12064, arXiv.org, revised Feb 2026.
    6. Mark A. Chen & Shuting Sophia Hu & Joanna Wang & Qinxi Wu, 2023. "Can Blockchain Technology Help Overcome Contractual Incompleteness? Evidence from State Laws," Management Science, INFORMS, vol. 69(11), pages 6540-6567, November.
    7. Nir Chemaya & Lin William Cong & Emma Jorgensen & Dingyue Liu & Luyao Zhang, 2023. "A Dataset of Uniswap daily transaction indices by network," Papers 2312.02660, arXiv.org, revised Sep 2024.
    8. Alon Benhaim & Brett H. Falk & Gerry Tsoukalas, 2023. "Scaling Blockchains: Can Committee-Based Consensus Help?," Management Science, INFORMS, vol. 69(11), pages 6525-6539, November.

  13. Lin William Cong & Nathan Darden George & Guojun Wang, 2023. "RIM-Based Value Premium and Factor Pricing Using Value-Price Divergence," NBER Working Papers 30967, National Bureau of Economic Research, Inc.

    Cited by:

    1. Xu, Wenhao & Chen, Taoqin, 2024. "Mutual fund value creation: Insights from the residual income model," Finance Research Letters, Elsevier, vol. 62(PB).
    2. Ahmad Haboub & Aris Kartsaklas & Vasilis Sarafidis, 2025. "Residual Income Valuation and Stock Returns: Evidence from a Value-to-Price Investment Strategy," Papers 2506.00206, arXiv.org.
    3. Yin, Libo & Liao, Huiyi, 2024. "Anatomy of recent value premium's travails," International Review of Financial Analysis, Elsevier, vol. 94(C).

  14. Wenlong Bian & Lin William Cong & Yang Ji, 2023. "The Rise of E-Wallets and Buy-Now-Pay-Later: Payment Competition, Credit Expansion, and Consumer Behavior," NBER Working Papers 31202, National Bureau of Economic Research, Inc.

    Cited by:

    1. Verdier, Marianne, 2024. "Digital payments and bank competition," Journal of Financial Stability, Elsevier, vol. 73(C).
    2. Cho Man, 2024. "Three Waves of FinTech Innovations and Their Implications for Financial Frauds and Anomalies," International Review of Financial Consumers, Paradigm, vol. 9(2), pages 1-18.
    3. Cong, Lin William & Mayer, Simon, 2025. "Strategic digitization in currency and payment competition," Journal of Financial Economics, Elsevier, vol. 168(C).
    4. Ding, Jingxuan & Luo, Jingwen & Xu, Xian, 2025. "How does Fintech shape the functioning of SMEs' risk managements? The case of face-scan payment," International Review of Financial Analysis, Elsevier, vol. 97(C).
    5. Lin William Cong & Xiaohan Yang & Xiaobo Zhang, 2024. "Small and Medium Enterprises Amidst the Pandemic and Reopening: Digital Edge and Transformation," Management Science, INFORMS, vol. 70(7), pages 4564-4582, July.
    6. Matheus C. Sampaio & Jose Renato Haas Ornelas, 2024. "Payment Technology Complementarities and their Consequences in the Banking Sector: evidence from Brazil’s Pix," Working Papers Series 600, Central Bank of Brazil, Research Department.
    7. Emilio Barucci & Matteo Brachetta & Daniele Marazzina, 2026. "The Adoption of Central Bank Digital Currency," Management Science, INFORMS, vol. 72(5), pages 3684-3698, May.

  15. Chemaya, Nir & Cong, Lin William & Joergensen, Emma & Liu, Dingyue & Zhang, Luyao, 2023. "Uniswap Daily Transaction Indices by Network," OSF Preprints ube2z, Center for Open Science.

    Cited by:

    1. Castillo León, Jaime & Lehar, Alfred, 2026. "What data have told us about decentralized finance," Journal of Corporate Finance, Elsevier, vol. 96(C).

  16. Qing Chang & Lin William Cong & Liyong Wang & Longtian Zhang, 2023. "Production, Trade, and Cross-Border Data Flows," NBER Working Papers 31416, National Bureau of Economic Research, Inc.

    Cited by:

    1. Yongjin Wang & Wenbin Wang, 2025. "Trade Theories in the Digital Age," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 33(2), pages 1-40, March.
    2. Chang, Qing & Wu, Mengtao & Zhang, Longtian, 2024. "Endogenous growth and human capital accumulation in a data economy," Structural Change and Economic Dynamics, Elsevier, vol. 69(C), pages 298-312.

  17. Lin William Cong & Simon Mayer, 2023. "Data Union and Regulation in a Data Economy," NBER Working Papers 30881, National Bureau of Economic Research, Inc.

    Cited by:

    1. Agur, Itai & Ari, Anil & Dell’Ariccia, Giovanni, 2025. "Bank competition and household privacy in a digital payment monopoly," Journal of Financial Economics, Elsevier, vol. 166(C).

  18. Lin William Cong & Siguang Li, 2023. "A Model of Influencer Economy," NBER Working Papers 31243, National Bureau of Economic Research, Inc.

    Cited by:

    1. Foerster, Manuel & Hellmann, Tim & Vega-Redondo, Fernando, 2024. "Strategic use of social media influencer marketing," UC3M Working papers. Economics 43985, Universidad Carlos III de Madrid. Departamento de Economía.
    2. Benhui Ren & Rosita Binti Mohd Tajuddin & Shaliza Binti Mohd Shariff & Binyao Ning & Rosmini Omar & Jing Deng, 2025. "Social Media Influencers – Current Dynamics and Future Prospects," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(1), pages 554-567, January.
    3. Niu, Baozhuang & Chen, Yuyang & Zhang, Jianhua & Chen, Kanglin & Jin, Yong, 2025. "Brands’ Livestream Selling with Influencers’ Converting Fans into Consumers," Omega, Elsevier, vol. 131(C).

  19. Lin William Cong & Yizhou Xiao, 2023. "Information Cascades and Threshold Implementation: Theory and An Application to Crowdfunding," NBER Working Papers 30820, National Bureau of Economic Research, Inc.

    Cited by:

    1. Hongda Zhong, 2026. "Optimal Integration: Human, Machine, and Generative AI," Management Science, INFORMS, vol. 72(5), pages 3720-3739, May.
    2. Lin Peng & Linyi Zhang, 2025. "Unleashing the Crowd: The Effect of Social Networks in Crowdfunding Markets," Management Science, INFORMS, vol. 71(6), pages 4942-4976, June.
    3. Jingxing (Rowena) Gan & Gerry Tsoukalas & Serguei Netessine, 2023. "Decentralized Platforms: Governance, Tokenomics, and ICO Design," Management Science, INFORMS, vol. 69(11), pages 6667-6683, November.
    4. Tipaldi, Riccardo & Gallucci, Carmen & Liñares-Zegarra, José M., 2026. "Herding behaviour in equity crowdfunding and P2P lending markets: A systematic meta-analysis," International Review of Financial Analysis, Elsevier, vol. 111(C).
    5. Timothy N. Cason & Alex Tabarrok & Robertas Zubrickas, 2024. "Signaling Quality: How Refund Bonsues Can Overcome Information Asymmetries in Crowdfunding," Purdue University Economics Working Papers 1339, Purdue University, Department of Economics.
    6. Caio Machado, 2024. "Coordinating in Financial Crises," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 54, October.
    7. Chen, Daming & Huo, Dong, 2025. "Signals of video game success on steam: Evidence from Kickstarter campaigns," Finance Research Letters, Elsevier, vol. 86(PG).
    8. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    9. Tzur, Hana & Segev, Ella, 2025. "Entrepreneurs’ optimal decisions in equity crowdfunding campaigns," European Journal of Operational Research, Elsevier, vol. 327(2), pages 673-689.
    10. Hao Chai & Yueyan Xing & Wei Wang & Yueqi Fan & Ye Liu, 2025. "The Importance of a Good Start: How Large Early Investments Shape Funding Dynamics in Equity Crowdfunding," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(5), pages 4432-4445, December.
    11. Shabnam Kazembalaghi & Jerry Coakley & José M. Liñares-Zegarra & Silvio Vismara, 2025. "Digital equity and government support during COVID-19," Small Business Economics, Springer, vol. 64(4), pages 1679-1705, April.
    12. Andrej Woerner & Sander Onderstal & Arthur Schram, 2023. "Comparing Crowdfunding Mechanisms: Introducing the Generalized Moulin-Shenker Mechanism," Rationality and Competition Discussion Paper Series 464, CRC TRR 190 Rationality and Competition.
    13. Matthew Ellman & Sjaak Hurkens, 2025. "Optimal Investment-Based Crowdfunding: Crowdblessing Versus Scale," Working Papers 1540, Barcelona School of Economics.
    14. Peng, Diefeng & Rao, Yulei & Sun, Xianming & Xiao, Erte, 2025. "Optional disclosure and observational learning," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    15. Matthew Ellman & Sjaak Hurkens, 2025. "The Limits of Crowdfunding with Common Values," Working Papers 1477, Barcelona School of Economics.
    16. Qing Burke & Daniel Wangerin & Terry Warfield, 2025. "Assuring the Crowd: The Role of Assurance in Securities Crowdfunding Success," Management Science, INFORMS, vol. 71(12), pages 10261-10288, December.
    17. Huo, Dong & Chen, Daming & Ma, Zhenzhong, 2025. "Kickstarting by digitalizing: Evidence from emerging economies," Finance Research Letters, Elsevier, vol. 86(PF).

  20. Lin William Cong & Wayne Landsman & Edward Maydew & Daniel Rabetti, 2022. "Tax-Loss Harvesting with Cryptocurrencies," NBER Working Papers 30716, National Bureau of Economic Research, Inc.

    Cited by:

    1. Lin William Cong & Ke Tang & Yanxin Wang & Xi Zhao, 2023. "Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem," NBER Working Papers 30949, National Bureau of Economic Research, Inc.
    2. Jeffrey L. Hoopes & Tyler S. Menzer & Jaron H. Wilde, 2026. "Who reports cryptocurrency to the IRS?," Review of Accounting Studies, Springer, vol. 31(1), pages 453-488, March.
    3. Georgiana-Iulia Lazea & Maria-Roxana Balea-Stanciu & Ovidiu-Constantin Bunget & Anca-Diana Sumănaru & Ana-Maria Georgiana Coraș, 2025. "Cryptocurrency Taxation: A Bibliometric Analysis and Emerging Trends," IJFS, MDPI, vol. 13(1), pages 1-36, March.
    4. Álvaro Hernández Sánchez & Beatriz María Sastre-Hernández & Javier Jorge-Vazquez & Sergio Luis Náñez Alonso, 2024. "Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence," Economies, MDPI, vol. 12(3), pages 1-25, March.
    5. Kenneth J. Merkley & Joseph Pacelli & Mark Piorkowski & Brian Williams, 2024. "Crypto-influencers," Review of Accounting Studies, Springer, vol. 29(3), pages 2254-2297, September.
    6. Nektarios Aslanidis & Aurelio Bariviera & George Kapetanios & Vasilis Sarafidis, 2025. "Heterogeneous Exposures to Systematic and Idiosyncratic Risk across Crypto Assets: A Divide-and-Conquer Approach," Papers 2506.21100, arXiv.org.
    7. Junnan Cui & Li Gao & Yufei Wang, 2024. "The Impact of Cryptocurrency Exposure on Corporate Tax Avoidance Among US Listed Companies," JRFM, MDPI, vol. 17(11), pages 1-18, October.
    8. Conlon, Thomas & Corbet, Shaen & Oxley, Les, 2024. "The influence of European MiCa regulation on cryptocurrencies," Global Finance Journal, Elsevier, vol. 63(C).
    9. Arindam Misra, 2024. "Tax Policy Handbook for Crypto Assets," Papers 2403.15074, arXiv.org, revised Oct 2024.
    10. Andreas Park, 2023. "The Conceptual Flaws of Decentralized Automated Market Making," Management Science, INFORMS, vol. 69(11), pages 6731-6751, November.
    11. Aleksandar Tošić & Jernej Vičič & Niki Hrovatin, 2025. "Beyond the surface: advanced wash-trading detection in decentralized NFT markets," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-21, December.
    12. Katherine Baer & Ruud A. De Mooij & Shafik Hebous & Michael Keen, 2023. "Taxing Cryptocurrencies," CESifo Working Paper Series 10372, CESifo.
    13. Campbell R. Harvey & Daniel Rabetti, 2024. "International business and decentralized finance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(7), pages 840-863, September.
    14. Sean Shun Cao & Lin William Cong & Baozhong Yang, 2025. "Distributed Ledgers and Secure Multiparty Computation for Financial Reporting and Auditing," Management Science, INFORMS, vol. 71(5), pages 3852-3872, May.
    15. Cong, Lin William & Tang, Vicki Wei & Zhang, Tony Qingquan, 2026. "How transparency shapes tax policy effectiveness: Evidence from cryptocurrency markets," Research Policy, Elsevier, vol. 55(1).

  21. Ziqiao Ao & Lin William Cong & Gergely Horvath & Luyao Zhang, 2022. "Is Decentralized Finance Actually Decentralized? An Interdisciplinary Framework Integrating Network Theory, Agent-Based Simulation, and Longitudinal Evidence from Aave, GHO Issuance, and Cross-Chain Expansion," Papers 2206.08401, arXiv.org, revised Aug 2026.

    Cited by:

    1. K Saengchote & C Castro-Iragorri, 2023. "Network Topology in Decentralized Finance," Documentos de Trabajo 20782, Universidad del Rosario.
    2. Yutian Wang & Luyao Zhang, 2026. "Sustainability by Design in Decentralized Autonomous Organizations: An Empirical Review of Governance, Innovation, and Institutional Design," Papers 2606.05667, arXiv.org.
    3. Xiao, Yunpeng & Deng, Bufan & Chen, Siqi & Zhou, Kyrie Zhixuan & LC, RAY & Zhang, Luyao & Tong, Xin, 2023. ""Centralized or Decentralized?": Concerns and Value Judgments of Stakeholders in the Non-Fungible Tokens (NFTs) Market," OSF Preprints evz4p, Center for Open Science.
    4. Yan, Tao & Li, Shengnan & Kraner, Benjamin & Zhang, Luyao & Tessone, Claudio J., 2024. "Analyzing Reward Dynamics and Decentralization in Ethereum 2.0: An Advanced Data Engineering Workflow and Comprehensive Datasets for Proof-of-Stake Incentives," OSF Preprints 6ceuz, Center for Open Science.
    5. Yunpeng Xiao & Bufan Deng & Siqi Chen & Kyrie Zhixuan Zhou & Ray LC & Luyao Zhang & Xin Tong, 2023. ""Centralized or Decentralized?": Concerns and Value Judgments of Stakeholders in the Non-Fungible Tokens (NFTs) Market," Papers 2311.10990, arXiv.org, revised Nov 2023.

  22. Lin William Cong & Guanhao Feng & Jingyu He & Xin He, 2022. "Growing the Efficient Frontier on Panel Trees," NBER Working Papers 30805, National Bureau of Economic Research, Inc.

    Cited by:

    1. Cao, Yi & Zhai, Jia & Wen, Conghua & Zong, Lu & Yang, Ao, 2025. "Commodity futures option valuation – An ensemble model," International Review of Financial Analysis, Elsevier, vol. 105(C).
    2. Changeun Kim & Younwoo Jeong & Bong-Gyu Jang, 2025. "Interpretable Deep Learning for Stock Returns: A Consensus-Bottleneck Asset Pricing Model," Papers 2512.16251, arXiv.org, revised Apr 2026.
    3. Gaetan Bakalli & Stéphane Guerrier & Olivier Scaillet, 2023. "A penalized two-pass regression to predict stock returns with time-varying risk premia," Post-Print hal-04325655, HAL.
    4. Siyu Bie & Francis X. Diebold & Jingyu He & Junye Li, 2024. "Machine Learning and the Yield Curve: Tree-Based Macroeconomic Regime Switching," Papers 2408.12863, arXiv.org, revised May 2025.
    5. Doron Avramov & Xin He, 2026. "Stochastic Discount Factors with Cross-Asset Spillovers," Papers 2602.20856, arXiv.org.
    6. Yuxiang Huang & Zhuo Wang & Zhengyan Xiao, 2025. "Option Return Predictability via Machine Learning: New Evidence From China," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 45(9), pages 1232-1252, September.
    7. Jing Li & Bowei Guo & Xinqi Xie & Kuo-Ping Chang, 2025. "Evaluating Investment Performance: The p-index and Empirical Efficient Frontier," Papers 2510.11074, arXiv.org.

  23. Lin William Cong & Xiaohan Yang & Xiaobo Zhang, 2021. "Small and Medium Enterprises Amidst the Pandemic and Reopening: Digital Edge and Transformation," Working Papers 599, Center for Global Development.

    Cited by:

    1. Yadan Liu & Shaowei Zhang & Fengwen Chen & Yikang Mu, 2025. "Clan culture and digital transformation: Evidence from Chinese family firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(1), pages 971-1008, March.
    2. Yao, Rongrong & Xiao, Min & Lin, Ling & Zhang, Xiaoying, 2026. "Only the connected survive: Common ownership and corporate resilience," Pacific-Basin Finance Journal, Elsevier, vol. 95(C).
    3. Jingyi Zhang & Sha Zhang & Xiongkai Tan & Hong Zhao, 2025. "The impact of digitalization on organizational agility: evidence from the enterprise survey for innovation and entrepreneurship in China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.
    4. Yin, Libo & Zhu, Xiaoye & Li, Jingtian, 2025. "Does exposure to biodiversity risk drive firms’ digital transformation?," Finance Research Letters, Elsevier, vol. 82(C).
    5. Fan, Siyu & Kong, Dongmin & Wu, Yifei & Yu, Honghai, 2025. "Digital innovation and supply chain risk: A large language model-based analysis," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
    6. Pengfei Han & Chunrui Liu & Xuan Tian & Kexin Wang, 2026. "Invest Local or Remote? The Effects of COVID-19 Lockdowns on Venture Capital Investment Around the World," Management Science, INFORMS, vol. 72(4), pages 3351-3370, April.
    7. Zhe Yuan & Yitong Wang & Tianshu Sun & Huilan Xu, 2025. "Democratizing Data Analytics Products to Drive SME Growth: A Natural Experiment," Manufacturing & Service Operations Management, INFORMS, vol. 27(4), pages 1053-1067, July.
    8. Liu, Songrui & Yu, Xiaokun & Zhang, Wenkang & Zhang, Zhongwen, 2026. "The lifespan of small and medium-sized enterprises in China: Stylized facts and influencing factors," China Economic Review, Elsevier, vol. 95(C).
    9. Yun, Yanwen & Li, Yanxiao, 2025. "Toward consumer city: Subway network expansion and consumption industry growth," China Economic Review, Elsevier, vol. 91(C).
    10. Na Zhao & yifan Xu & shiyu Liu, 2025. "Enhancing emergency response capabilities in data center engineering supply chains through government subsidies," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-18, December.
    11. Teresa Domenech & Ignacio Danvila-del-Valle, 2026. "The influence of Telework on job satisfaction through autonomy and purpose," International Entrepreneurship and Management Journal, Springer, vol. 22(2), pages 1-20, June.
    12. Wang, Haiying & Luo, Ting & Jiang, Chonghui & Du, Jiangze, 2026. "Which companies are most at low-carbon transition risks? Evidence from ripple effects in multi-order moments," International Review of Financial Analysis, Elsevier, vol. 110(C).
    13. Bai, Jingkun & Qu, Guimin, 2025. "How does digital intelligence drive the SRDI development of SMEs? Evidence from Chinese-style niche enterprises," Technological Forecasting and Social Change, Elsevier, vol. 219(C).
    14. Miles M. Yang & Nik Thompson, 2026. "A call for Point-Counterpoint papers: Navigating the Tensions in Digital Work," Australian Journal of Management, Australian School of Business, vol. 51(2), pages 323-326, May.
    15. Chen, Rongda & Tao, Kerun & Jin, Chenglu & Zhang, Jiacheng & Zhang, Shuonan, 2025. "Navigating uncertainty: The impact of economic policy on corporate data asset allocation," International Review of Economics & Finance, Elsevier, vol. 97(C).

  24. Lin William Cong & Ke Tang & Jingyuan Wang & Yang Zhang, 2021. "Deep Sequence Modeling: Development and Applications in Asset Pricing," Papers 2108.08999, arXiv.org.

    Cited by:

    1. Jinghai He & Cheng Hua & Chunyang Zhou & Zeyu Zheng, 2025. "Reinforcement-Learning Portfolio Allocation with Dynamic Embedding of Market Information," Papers 2501.17992, arXiv.org.
    2. Shanyan Lai, 2025. "Asset Pricing in Pre-trained Transformer," Papers 2505.01575, arXiv.org, revised Jun 2026.
    3. Li, Jinchuan & Zhu, Yifeng, 2026. "Taming crypto anomalies: A Lasso-type factor model," Research in International Business and Finance, Elsevier, vol. 83(C).
    4. Luyang Chen & Markus Pelger & Jason Zhu, 2024. "Deep Learning in Asset Pricing," Management Science, INFORMS, vol. 70(2), pages 714-750, February.
    5. Guo, Hongfei & Marín Díazaraque, Juan Miguel & Veiga, Helena, 2025. "Learning Volatility:A Bayesian Neural Stochastic Framework," DES - Working Papers. Statistics and Econometrics. WS 47944, Universidad Carlos III de Madrid. Departamento de Estadística.
    6. Shanyan Lai, 2025. "Is attention truly all we need? An empirical study of asset pricing in pretrained RNN sparse and global attention models," Papers 2508.19006, arXiv.org, revised Jun 2026.
    7. Yulin Liu & Luyao Zhang, 2022. "Cryptocurrency Valuation: An Explainable AI Approach," Papers 2201.12893, arXiv.org, revised Jul 2023.
    8. Francisco Peñaranda & Enrique Sentana, 2024. "Portfolio management with big data," Working Papers wp2024_2411, CEMFI.

  25. Lin William Cong & Xi Li & Ke Tang & Yang Yang, 2021. "Crypto Wash Trading," Papers 2108.10984, arXiv.org.

    Cited by:

    1. Oefele, Nico & Baur, Dirk G. & Smales, Lee A., 2025. "The effect of currency risk on crypto asset utilization in Türkiye," Emerging Markets Review, Elsevier, vol. 65(C).
    2. Di Casola, Paola & Habib, Maurizio Michael & Tercero-Lucas, David, 2025. "Global and local drivers of Bitcoin trading vis-à-vis fiat currencies," Journal of International Money and Finance, Elsevier, vol. 158(C).
    3. Nadler, Matthias & Schuler, Katrin & Schär, Fabian, 2026. "Blockchain price oracles: Accuracy and violation recovery," Journal of Corporate Finance, Elsevier, vol. 96(C).
    4. Blasco, N. & Corredor, P. & Satrústegui, N., 2023. "Is there an expiration effect in the bitcoin market?," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 647-663.
    5. Popova, Ivilina & Liu, Yifan & Yi, Ha-Chin, 2025. "Anchoring on safe haven: Russia–Ukraine war effects on the cryptocurrency market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 48(C).
    6. Voraprapa Nakavachara & Kanis Saengchote, 2022. "Is Metaverse LAND a Good Investment? It Depends on Your Unit of Account!," PIER Discussion Papers 172, Puey Ungphakorn Institute for Economic Research.
    7. Alexander, Carol & Chen, Xi & Deng, Jun & Wang, Tianyi, 2024. "Arbitrage opportunities and efficiency tests in crypto derivatives," Journal of Financial Markets, Elsevier, vol. 71(C).
    8. Cano-Rodríguez, Manuel & Núñez-Nickel, Manuel & Licerán-Gutiérrez, Ana, 2025. "Divergence from Benford’s law fails to measure financial statement accuracy," International Journal of Accounting Information Systems, Elsevier, vol. 56(C).
    9. Galati, Luca & Webb, Alexander & Webb, Robert I., 2024. "Financial contagion in cryptocurrency exchanges: Evidence from the FTT collapse," Finance Research Letters, Elsevier, vol. 67(PA).
    10. Foley, Sean & Krekel, William & Mollica, Vito & Svec, Jiri, 2023. "Not so fast: Identifying and remediating slow and imprecise cryptocurrency exchange data," Finance Research Letters, Elsevier, vol. 51(C).
    11. Brauneis, Alexander & Mestel, Roland & Riordan, Ryan & Theissen, Erik, 2022. "Bitcoin unchained: Determinants of cryptocurrency exchange liquidity," Journal of Empirical Finance, Elsevier, vol. 69(C), pages 106-122.
    12. Wu, Feng-Lin & Wang, Yu-Shi & Wan, Yu-Fan & Wang, Ming-Hui, 2025. "Does investor attention drive cryptocurrency markets? Insights from network connectedness and portfolio applications," Journal of International Money and Finance, Elsevier, vol. 157(C).
    13. Riccardo De Blasis & Alexander Webb, 2022. "Arbitrage, contract design, and market structure in Bitcoin futures markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(3), pages 492-524, March.
    14. Cano-Rodríguez, Manuel, 2025. "Deviations from Benford’s law in asset valuations: Market prices vs. expert estimates," Finance Research Letters, Elsevier, vol. 86(PB).
    15. Iñaki Aldasoro & Jon Frost & Hiro Ito, 2026. "The impact of stablecoins on the international monetary and financial system," BIS Papers, Bank for International Settlements, number 170.
    16. Liu, Jie & Zhang, Jingru & Chen, Zhenshan, 2025. "The effect of stock market manipulation on investor behavioral bias," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
    17. Foley, Sean & Frijns, Bart & Garel, Alexandre & Roh, Tai-Yong, 2022. "Who buys Bitcoin? The cultural determinants of Bitcoin activity," International Review of Financial Analysis, Elsevier, vol. 84(C).
    18. Chen, Yu-Lun & Xu, Ke & Yang, J. Jimmy, 2025. "Market impact of the bitcoin ETF introduction on bitcoin futures," International Review of Financial Analysis, Elsevier, vol. 97(C).
    19. James, Robert & Leung, Henry & Prokhorov, Artem, 2023. "A machine learning attack on illegal trading," Journal of Banking & Finance, Elsevier, vol. 148(C).
    20. Kennedy, Austin, 2025. "Fiscal spillovers through informal financial channels," Journal of International Money and Finance, Elsevier, vol. 157(C).
    21. Castillo León, Jaime & Lehar, Alfred, 2026. "What data have told us about decentralized finance," Journal of Corporate Finance, Elsevier, vol. 96(C).
    22. Wang, Shirui & Cheng, Nieyan & Zhang, Tianyang, 2025. "Wash trading and insider sales in NFT markets," Journal of Banking & Finance, Elsevier, vol. 180(C).
    23. Cong, Lin William & Tang, Vicki Wei & Zhang, Tony Qingquan, 2026. "How transparency shapes tax policy effectiveness: Evidence from cryptocurrency markets," Research Policy, Elsevier, vol. 55(1).

  26. Lin William Cong & Danxia Xie & Longtian Zhang, 2021. "Knowledge Accumulation, Privacy, and Growth in a Data Economy," Papers 2109.10028, arXiv.org.

    Cited by:

    1. Ling, Shixian & Gao, Hongfu & Yuan, Di, 2024. "Catalytic role of the digital economy in fostering corporate green technology innovation: a mechanism for sustainability transformation in China," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 278-292.
    2. Teemu Pekkarinen, 2026. "Data processing growth model," Economics Bulletin, AccessEcon, vol. 46(1), pages 334-341.
    3. Qiu Huang & Yizhuo Guo & Silu Lin, 2025. "Can Data Elements Facilitate Common Prosperity for Urban Low-Income Residents? An Empirical Analysis Based on the 2014–2020 CFPS Survey in China," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 180(2), pages 887-921, November.
    4. Wang, Xinpeng & Zhang, Yingying, 2025. "The impact of digital infrastructure on urban radical innovation: Evidence from the “Broadband China” Demonstration Policy," International Review of Financial Analysis, Elsevier, vol. 106(C).
    5. Lu, Chao & Wang, Xuanxuan & Huang, Cheng & Jiang, Lu & Yu, Xiaoyu, 2026. "Modeling cross-border data transfer strategies for platform multinational companies," Technovation, Elsevier, vol. 152(C).
    6. Liu, Ying & Huang, Hongyun & Mbanyele, William & Li, Xin & Balezentis, Tomas, 2025. "Harnessing supply chain digital innovation for enhanced corporate environmental practices and sustainable growth," Energy Economics, Elsevier, vol. 142(C).
    7. Wei, Zhi & Li, Shangpu & Huang, Yuzhe, 2026. "Public data openness and corporate default risk: Firm-Level evidence from an emerging market," Finance Research Letters, Elsevier, vol. 91(C).
    8. Yangjun Ren & Xin Zhang & Hui Chen, 2022. "The Impact of New Energy Enterprises’ Digital Transformation on Their Total Factor Productivity: Empirical Evidence from China," Sustainability, MDPI, vol. 14(21), pages 1-17, October.
    9. Francesco Angelini & Luca V. Ballestra & Massimiliano Castellani, 2022. "Digital leisure and the gig economy: a two-sector model of growth," Papers 2212.02119, arXiv.org.
    10. Chu, Zhaopeng & Chen, Xin & Yang, Jun, 2025. "Impact of data factor and data integration on economic development: Empirical insights from China," Telecommunications Policy, Elsevier, vol. 49(8).
    11. Ma, Dan & Zhu, Qing, 2022. "Innovation in emerging economies: Research on the digital economy driving high-quality green development," Journal of Business Research, Elsevier, vol. 145(C), pages 801-813.
    12. Zhuo, Chengfeng & Chen, Jin, 2023. "Can digital transformation overcome the enterprise innovation dilemma: Effect, mechanism and effective boundary," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    13. Ming Chen & Xin Tan & Jianhua Zhu & Rebecca Kechen Dong, 2025. "Can supply chain digital innovation policy improve the sustainable development performance of manufacturing companies?," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.
    14. Zhigang Qiu & Ziyue Wang, 2026. "The Boundary of Open Data: Implications for the Financial Market and Real Efficiency," Management Science, INFORMS, vol. 72(7), pages 5744-5779, July.
    15. Liao, Wenqi & Zhuo, Ling, 2025. "The impact of public data openness on corporate supply chain efficiency: A quasi-natural experiment based on a local government data openness platform," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 1557-1574.
    16. Gao, Xing & Tu, Qianyang & Tan, Xianzheng, 2026. "Data element marketization and corporate key core technology innovation: Evidence from data trading platforms," International Review of Economics & Finance, Elsevier, vol. 106(C).
    17. Liu, Ernest & Ma, Song & Veldkamp, Laura, 2025. "Data sales and data dilution," Journal of Financial Economics, Elsevier, vol. 169(C).
    18. Yongjin Wang & Wenbin Wang, 2025. "Trade Theories in the Digital Age," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 33(2), pages 1-40, March.
    19. Yongheng Hu, 2025. "The Nexus between Dataization and Technological Progress in General Equilibrium of Macroeconomics," Papers 2507.13274, arXiv.org, revised May 2026.
    20. Yongheng Hu, 2025. "Heterogeneous Agents in the Data Economy," Papers 2509.09656, arXiv.org.
    21. Lionel Ragot & Mathilde Aubouin, 2024. "The Macroeconomics of Free Digital Services," EconomiX Working Papers 2024-20, University of Paris Nanterre, EconomiX.
    22. Qing, Lingli & Shen, Pin & Nam, Eun-Young & Ma, Xiang, 2025. "Does supply chain digitalization improve corporate energy performance? A quasi-natural experiment from Chinese supply chain innovation and application pilot policy," Energy Economics, Elsevier, vol. 147(C).
    23. Chang, Qing & Wu, Mengtao & Zhang, Longtian, 2024. "Endogenous growth and human capital accumulation in a data economy," Structural Change and Economic Dynamics, Elsevier, vol. 69(C), pages 298-312.
    24. Yang, Jun & Yang, Dingjian & Cheng, Jixin, 2024. "The non-rivalry of data, directed technical change and the environment: A theoretical study incorporating data as a production factor," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 417-448.
    25. Xu, Ru-Yu & Wang, Ke-Liang & Miao, Zhuang, 2024. "Exploring the impact of digital industry agglomeration on provincial energy efficiency in China: A panel data analysis from 2012 to 2020," Energy, Elsevier, vol. 313(C).
    26. Qu, Qixing & Wei, Chengxi & Wang, Mingxian & Wang, Yaxin, 2026. "From disclosure to compliance: Modeling the evolutionary dynamics of tripartite privacy regulation," Applied Mathematics and Computation, Elsevier, vol. 512(C).
    27. Wu, Shan & Zou, Mengqi & Jin, Tongen, 2025. "Data element marketization and corporate investment efficiency: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    28. Ge, Shilong & Tu, Zhenyu & Chen, Yalin & Chong, Heap-Yih, 2025. "Data driven-sustainability: The impact of data trading platforms on corporate ESG performance," International Review of Financial Analysis, Elsevier, vol. 105(C).
    29. Sumit Agarwal & Pulak Ghosh & Tianyue Ruan & Yunqi Zhang, 2024. "Transient Customer Response to Data Breaches of Their Information," Management Science, INFORMS, vol. 70(6), pages 4105-4114, June.
    30. Li, Hao & Wang, Gaowang & Yang, Liyang, 2024. "Data-driven innovation and growth," MPRA Paper 122388, University Library of Munich, Germany.
    31. Yanfei Dong & Jiayin Hu & Yiping Huang & Han Qiu & Yingguang Zhang, 2025. "The use and disuse of FinTech credit: When buy-now-pay-later meets credit reporting," BIS Working Papers 1239, Bank for International Settlements.
    32. Hou, Yao & Huang, Jinglei & Xie, Danxia & Zhou, Weidi, 2025. "The limits to growth in the AI-driven economy," China Economic Review, Elsevier, vol. 94(PA).
    33. Zhang, Tao & Jiang, Jianli & Xie, Bai-Chen, 2025. "Technological innovation and cost efficiency of grid firms in China: Dual impact of climate uncertainty and regulation," Energy Policy, Elsevier, vol. 206(C).
    34. Cong, Lin William & Wei, Wenshi & Xie, Danxia & Zhang, Longtian, 2022. "Endogenous growth under multiple uses of data," Journal of Economic Dynamics and Control, Elsevier, vol. 141(C).
    35. Yuqiong Zheng & Yue Peng & Wei Wang & Yunqiang Liu & Raymond Chiong, 2025. "Promotion or hindrance? Digital transformation of the supply chain and total factor productivity of midstream enterprises," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-18, December.
    36. Li, Quan & Chen, Huimin & Chen, Yang & Xiao, Tong & Wang, Li, 2023. "Digital economy, financing constraints, and corporate innovation," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    37. Qi Zhang & Jinghuai She, 2024. "Digital transformation and corporate tax avoidance: An analysis based on multiple perspectives and mechanisms," PLOS ONE, Public Library of Science, vol. 19(9), pages 1-30, September.
    38. Shurong Zi & Ziyuan Pan & Yanjie Chen & Xinheng Liu & Qi Ban, 2025. "Intelligent Manufacturing and Pollution Emissions from Chinese Manufacturing Firms: Theories and Mechanisms," Sustainability, MDPI, vol. 17(2), pages 1-21, January.
    39. Zou, Guohao & Fan, Cunbin & Yang, Chufeng, 2025. "Research on the impact of public data openness on urban-rural income inequality," Finance Research Letters, Elsevier, vol. 79(C).
    40. Yang, Jun & Yang, Dingjian, 2025. "Data factors and high-quality population development: A theoretical study incorporating data as a production factor," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 1185-1236.
    41. Yang, Xingquan & Zhang, Qingyan, 2025. "Supply chain digitization and corporate cash holdings: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 1045-1062.
    42. Hoque, Mohammad Enamul & Billah, Mabruk & Alam, Md Rafayet & Lucey, Brian, 2024. "Does news related to digital economy and central bank digital currency affect digital economy ETFs? Evidence from TVP-VAR connectedness and wavelet local multiple correlation analyses," Global Finance Journal, Elsevier, vol. 61(C).
    43. Zhang, Dongyang & Bai, Dingchuan & Wang, Cao & He, Yurun, 2024. "Distribution dynamics and quantile dynamic convergence of the digital economy: Prefecture-level evidence in China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    44. Guo, Penghui & Feng, Gengzhong & Wang, Kai & Hua, Jiawen, 2024. "Analysis of financing strategies for digital technology investment under privacy concerns and competition," International Journal of Production Economics, Elsevier, vol. 274(C).
    45. Freeman, Richard B. & Yang, Buyuan & Zhang, Baitao, 2023. "Data deepening and nonbalanced economic growth," Journal of Macroeconomics, Elsevier, vol. 75(C).
    46. Hanghang Dong & Xiaoming Li & Yadi Liu & Chan Wang, 2026. "Study on the impact of big data sharing on individuals’ welfare—from the perspective of consumption and privacy," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-11, December.
    47. Ke Rong & Yunshu Ling & Tianxi Yang & Cheng Huang, 2025. "Cross-border data transfer: patterns and discrepancies," Journal of International Business Policy, Palgrave Macmillan, vol. 8(1), pages 10-32, March.
    48. Yangjun Ren & Ze Tian & Chao Liu, 2023. "Impact of the digital economy on urban green growth: Empirical evidence from China," PLOS ONE, Public Library of Science, vol. 18(12), pages 1-20, December.
    49. Jun Yang & Hongyu Wu & Mingyue Xiao & Fei Meng, 2026. "Data Rights Confirmation and Digital Firms’ Innovation: Evidence from China," SAGE Open, , vol. 16(1), pages 21582440261, February.
    50. Allen, Franklin & Gu, Xian & Jagtiani, Julapa, 2022. "Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China," Journal of International Money and Finance, Elsevier, vol. 124(C).
    51. Luo, Shuangcheng & Xiong, Zhiqiao & Liu, Jianjiang, 2024. "How does supply chain digitization affect green innovation? Evidence from a quasi-natural experiment in China," Energy Economics, Elsevier, vol. 136(C).
    52. Zuo, Xiaoming & Liu, Huaijie & Sun, Peng, 2026. "Does the industrial internet enhance firm innovation? Evidence from China’s pilot reform," Finance Research Letters, Elsevier, vol. 88(C).
    53. Itay P. Fainmesser & Andrea Galeotti & Ruslan Momot, 2023. "Digital Privacy," Management Science, INFORMS, vol. 69(6), pages 3157-3173, June.
    54. Hui Yang & Xiangda Xu, 2024. "Coupling and Coordination Analysis of Digital Economy and Green Agricultural Development: Evidence from Major Grain Producing Areas in China," Sustainability, MDPI, vol. 16(11), pages 1-29, May.
    55. Zhao, Haoran & Guo, Sen, 2023. "Analysis of the non-linear impact of digital economy development on energy intensity: Empirical research based on the PSTR model," Energy, Elsevier, vol. 282(C).
    56. Olivier Armantier & Sebastian Doerr & Jon Frost & Andreas Fuster & Kelly Shue, 2024. "Nothing to hide? Gender and age differences in the willingness to share data," BIS Working Papers 1187, Bank for International Settlements.
    57. Lu, Danning & Hui, Eddie Chi Man & Shen, Jianfu & Shi, Jianxun, 2024. "Digital industry agglomeration and urban innovation: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 1998-2025.
    58. Ichihashi, Shota, 2022. "Comments on Cong, Wei, Xie, and Zhang (2021) “Endogenous Growth with Multiple Uses of Data”," Journal of Economic Dynamics and Control, Elsevier, vol. 141(C).
    59. Mbanyele, William & Muchenje, Linda Tinofirei, 2025. "Towards a greener future: The role of blockchain legislation in promoting corporate green innovation," International Review of Economics & Finance, Elsevier, vol. 103(C).
    60. Zhang, Wenkang & Wu, Jing, 2025. "Endogenous growth and data heterogeneity in data economics," Finance Research Letters, Elsevier, vol. 78(C).
    61. Puri, Indira & Veldkamp, Laura, 2026. "Artificial intelligence and cognitive inequality," Journal of Monetary Economics, Elsevier, vol. 157(C).
    62. Liu, Rui & Zheng, Linhao & Chen, Zheang & Cheng, Mengyao & Ren, Yuzhuo, 2024. "Digitalization through supply chains: Evidence from the customer concentration of Chinese listed companies," Economic Modelling, Elsevier, vol. 134(C).

  27. Lin William Cong & Charles M. C. Lee & Yuanyu Qu & Tao Shen, 2021. "Financing Entrepreneurship and Innovation in China," Papers 2108.10982, arXiv.org.

    Cited by:

    1. Kettunen, Jukka & Martikainen, Minna & Voulgaris, Georgios, 2021. "Employment policies in private loss firms: Return to profitability and the role of family CEOs," Journal of Business Research, Elsevier, vol. 135(C), pages 373-390.
    2. Xia, Yanchun & Liu, Yu & Guo, Shijun & Xia, Yufeng, 2024. "IPO suspensions and labor employment decisions: Evidence from China," Research in International Business and Finance, Elsevier, vol. 70(PB).
    3. Ailing Liu & Xiaojun Ma & Meimei Zhou & Lichen Zeng & Jijian Lu, 2023. "Performance Model of Youth Entrepreneurship Platform in the Context of Common Wealth Returning to Hometown," Sustainability, MDPI, vol. 15(19), pages 1-18, October.
    4. Fan, Jianyong & Liu, Yu & Zhang, Qi & Zhao, Peng, 2022. "Does government debt impede firm innovation? Evidence from the rise of LGFVs in China," Journal of Banking & Finance, Elsevier, vol. 138(C).
    5. World Bank, 2020. "Indonesia Economic Prospects, July 2020," World Bank Publications - Reports 34123, The World Bank Group.
    6. Charles M C Lee & Yuanyu Qu & Tao Shen, 2023. "Gate Fees: The Pervasive Effect of IPO Restrictions on Chinese Equity Markets," Review of Finance, European Finance Association, vol. 27(3), pages 809-849.
    7. Sascha Henninger & Martin Schneider & Arne Leitte, 2021. "Smart Sirens—Civil Protection in Rural Areas," Sustainability, MDPI, vol. 14(1), pages 1-10, December.
    8. Tue Minh Nguyen Le, 2024. "Factors of Demographic and Sustainable Entrepreneurial Intentions: A Case Study of University Students in Can Tho, Viet Nam ," GATR Journals gjbssr650, Global Academy of Training and Research (GATR) Enterprise.
    9. Costa, Evaldo & Rodrigues Teixeira, Ana Carolina & Silva Costa, Suellen Caroline & Consoni, Flavia L., 2022. "Influence of public policies on the diffusion of wind and solar PV sources in Brazil and the possible effects of COVID-19," Renewable and Sustainable Energy Reviews, Elsevier, vol. 162(C).
    10. Kotsopoulos, Dimosthenis & Karagianaki, Angeliki & Baloutsos, Stratos, 2022. "The effect of human capital, innovation capacity, and Covid-19 crisis on Knowledge-Intensive Enterprises’ growth within a VC-driven innovation ecosystem," Journal of Business Research, Elsevier, vol. 139(C), pages 1177-1191.
    11. Ge, Guoqing & Xue, Jian & Zhang, Qian, 2025. "Syndicate partner composition of governmental venture capital firms: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).

  28. Lin William Cong & Wenshi Wei & Danxia Xie & Longtian Zhang, 2021. "Endogenous Growth Under Multiple Uses of Data," Papers 2109.10027, arXiv.org.

    Cited by:

    1. Teemu Pekkarinen, 2026. "Data processing growth model," Economics Bulletin, AccessEcon, vol. 46(1), pages 334-341.
    2. Wang, Xinpeng & Zhang, Yingying, 2025. "The impact of digital infrastructure on urban radical innovation: Evidence from the “Broadband China” Demonstration Policy," International Review of Financial Analysis, Elsevier, vol. 106(C).
    3. Huang, Zhehao & Dong, Hao & Liu, Zhaofei & Albitar, Khaldoon, 2025. "Unleashing the empowered effect of data resource on inclusive green growth: Based on double machine learning," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1270-1290.
    4. Liao, Wenqi & Zhuo, Ling, 2025. "The impact of public data openness on corporate supply chain efficiency: A quasi-natural experiment based on a local government data openness platform," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 1557-1574.
    5. Julia A. Varlamova, Ekaterina I. Kadochnikova, 2024. "Determinants of the Use of Big Data Technologies by Organizations in Russian Regions," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 23(2), pages 422-451.
    6. Orlando Gomes, 2023. "Economic Growth Theory in the Twenty-First Century," Annals of Economics and Finance, Society for AEF, vol. 24(1), pages 39-67, May.
    7. Lionel Ragot & Mathilde Aubouin, 2024. "The Macroeconomics of Free Digital Services," EconomiX Working Papers 2024-20, University of Paris Nanterre, EconomiX.
    8. Chang, Qing & Wu, Mengtao & Zhang, Longtian, 2024. "Endogenous growth and human capital accumulation in a data economy," Structural Change and Economic Dynamics, Elsevier, vol. 69(C), pages 298-312.
    9. Yang, Jun & Yang, Dingjian & Cheng, Jixin, 2024. "The non-rivalry of data, directed technical change and the environment: A theoretical study incorporating data as a production factor," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 417-448.
    10. Wu, Shan & Zou, Mengqi & Jin, Tongen, 2025. "Data element marketization and corporate investment efficiency: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    11. Li, Hao & Wang, Gaowang & Yang, Liyang, 2024. "Data-driven innovation and growth," MPRA Paper 122388, University Library of Munich, Germany.
    12. Hou, Yao & Huang, Jinglei & Xie, Danxia & Zhou, Weidi, 2025. "The limits to growth in the AI-driven economy," China Economic Review, Elsevier, vol. 94(PA).
    13. Ni, Yunsong & Sun, Jiaqi, 2025. "Digital transformation and the development of servitized manufacturing in China: An asset specificity perspective," Finance Research Letters, Elsevier, vol. 85(PB).
    14. Li, Quan & Chen, Huimin & Chen, Yang & Xiao, Tong & Wang, Li, 2023. "Digital economy, financing constraints, and corporate innovation," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    15. Yang, Jun & Yang, Dingjian, 2025. "Data factors and high-quality population development: A theoretical study incorporating data as a production factor," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 1185-1236.
    16. Weiwei Chen & Shunyi Li, 2025. "Data Factor Marketization and Urban Industrial Land Use Efficiency: Evidence from the Establishment of Data Trading Platforms in China," Sustainability, MDPI, vol. 17(6), pages 1-23, March.
    17. Katrin Tinn, 2026. "A Theory Model of Digital Currency with Asymmetric Privacy," Management Science, INFORMS, vol. 72(5), pages 3699-3719, May.
    18. Freeman, Richard B. & Yang, Buyuan & Zhang, Baitao, 2023. "Data deepening and nonbalanced economic growth," Journal of Macroeconomics, Elsevier, vol. 75(C).
    19. Gomes Orlando, 2024. "Economic Growth in the Age of Ubiquitous Threats: How Global Risks are Reshaping Growth Theory," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 18(1), pages 1-15, January.
    20. Hanghang Dong & Xiaoming Li & Yadi Liu & Chan Wang, 2026. "Study on the impact of big data sharing on individuals’ welfare—from the perspective of consumption and privacy," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-11, December.
    21. Liu, Rui & Zheng, Linhao & Chen, Zheang & Cheng, Mengyao & Ren, Yuzhuo, 2024. "Digitalization through supply chains: Evidence from the customer concentration of Chinese listed companies," Economic Modelling, Elsevier, vol. 134(C).

  29. Lin William Cong & Zhiguo He & Jiasun Li, 2019. "Decentralized Mining in Centralized Pools," NBER Working Papers 25592, National Bureau of Economic Research, Inc.

    Cited by:

    1. Augustin, Patrick & Rubtsov, Alexey & Shin, Donghwa, 2022. "The impact of derivatives on spot markets: Evidence from the introduction of bitcoin futures contracts," LawFin Working Paper Series 41, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    2. Jia, Yuecheng & Wu, Yangru & Yan, Shu & Liu, Yuzheng, 2023. "A seesaw effect in the cryptocurrency market: Understanding the return cross predictability of cryptocurrencies," Journal of Empirical Finance, Elsevier, vol. 74(C).
    3. Lee, Geul & Ryu, Doojin, 2025. "Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin," Journal of Behavioral and Experimental Finance, Elsevier, vol. 46(C).
    4. Choi, Hyung-Eun, 2025. "Transition to proof-of-stake and informed trading," Finance Research Letters, Elsevier, vol. 72(C).
    5. Lin William Cong & Xi Li & Ke Tang & Yang Yang, 2023. "Crypto Wash Trading," Management Science, INFORMS, vol. 69(11), pages 6427-6454, November.
    6. Michael Brolley & Marius Zoican, 2019. "Liquid Speed: On-Demand Fast Trading at Distributed Exchanges," Papers 1907.10720, arXiv.org.
    7. Xiang, Lijin & Feng, Chao & Xiao, Zumian & Liu, Jianjian, 2024. "The impact of central bank digital currency on macroeconomic dynamics: A DSGE analysis," Economic Modelling, Elsevier, vol. 141(C).
    8. Shunya Noda & Kyohei Okumura & Yoshinori Hashimoto, 2026. "An Economic Analysis of Difficulty Adjustment Algorithms in Proof‐of‐Work Blockchain Systems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(1), pages 259-285, February.
    9. John M. Griffin & Amin Shams, 2020. "Is Bitcoin Really Untethered?," Journal of Finance, American Finance Association, vol. 75(4), pages 1913-1964, August.
    10. Thaneshwar Bhusal & Keshav Kumar Acharya, 2024. "Five years of local democracy in federal Nepal (2017–2022)," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 11(2), May.
    11. Matteo Benetton & Giovanni Compiani, 2024. "Investors’ Beliefs and Cryptocurrency Prices," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 14(2), pages 197-236.
    12. Zhen Liu & Tzuhui Wu & Fenghong Wang & Mohamed Osmani & Peter Demian, 2022. "Blockchain Enhanced Construction Waste Information Management: A Conceptual Framework," Sustainability, MDPI, vol. 14(19), pages 1-35, September.
    13. Dunbar, Kwamie & Owusu-Amoako, Johnson, 2022. "Cryptocurrency returns under empirical asset pricing," International Review of Financial Analysis, Elsevier, vol. 82(C).
    14. Shao, Enchuan & Rajapaksa, Danusha, 2024. "Miner competition and transaction fees," Journal of Economic Behavior & Organization, Elsevier, vol. 227(C).
    15. Daniele Bianchi & Mykola Babiak, 2021. "A Factor Model for Cryptocurrency Returns," CERGE-EI Working Papers wp710, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    16. Tom Celig & Tim Alvaro Ockenga & Detlef Schoder, 2025. "Distributional equality in Ethereum? On-chain analysis of Ether supply distribution and supply dynamics," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.
    17. Bui, Mai & Pham, Huy & Nguyen Thanh, Binh & Tiwari, Aviral Kumar, 2024. "Revisiting the determinants of cryptocurrency excess return: Does scarcity matter?," International Review of Economics & Finance, Elsevier, vol. 96(PC).
    18. Nicolás Magner & Nicolás Hardy, 2022. "Cryptocurrency Forecasting: More Evidence of the Meese-Rogoff Puzzle," Mathematics, MDPI, vol. 10(13), pages 1-27, July.
    19. Assamoi, Vincent K. & Ekponon, Adelphe & Guo, Zihan, 2025. "Are cryptocurrencies priced in the cross-section? A portfolio approach," Finance Research Letters, Elsevier, vol. 71(C).
    20. Can, Burak & Hougaard, Jens Leth & Pourpouneh, Mohsen, 2021. "On Reward Sharing in Blockchain Mining Pools," Research Memorandum 009, Maastricht University, Graduate School of Business and Economics (GSBE).
    21. Jiahao He & Guangyuan Zhang & Jiheng Zhang & Rachel Q. Zhang, 2023. "Blockchain Operations in the Presence of Security Concerns," Manufacturing & Service Operations Management, INFORMS, vol. 25(3), pages 1117-1135, May.
    22. Zongxi Li & A. Max Reppen & Ronnie Sircar, 2019. "A Mean Field Games Model for Cryptocurrency Mining," Papers 1912.01952, arXiv.org, revised Jan 2022.
    23. Chun-Li Tsai & Mu-Yen Chen & Tsung-Yi Tsai & Jen-Wei Hu & Yi-Wei Lai, 2026. "Using Signal Decomposition Methods and Deep Learning Approaches to Forecast Bitcoin Price," Computational Economics, Springer;Society for Computational Economics, vol. 67(2), pages 1009-1041, February.
    24. August Bruno & Paige Weber & Andrew J. Yates, 2022. "Can Bitcoin Mining Increase Renewable Electricity Capacity?," CESifo Working Paper Series 9973, CESifo.
    25. Michael Sockin & Wei Xiong, 2021. "A Model of Cryptocurrencies," Working Papers 2021-67, Princeton University. Economics Department..
    26. Gryglewicz, Sebastian & Mayer, Simon & Morellec, Erwan, 2021. "Optimal financing with tokens," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1038-1067.
    27. Guo, Li & Härdle, Wolfgang & Tao, Yubo, 2021. "A time-varying network for cryptocurrencies," IRTG 1792 Discussion Papers 2021-016, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    28. Kim, Daehan & Ryu, Doojin & Webb, Robert I., 2023. "Determination of equilibrium transaction fees in the Bitcoin network: A rank-order contest," International Review of Financial Analysis, Elsevier, vol. 86(C).
    29. A. Mantovi, 2021. "Bitcoin selection rule and foundational game theoretic representation of mining competition," Economics Department Working Papers 2021-EP02, Department of Economics, Parma University (Italy).
    30. Pourpourides, Panayiotis, 2023. "Long-Term Nexus of Macroeconomic and Financial Fundamentals with Cryptocurrencies," Cardiff Economics Working Papers E2023/23, Cardiff University, Cardiff Business School, Economics Section.
    31. Makarov, Igor & Schoar, Antoinette, 2020. "Trading and arbitrage in cryptocurrency markets," LSE Research Online Documents on Economics 100409, London School of Economics and Political Science, LSE Library.
    32. Jiri Chod & Nikolaos Trichakis & Gerry Tsoukalas & Henry Aspegren & Mark Weber, 2020. "On the Financing Benefits of Supply Chain Transparency and Blockchain Adoption," Management Science, INFORMS, vol. 66(10), pages 4378-4396, October.
    33. Feng, Wenjun & Zhang, Zhengjun, 2023. "Currency exchange rate predictability: The new power of Bitcoin prices," Journal of International Money and Finance, Elsevier, vol. 132(C).
    34. Aysan, Ahmet Faruk & Caporin, Massimiliano & Cepni, Oguzhan, 2024. "Not all words are equal: Sentiment and jumps in the cryptocurrency market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    35. Yutian Wang & Luyao Zhang, 2026. "Sustainability by Design in Decentralized Autonomous Organizations: An Empirical Review of Governance, Innovation, and Institutional Design," Papers 2606.05667, arXiv.org.
    36. Arash Aloosh & Jiasun Li, 2024. "Direct Evidence of Bitcoin Wash Trading," Management Science, INFORMS, vol. 70(12), pages 8875-8921, December.
    37. Podhorsky, Andrea, 2023. "Taxing bitcoin: Incentivizing the difficulty adjustment mechanism to reduce electricity usage," International Review of Financial Analysis, Elsevier, vol. 86(C).
    38. Jung, Woosung & Park, Haerang, 2024. "Common factors in the returns on cryptocurrencies," Finance Research Letters, Elsevier, vol. 65(C).
    39. Li, Dengjia & Ma, Chaoqun & Li, Hao & Yang, Jinglan, 2024. "The adoption of blockchain and financing constraints: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    40. Hinzen, Franz J. & John, Kose & Saleh, Fahad, 2022. "Bitcoin’s limited adoption problem," Journal of Financial Economics, Elsevier, vol. 144(2), pages 347-369.
    41. Hanna Halaburda & Guillaume Haeringer & Joshua Gans & Neil Gandal, 2021. "The Microeconomics of Cryptocurrencies," CESifo Working Paper Series 8841, CESifo.
    42. Jin, Minyue & Zhang, Xinxin & Yue, Xiaohang & Zuo, Qianzhou & Nie, Jiajia, 2025. "Consensus mechanism selection in Web 3.0 blockchain platforms: Proof of Work vs. Proof of Stake," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 200(C).
    43. Wenpin Tang, 2022. "Stability of shares in the Proof of Stake Protocol -- Concentration and Phase Transitions," Papers 2206.02227, arXiv.org.
    44. Griffin Msefula & Tony Chieh-Tse Hou & Tina Lemesi, 2024. "Financial and market risks of bitcoin adoption as legal tender: evidence from El Salvador," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.
    45. Crépellière, Tommy & Pelster, Matthias & Zeisberger, Stefan, 2023. "Arbitrage in the market for cryptocurrencies," Journal of Financial Markets, Elsevier, vol. 64(C).
    46. Nikhil Malik & Manmohan Aseri & Param Vir Singh & Kannan Srinivasan, 2022. "Why Bitcoin Will Fail to Scale?," Management Science, INFORMS, vol. 68(10), pages 7323-7349, October.
    47. Jens Gudmundsson & Jens Leth Hougaard, 2020. "Enabling reciprocity through blockchain design," IFRO Working Paper 2020/14, University of Copenhagen, Department of Food and Resource Economics, revised 09 Feb 2021.
    48. Soria, Jorge & Moya, Jorge & Mohazab, Amin, 2023. "Optimal mining in proof-of-work blockchain protocols," Finance Research Letters, Elsevier, vol. 53(C).
    49. Yuxuan Lu & Qian Qi & Xi Chen, 2023. "A Framework of Transaction Packaging in High-throughput Blockchains," Papers 2301.10944, arXiv.org.
    50. Ms. Natasha X Che & Alexander Copestake & Davide Furceri & Tammaro Terracciano, 2023. "The Crypto Cycle and US Monetary Policy," IMF Working Papers 2023/163, International Monetary Fund.
    51. Fang, Yang & Chen, Cathy Yi-Hsuan & Jiang, Chunxia, 2025. "A flight-to-safety from Bitcoin to stock markets: Evidence from cyber attacks," International Review of Financial Analysis, Elsevier, vol. 103(C).
    52. Zongxi Li & A. Max Reppen & Ronnie Sircar, 2024. "A Mean Field Games Model for Cryptocurrency Mining," Management Science, INFORMS, vol. 70(4), pages 2188-2208, April.
    53. Roman Kräussl & Alessandro Tugnetti, 2024. "Non‐Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 555-574, April.
    54. José Parra-Moyano & Gregor Reich & Karl Schmedders, 2024. "A Note on the Non-proportionality of Winning Probabilities in Bitcoin," Computational Economics, Springer;Society for Computational Economics, vol. 64(3), pages 1697-1714, September.
    55. Tomas Pečiulis & Nisar Ahmad & Angeliki N. Menegaki & Aqsa Bibi, 2024. "Forecasting of cryptocurrencies: Mapping trends, influential sources, and research themes," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 43(6), pages 1880-1901, September.
    56. Nick Arnosti & S. Matthew Weinberg, 2022. "Bitcoin: A Natural Oligopoly," Management Science, INFORMS, vol. 68(7), pages 4755-4771, July.
    57. Matteo Benetton & Giovanni Compiani, 2020. "Investors’ Beliefs and Asset Prices: A Structural Model of Cryptocurrency Demand," Working Papers 2020-107, Becker Friedman Institute for Research In Economics.
    58. Jonathan Chiu & Thorsten V. Koeppl, 2022. "The economics of cryptocurrency: Bitcoin and beyond," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(4), pages 1762-1798, November.
    59. Xiaotong Sun & Charalampos Stasinakis & Georigios Sermpinis, 2022. "Decentralization illusion in Decentralized Finance: Evidence from tokenized voting in MakerDAO polls," Papers 2203.16612, arXiv.org, revised Mar 2023.
    60. Auer, Raphael & Monnet, Cyril & Shin, Hyun Song, 2025. "Distributed ledgers and the governance of money," Journal of Financial Economics, Elsevier, vol. 167(C).
    61. Charles Bertucci & Louis Bertucci & Jean-Michel Lasry & Pierre-Louis Lions, 2020. "Mean Field Game Approach to Bitcoin Mining," Papers 2004.08167, arXiv.org.
    62. Ferreira, Daniel & Li, Jin & Nikolowa, Radoslawa, 2023. "Corporate capture of blockchain governance," LSE Research Online Documents on Economics 115618, London School of Economics and Political Science, LSE Library.
    63. Hokkanen, Topi, 2023. "Externalities and market failures of cryptocurrencies," BoF Economics Review 4/2023, Bank of Finland.
    64. Mei Luo & Shuangchen Yu, 2024. "Financial reporting for cryptocurrency," Review of Accounting Studies, Springer, vol. 29(2), pages 1707-1740, June.
    65. Nishant Sapra & Imlak Shaikh & Ashutosh Dash, 2023. "Impact of Proof of Work (PoW)-Based Blockchain Applications on the Environment: A Systematic Review and Research Agenda," JRFM, MDPI, vol. 16(4), pages 1-29, March.
    66. Li, Xiao & Wu, Ruoxi & Wang, Chen, 2024. "Impacts of bitcoin on monetary system: Is China's bitcoin ban necessary?," Research in International Business and Finance, Elsevier, vol. 69(C).
    67. Wenpin Tang, 2023. "Trading and wealth evolution in the Proof of Stake protocol," Papers 2308.01803, arXiv.org, revised Aug 2023.
    68. Johnson, William C., 2025. "Valuing cryptocurrencies: A model of price and hashrate," Finance Research Letters, Elsevier, vol. 86(PA).
    69. Li, Zhicheng & Li, Jialong & Zhou, Ke, 2023. "Bitcoin transaction fees and the decentralization of Bitcoin mining pools," Finance Research Letters, Elsevier, vol. 58(PB).
    70. Irresberger, Felix & Yang, Ruomei, 2023. "Coin concentration of Proof-of-Stake blockchains," Economics Letters, Elsevier, vol. 229(C).
    71. Nicola Borri, 2025. "Corporate Finance in the Age of Fintech: Scenarios and Challenges," Papers 2503.18675, arXiv.org.
    72. Fernando E. Alvarez & David Argente & Diana Van Patten, 2022. "Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador," NBER Working Papers 29968, National Bureau of Economic Research, Inc.
    73. Don M. Autore & Nicholas Clarke & Danling Jiang, 2021. "Blockchain speculation or value creation? Evidence from corporate investments," Financial Management, Financial Management Association International, vol. 50(3), pages 727-746, September.
    74. Borri, Nicola & Shakhnov, Kirill, 2023. "Cryptomarket discounts," Journal of International Money and Finance, Elsevier, vol. 139(C).
    75. Soumya Basu & David Easley & Maureen O’Hara & Emin Gün Sirer, 2023. "StableFees: A Predictable Fee Market for Cryptocurrencies," Management Science, INFORMS, vol. 69(11), pages 6508-6524, November.
    76. Agostino Capponi & Sveinn Ólafsson & Humoud Alsabah, 2023. "Proof-of-Work Cryptocurrencies: Does Mining Technology Undermine Decentralization?," Management Science, INFORMS, vol. 69(11), pages 6455-6481, November.
    77. Zhang, Zehua & Zhao, Ran, 2023. "Good volatility, bad volatility, and the cross section of cryptocurrency returns," International Review of Financial Analysis, Elsevier, vol. 89(C).
    78. Vasilios Plakandaras & Elie Bouri & Rangan Gupta, 2019. "Forecasting Bitcoin Returns: Is there a Role for the U.S. – China Trade War?," Working Papers 201980, University of Pretoria, Department of Economics.
    79. Jia, Yuecheng & Simkins, Betty & Yan, Shu & Zhang, Hongyu & Zhao, Jiangyu, 2026. "Psychological anchoring effect and cross section of cryptocurrency returns," Journal of Banking & Finance, Elsevier, vol. 182(C).
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    81. Guo, Li & Sang, Bo & Tu, Jun & Wang, Yu, 2024. "Cross-cryptocurrency return predictability," Journal of Economic Dynamics and Control, Elsevier, vol. 163(C).
    82. Lan, Tian & Frömmel, Michael, 2025. "Risk factors in cryptocurrency pricing," International Review of Financial Analysis, Elsevier, vol. 105(C).
    83. Zhang, Zhiming & Ren, Da & Lan, Yanfei & Yang, Shanxue, 2022. "Price competition and blockchain adoption in retailing markets," European Journal of Operational Research, Elsevier, vol. 300(2), pages 647-660.
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    86. Stefan Scharnowski & Yanghua Shi, 2026. "Bitcoin Blackout: Proof-of-Work and the Risks of Mining Centralization," Working Papers EMS_2026_08, Research Institute, International University of Japan.
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  30. Cong, Lin W. & Li, Ye & Wang, Neng, 2019. "Token-Based Platform Finance," Working Paper Series 2019-28, Ohio State University, Charles A. Dice Center for Research in Financial Economics.

    Cited by:

    1. Lin William Cong & Ke Tang & Yanxin Wang & Xi Zhao, 2023. "Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem," NBER Working Papers 30949, National Bureau of Economic Research, Inc.
    2. Lee, Geul & Ryu, Doojin, 2025. "Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin," Journal of Behavioral and Experimental Finance, Elsevier, vol. 46(C).
    3. Gök, Remzi, 2025. "Spillovers between cryptocurrency, DeFi, carbon, and energy markets: A frequency quantile-on-quantile perspective," The Quarterly Review of Economics and Finance, Elsevier, vol. 100(C).
    4. Hong, Juwon & Song, Eunseong & Choi, Jinwoo & Song, Sangkil & Kim, Hakpyeong & Kang, Hyuna & Hong, Taehoon, 2026. "Integrating blockchain with virtual power plants: Two-level future roadmaps for enhanced performance," Technology in Society, Elsevier, vol. 84(C).
    5. van Buggenum, Hugo & Gersbach, Hans & Zelzner, Sebastian, 2024. "Contagious stablecoins?," CFS Working Paper Series 717, Center for Financial Studies (CFS).
    6. Zhang, Ying & Gong, Bing & Zhou, Peng, 2024. "Centralized use of decentralized technology: Tokenization of currencies and assets," Structural Change and Economic Dynamics, Elsevier, vol. 71(C), pages 15-25.
    7. Disli, Mustafa & Abd Rabbo, Fatima & Leneeuw, Thibault & Nagayev, Ruslan, 2022. "Cryptocurrency comovements and crypto exchange movement: The relocation of Binance," Finance Research Letters, Elsevier, vol. 48(C).
    8. Van de Vyver, Mark, 2023. "Token economics scoping review: Annotated bibliography," MPRA Paper 118476, University Library of Munich, Germany.
    9. Han, Jungsuk & Wang, Yenan, 2025. "All that glitters: A theory of multiple bubbles with implications for cryptocurrencies," Journal of Monetary Economics, Elsevier, vol. 152(C).
    10. Lennart Ante & Florian Fiedler & Fred Steinmetz & Ingo Fiedler, 2023. "Profiling Turkish Cryptocurrency Owners: Payment Users, Crypto Investors and Crypto Traders," JRFM, MDPI, vol. 16(4), pages 1-13, April.
    11. Jingxing (Rowena) Gan & Gerry Tsoukalas & Serguei Netessine, 2023. "Decentralized Platforms: Governance, Tokenomics, and ICO Design," Management Science, INFORMS, vol. 69(11), pages 6667-6683, November.
    12. Andreas Barth & Valerie Laturnus & Sasan Mansouri & Alexander F. Wagner, 2023. "Conflicted Analysts and Initial Coin Offerings," Management Science, INFORMS, vol. 69(11), pages 6641-6666, November.
    13. Li, Renzhong & Fei, Chen & Fei, Weiyin, 2025. "Impact of government’s support policy on decision-making of platform participants under ESG," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
    14. Andrea Canidio, 2023. "Auctions with Tokens: Monetary Policy as a Mechanism Design Choice," Papers 2301.13794, arXiv.org, revised Jun 2025.
    15. Fink, Alexander A. & Klöckner, Maximilian & Räder, Tobias & Wagner, Stephan M., 2022. "Supply chain management accelerators: Types, objectives, and key design features," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 164(C).
    16. Abadi, Joseph & Brunnermeier, Markus, 2024. "Token-based platform governance," Journal of Financial Economics, Elsevier, vol. 162(C).
    17. Ye Li & Simon Mayer & Simon Mayer, 2021. "Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking," CESifo Working Paper Series 9260, CESifo.
    18. Emiliano S Pagnotta, 2022. "Decentralizing Money: Bitcoin Prices and Blockchain Security," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 866-907.
    19. Arpaci, Ibrahim, 2023. "Predictors of financial sustainability for cryptocurrencies: An empirical study using a hybrid SEM-ANN approach," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    20. Franklin Allen & Meijun Qian, 2025. "Alternative finance in the international business context: a review and future research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(1), pages 43-61, February.
    21. Giulio Cornelli, 2025. "When bricks meet bytes: does tokenisation fill gaps in traditional real estate markets?," BIS Working Papers 1311, Bank for International Settlements.
    22. Jermann, Urban & Xiang, Haotian, 2025. "Tokenomics: Optimal monetary and fee policies," Journal of Monetary Economics, Elsevier, vol. 155(C).
    23. Michael Sockin & Wei Xiong, 2021. "A Model of Cryptocurrencies," Working Papers 2021-67, Princeton University. Economics Department..
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    1. Jonathan Chiu & Thorsten V. Koeppl, 2018. "Blockchain-based Settlement For Asset Trading," Working Paper 1397, Economics Department, Queen's University.
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    6. Lin William Cong & Ke Tang & Yanxin Wang & Xi Zhao, 2023. "Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem," NBER Working Papers 30949, National Bureau of Economic Research, Inc.
    7. Arshad, Ameena & Shahzad, Faisal & Ur Rehman, Ijaz & Sergi, Bruno S., 2023. "A systematic literature review of blockchain technology and environmental sustainability: Status quo and future research," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 1602-1622.
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    Cited by:

    1. Jiang, Yi & Tan, Zelong & Yang, Ge, 2026. "Valuation adjustment mechanisms in venture capital and entrepreneurial firms' performance," China Economic Review, Elsevier, vol. 95(C).
    2. Yan Li & Md. Main Uddin & Ye An, 2020. "Has financial development benefited the performance of publicly traded cultural and creative firms? Evidence from China," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 44(3), pages 351-395, September.
    3. Dushnitsky, Gary & Yu, Lei, 2022. "Why do incumbents fund startups? A study of the antecedents of corporate venture capital in China," Research Policy, Elsevier, vol. 51(3).

  33. Cong, Lin William & Li, Ye & Wang, Neng, 2018. "Tokenomics: Dynamic Adoption and Valuation," Working Paper Series 2018-15, Ohio State University, Charles A. Dice Center for Research in Financial Economics.

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    1. Chhatwani, Malvika & Parija, Arpit Kumar, 2023. "Who invests in cryptocurrency? The role of overconfidence among American investors," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 107(C).
    2. Benedetti, Hugo & Nikbakht, Ehsan, 2021. "Returns and network growth of digital tokens after cross-listings," Journal of Corporate Finance, Elsevier, vol. 66(C).
    3. Lin William Cong & Ke Tang & Yanxin Wang & Xi Zhao, 2023. "Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem," NBER Working Papers 30949, National Bureau of Economic Research, Inc.
    4. Zamora-Pérez, Alejandro, 2026. "Who owns crypto in the euro area? Drivers of crypto adoption, payment use, and its interaction with fiat cash," Working Paper Series 3215, European Central Bank.
    5. Bruno Biais & Christophe Bisière & Matthieu Bouvard & Catherine Casamatta & Albert J. Menkveld, 2020. "Equilibrium Bitcoin Pricing," EconPol Working Paper 48, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    6. Shilin Ou & Yifan Xu & Zhenshan Zhang & Luyao Zhang & Ming-Chun Huang, 2026. "SolarChain: A Physics-Grounded Embodied IoT System for Verifiable Urban Solar Market Design," Papers 2605.23162, arXiv.org, revised Aug 2026.
    7. Pablo D. Azar & Garth Baughman & Francesca Carapella & Jacob Gerszten & Arazi Lubis & JP Perez-Sangimino & David E. Rappoport & Chiara Scotti & Nathan Swem & Alexandros Vardoulakis & Aurite Werman, 2024. "The Financial Stability Implications of Digital Assets," Economic Policy Review, Federal Reserve Bank of New York, vol. 30(2), pages 1-48, November.
    8. Walker, Clive B., 2024. "Going mainstream: Cryptocurrency narratives in newspapers," International Review of Financial Analysis, Elsevier, vol. 94(C).
    9. Lin William Cong & Xi Li & Ke Tang & Yang Yang, 2023. "Crypto Wash Trading," Management Science, INFORMS, vol. 69(11), pages 6427-6454, November.
    10. Schmück, Kilian & Schückes, Magnus & Gutmann, Tobias & Gassmann, Oliver, 2025. "Less trust, more truth: Implications and design choices for business models and platform ecosystems in the age of Web3," Technological Forecasting and Social Change, Elsevier, vol. 211(C).
    11. Chiu, Jonathan & Koeppl, Thorsten V., 2026. "PayTech on BigTech platforms," Journal of Banking & Finance, Elsevier, vol. 182(C).
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    20. Junliang Luo & Xihan Xiong & Zonglun Li & Hong Kang & Xue Liu & William J Knottenbelt & Katrin Tinn, 2026. "SoK of RWA Tokenization: A Systematization of Concepts, Architectures, and Legal Interoperability," Papers 2604.06608, arXiv.org, revised Apr 2026.
    21. Julien Prat & Vincent Danos & Stefania Marcassa, 2019. "Fundamental Pricing of Utility Tokens," Thema Working Papers 2019-11, THEMA (Théorie Economique, Modélisation et Applications), CY Cergy-Paris University, ESSEC and CNRS.
    22. Lingxiu Dong & Yunzhe Qiu & Fasheng Xu, 2023. "Blockchain-Enabled Deep-Tier Supply Chain Finance," Manufacturing & Service Operations Management, INFORMS, vol. 25(6), pages 2021-2037, November.
    23. Anton Miglo, 2021. "STO vs. ICO: A Theory of Token Issues under Moral Hazard and Demand Uncertainty," JRFM, MDPI, vol. 14(6), pages 1-35, May.
    24. Agostino Capponi & 'Alvaro Cartea & Fayc{c}al Drissi, 2026. "The Viability of Blockchain Markets under Discrete Clearing and Paid Priority," Papers 2605.17425, arXiv.org.
    25. Jingxing (Rowena) Gan & Gerry Tsoukalas & Serguei Netessine, 2023. "Decentralized Platforms: Governance, Tokenomics, and ICO Design," Management Science, INFORMS, vol. 69(11), pages 6667-6683, November.
    26. John M. Griffin & Amin Shams, 2020. "Is Bitcoin Really Untethered?," Journal of Finance, American Finance Association, vol. 75(4), pages 1913-1964, August.
    27. Bo Peng & Zhijie Tao, 2025. "Optimal joint initial coin offering and production under regulation," OPSEARCH, Springer;Operational Research Society of India, vol. 62(4), pages 1843-1882, December.
    28. Andreas Barth & Valerie Laturnus & Sasan Mansouri & Alexander F. Wagner, 2023. "Conflicted Analysts and Initial Coin Offerings," Management Science, INFORMS, vol. 69(11), pages 6641-6666, November.
    29. Li, Renzhong & Fei, Chen & Fei, Weiyin, 2025. "Impact of government’s support policy on decision-making of platform participants under ESG," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
    30. Verdier, Marianne, 2024. "Digital payments and bank competition," Journal of Financial Stability, Elsevier, vol. 73(C).
    31. Benedict J. Drasch & Gilbert Fridgen & Tobias Manner-Romberg & Fenja M. Nolting & Sven Radszuwill, 2020. "The token’s secret: the two-faced financial incentive of the token economy," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(3), pages 557-567, September.
    32. Brunnermeier, Markus & Abadi, Joseph, 2018. "Blockchain Economics," CEPR Discussion Papers 13420, Centre for Economic Policy Research.
    33. Abd Rabbo, Fatima & Disli, Mustafa, 2025. "Style investing and return comovement in the cryptocurrency market," Research in International Business and Finance, Elsevier, vol. 77(PB).
    34. Matteo Benetton & Giovanni Compiani, 2024. "Investors’ Beliefs and Cryptocurrency Prices," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 14(2), pages 197-236.
    35. Andrea Canidio, 2023. "Auctions with Tokens: Monetary Policy as a Mechanism Design Choice," Papers 2301.13794, arXiv.org, revised Jun 2025.
    36. Abadi, Joseph & Brunnermeier, Markus, 2024. "Token-based platform governance," Journal of Financial Economics, Elsevier, vol. 162(C).
    37. Jia, Boxiang & Shen, Dehua & Zhang, Wei, 2024. "Bitcoin market reactions to large price swings of international stock markets," International Review of Economics & Finance, Elsevier, vol. 90(C), pages 72-88.
    38. Nakagawa, Kei & Sakemoto, Ryuta, 2022. "Market uncertainty and correlation between Bitcoin and Ether," Finance Research Letters, Elsevier, vol. 50(C).
    39. Jonathan Chiu & Cyril Monnet, 2025. "On the Programmability and Uniformity of Digital Currencies," Staff Working Papers 25-18, Bank of Canada.
    40. Daniele Bianchi & Mykola Babiak, 2021. "A Factor Model for Cryptocurrency Returns," CERGE-EI Working Papers wp710, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    41. Ye Li & Simon Mayer & Simon Mayer, 2021. "Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking," CESifo Working Paper Series 9260, CESifo.
    42. Oksana A. Karpenko & Tatiana K. Blokhina & Lali V. Chebukhanova, 2021. "The Initial Coin Offering (ICO) Process: Regulation and Risks," JRFM, MDPI, vol. 14(12), pages 1-7, December.
    43. Chod, Jiri & Lyandres, Evgeny, 2023. "Product market competition with crypto tokens and smart contracts," Journal of Financial Economics, Elsevier, vol. 149(1), pages 73-91.
    44. Bui, Mai & Pham, Huy & Nguyen Thanh, Binh & Tiwari, Aviral Kumar, 2024. "Revisiting the determinants of cryptocurrency excess return: Does scarcity matter?," International Review of Economics & Finance, Elsevier, vol. 96(PC).
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    182. Dmitri Boreiko & Dimche Risteski, 2021. "Serial and large investors in initial coin offerings," Small Business Economics, Springer, vol. 57(2), pages 1053-1071, August.
    183. Mei Luo & Shuangchen Yu, 2024. "Financial reporting for cryptocurrency," Review of Accounting Studies, Springer, vol. 29(2), pages 1707-1740, June.
    184. David Rozas & Antonio Tenorio-Fornés & Silvia Díaz-Molina & Samer Hassan, 2021. "When Ostrom Meets Blockchain: Exploring the Potentials of Blockchain for Commons Governance," SAGE Open, , vol. 11(1), pages 21582440211, March.
    185. Siddharth M. Bhambhwani, 2026. "Governing Decentralised Finance," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 553-583, January.
    186. Gilles Hilary & Laura Xiaolei Liu, 2021. "Blockchain and Other Distributed Ledger Technologies in Finance," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 243-268, Springer.
    187. Li, Xiao & Wu, Ruoxi & Wang, Chen, 2024. "Impacts of bitcoin on monetary system: Is China's bitcoin ban necessary?," Research in International Business and Finance, Elsevier, vol. 69(C).
    188. Cahill, Daniel & G. Baur, Dirk & (Frank) Liu, Zhangxin & W. Yang, Joey, 2020. "I am a blockchain too: How does the market respond to companies’ interest in blockchain?," Journal of Banking & Finance, Elsevier, vol. 113(C).
    189. Yulin Liu & Luyao Zhang, 2022. "Cryptocurrency Valuation: An Explainable AI Approach," Papers 2201.12893, arXiv.org, revised Jul 2023.
    190. Wüstenfeld, Jan & Geldner, Teo, 2022. "Economic uncertainty and national bitcoin trading activity," The North American Journal of Economics and Finance, Elsevier, vol. 59(C).
    191. Kogana, Shimon & Makarov, Igor & Niessnerc, Marina & Schoar, Antoinette, 2024. "Are cryptos different? Evidence from retail trading," LSE Research Online Documents on Economics 122266, London School of Economics and Political Science, LSE Library.
    192. Kim, Sang Rae, 2025. "What happens when stablecoins are introduced? Evidence from short-term funding market," Finance Research Letters, Elsevier, vol. 86(PG).
    193. Korniotis, George & Bhambhwani, Siddharth & Delikouras, Stefanos, 2019. "Blockchain Characteristics and the Cross-Section of Cryptocurrency Returns," CEPR Discussion Papers 13724, Centre for Economic Policy Research.
    194. Thomas Bourveau & Janja Brendel & Jordan Schoenfeld, 2024. "Decentralized Finance (DeFi) assurance: early evidence," Review of Accounting Studies, Springer, vol. 29(3), pages 2209-2253, September.
    195. Mark A. Chen & Shuting Sophia Hu & Joanna Wang & Qinxi Wu, 2023. "Can Blockchain Technology Help Overcome Contractual Incompleteness? Evidence from State Laws," Management Science, INFORMS, vol. 69(11), pages 6540-6567, November.
    196. Jiri Chod & Nikolaos Trichakis & S. Alex Yang, 2022. "Platform Tokenization: Financing, Governance, and Moral Hazard," Management Science, INFORMS, vol. 68(9), pages 6411-6433, September.
    197. Huang, Guan-Ying & Gau, Yin-Feng & Wu, Zhen-Xing, 2022. "Price discovery in fiat currency and cryptocurrency markets," Finance Research Letters, Elsevier, vol. 47(PA).
    198. Caferra, Rocco & Morone, Andrea & Potì, Valerio, 2022. "Crypto-environment network connectivity and Bitcoin returns distribution tail behaviour," Economics Letters, Elsevier, vol. 218(C).
    199. Bing Han & Haoyang Liu & Pengfei Sui, 2026. "Social Network and Sentiment Contagion: Evidence from the Bitcoin Market," Working Papers 2605, Federal Reserve Bank of Dallas.
    200. Zvonka, Georgii, 2026. "Tokenization: a potential pathway for Bitcoin’s future," Journal of International Money and Finance, Elsevier, vol. 161(C).
    201. Joel Hasbrouck & Thomas J. Rivera & Fahad Saleh, 2026. "An Economic Model of a Decentralized Exchange with Concentrated Liquidity," Management Science, INFORMS, vol. 72(5), pages 3666-3683, May.
    202. Reuter, Marco, 2022. "The value of decentralization using the blockchain," ZEW Discussion Papers 22-056, ZEW - Leibniz Centre for European Economic Research.
    203. Lashkaripour, Mohammadhossein, 2024. "Some stylized facts about bitcoin halving," Finance Research Letters, Elsevier, vol. 69(PB).
    204. Guangye Cao, 2024. "Token vs Equity for Startup Financing," Papers 2402.04662, arXiv.org.
    205. Nicola Borri, 2025. "Corporate Finance in the Age of Fintech: Scenarios and Challenges," Papers 2503.18675, arXiv.org.
    206. Feng, Wenjun & Zhang, Zhengjun, 2023. "Risk-weighted cryptocurrency indices," Finance Research Letters, Elsevier, vol. 51(C).
    207. Canidio, Andrea, 2025. "Auctions with tokens: Monetary policy as a mechanism design choice," Journal of Economic Theory, Elsevier, vol. 230(C).
    208. Saengchote, Kanis, 2023. "Decentralized lending and its users: Insights from compound," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 87(C).
    209. Don M. Autore & Nicholas Clarke & Danling Jiang, 2021. "Blockchain speculation or value creation? Evidence from corporate investments," Financial Management, Financial Management Association International, vol. 50(3), pages 727-746, September.
    210. Robert J. R. Elliott & Andrew Urquhart, 2025. "Bitcoin Research: What Are the New Frontiers?," The Financial Review, Eastern Finance Association, vol. 60(4), pages 1121-1127, November.
    211. Zefeng Chen & Zhengyang Jiang, 2022. "The Liquidity Premium of Digital Payment Vehicle," CESifo Working Paper Series 9933, CESifo.
    212. Yunxia Bai & Bofu Zhang, 2025. "Fundamental analysis of Initial Coin Offerings," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 879-892, January.
    213. Prateek Saxena, 2020. "Comments on “Cellular Structure for a Digital Fiat Currency” — Cellular DFC Design: Technological Perspectives," World Scientific Book Chapters, in: Bernard Yeung (ed.), DIGITAL CURRENCY ECONOMICS AND POLICY, chapter 11, pages 103-109, World Scientific Publishing Co. Pte. Ltd..
    214. Borri, Nicola & Shakhnov, Kirill, 2023. "Cryptomarket discounts," Journal of International Money and Finance, Elsevier, vol. 139(C).
    215. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2021. "Fantastic Beasts: Blockchain Based Banking," JRFM, MDPI, vol. 14(4), pages 1-43, April.
    216. Marcelo A. T. Aragão, 2021. "A Few Things You Wanted to Know about the Economics of CBDCs, but were Afraid to Model: a survey of what we can learn from who has done," Working Papers Series 554, Central Bank of Brazil, Research Department.
    217. Jon A. Garfinkel & Lawrence Hsiao & Danqi Hu, 2025. "Disagreement and returns: The case of cryptocurrencies," Financial Management, Financial Management Association International, vol. 54(3), pages 633-672, September.
    218. Yang ZHANG & Ziang QIU Ziang & Donghyun PARK & Shu TIAN, 2026. "Role of Artificial Intelligence in Finance: Selective Literature Review and Implications for Asia's Financial Stability," Working Papers wp61, South East Asian Central Banks (SEACEN) Research and Training Centre, revised Feb 2026.
    219. David Florysiak, 2024. "Utility tokens, markets in crypto assets regulation (MiCAR), and the costs of being public," Chapters, in: Henrik Cronqvist & Desiree-Jessica Pely (ed.), The Elgar Companion to Decentralized Finance, Digital Assets, and Blockchain Technologies, chapter 6, pages 113-126, Edward Elgar Publishing.
    220. Conlon, Thomas & Corbet, Shaen, 2025. "Memecoin contagion: Irrationality, illicit behaviour, and Cryptocurrency risk," Finance Research Letters, Elsevier, vol. 86(PA).
    221. Şoiman, Florentina & Dumas, Jean-Guillaume & Jimenez-Garces, Sonia, 2023. "What drives DeFi market returns?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    222. Zhang, Zehua & Zhao, Ran, 2023. "Good volatility, bad volatility, and the cross section of cryptocurrency returns," International Review of Financial Analysis, Elsevier, vol. 89(C).
    223. Miglo, Anton, 2020. "ICO vs. Equity Financing Under Imperfect, Complex and Asymmetric Information," MPRA Paper 99598, University Library of Munich, Germany.
    224. Christine Parlour, 2023. "An Introduction to Web3 with Implications for Financial Services," Policy Hub, Federal Reserve Bank of Atlanta, vol. 2023(3), May.
    225. Lin William Cong & Charles M. C. Lee & Yuanyu Qu & Tao Shen, 2021. "Financing Entrepreneurship and Innovation in China," Papers 2108.10982, arXiv.org.
    226. Jonathan Chiu & Seyed Mohammadreza Davoodalhosseini, 2023. "Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design," Management Science, INFORMS, vol. 69(11), pages 6708-6730, November.
    227. Aggelos Kiayias & Philip Lazos & Paolo Penna, 2024. "Single-token vs Two-token Blockchain Tokenomics," Papers 2403.15429, arXiv.org, revised Feb 2025.
    228. Prince Hikouatcha & Guillaume Tchoffo & Vatis Christian Kemezang & Jules Roger Feudjo, 2024. "An insight on non-standard asset pricing: does COVID-19 matter in the crypto-asset market?," SN Business & Economics, Springer, vol. 4(3), pages 1-30, March.
    229. Wolfgang Karl Hardle & Campbell R. Harvey & Raphael C. G. Reule, 2020. "Editorial: Understanding Cryptocurrencies," Papers 2007.14702, arXiv.org.
    230. Florentina c{S}oiman & Guillaume Dumas & Sonia Jimenez-Garces, 2022. "The return of (I)DeFiX," Papers 2204.00251, arXiv.org.
    231. Christian Kreuzer & Christian Sparrer & Gregor Dorfleitner, 2026. "Beyond pure hype: news sentiment and its role in the BTC and ETH futures market," Review of Derivatives Research, Springer, vol. 29(1), pages 1-36, December.
    232. Jongsub Lee & Tao Li & Donghwa Shin, 2022. "The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 11(1), pages 1-46.
    233. Cong, Lin William & Tang, Vicki Wei & Zhang, Tony Qingquan, 2026. "How transparency shapes tax policy effectiveness: Evidence from cryptocurrency markets," Research Policy, Elsevier, vol. 55(1).
    234. Shouyu Yao & Ahmet Sensoy & Duc Khuong Nguyen & Tong Li, 2024. "Investor attention and cryptocurrency market liquidity: a double-edged sword," Annals of Operations Research, Springer, vol. 334(1), pages 815-856, March.
    235. Kensuke Ito, 2024. "Cryptoeconomics and Tokenomics as Economics: A Survey with Opinions," Papers 2407.15715, arXiv.org.
    236. Lan, Tian & Frömmel, Michael, 2025. "Risk factors in cryptocurrency pricing," International Review of Financial Analysis, Elsevier, vol. 105(C).
    237. Bhambhwani, Siddharth M. & Huang, Allen H., 2024. "Auditing decentralized finance," The British Accounting Review, Elsevier, vol. 56(2).
    238. Yukun Liu & Aleh Tsyvinski & Xi Wu, 2022. "Common Risk Factors in Cryptocurrency," Journal of Finance, American Finance Association, vol. 77(2), pages 1133-1177, April.
    239. Liebi, Luca J., 2022. "Is there a value premium in cryptoasset markets?," Economic Modelling, Elsevier, vol. 109(C).
    240. Saggu, Aman & Ante, Lennart & Demir, Ender, 2024. "Anticipatory gains and event-driven losses in blockchain-based fan tokens: Evidence from the FIFA World Cup," Research in International Business and Finance, Elsevier, vol. 70(PA).
    241. Lashkaripour, Mohammadhossein & Hosseini, Seyedmehdi & Basirian, Elnaz & Bouri, Elie, 2025. "The path to sustainable Bitcoin mining: Challenges and barriers," Energy Economics, Elsevier, vol. 147(C).
    242. Benedetti, Hugo & Rodríguez-Garnica, Gabriel, 2025. "Does what happens on-chain stays on-chain? The dynamics of blockchain token transactions and prices," Journal of International Money and Finance, Elsevier, vol. 158(C).
    243. Aggelos Kiayias & Philip Lazos & Jan Christoph Schlegel, 2023. "Would Friedman Burn your Tokens?," Papers 2306.17025, arXiv.org.
    244. Hoje Jo & Haehean Park & Hersh Shefrin, 2020. "Bitcoin and sentiment," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(12), pages 1861-1879, December.
    245. Liu, Yakun & Chen, Yan, 2024. "Skewness risk and the cross-section of cryptocurrency returns," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    246. Li, Yi & Zhang, Wei & Urquhart, Andrew & Wang, Pengfei, 2022. "The role of media coverage in the bubble formation: Evidence from the Bitcoin market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    247. Jermann, Urban J., 2021. "Cryptocurrencies and Cagan’s model of hyperinflation," Journal of Macroeconomics, Elsevier, vol. 69(C).
    248. Nir Chemaya & Lin William Cong & Emma Jorgensen & Dingyue Liu & Luyao Zhang, 2023. "A Dataset of Uniswap daily transaction indices by network," Papers 2312.02660, arXiv.org, revised Sep 2024.
    249. Rüdiger Fahlenbrach & Marc Frattaroli, 2021. "ICO investors," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 35(1), pages 1-59, March.
    250. Alon Benhaim & Brett H. Falk & Gerry Tsoukalas, 2023. "Scaling Blockchains: Can Committee-Based Consensus Help?," Management Science, INFORMS, vol. 69(11), pages 6525-6539, November.
    251. Michael Sockin & Wei Xiong, 2023. "Decentralization through Tokenization," Journal of Finance, American Finance Association, vol. 78(1), pages 247-299, February.
    252. Chen, Bin-xia & Sun, Yan-lin, 2024. "Risk characteristics and connectedness in cryptocurrency markets: New evidence from a non-linear framework," The North American Journal of Economics and Finance, Elsevier, vol. 69(PA).
    253. Liu, Weiyi & Zhao, Xiaojuan & Li, Wenjia & Wang, Ye, 2025. "The effect of the cryptocurrency halving event," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    254. Emilio Barucci & Matteo Brachetta & Daniele Marazzina, 2026. "The Adoption of Central Bank Digital Currency," Management Science, INFORMS, vol. 72(5), pages 3684-3698, May.

  34. Cong, Lin William & Mayer, Simon, "undated". "The Coming Battle of Digital Currencies," Applied Economics and Policy Working Paper Series 320020, Cornell University, Department of Applied Economics and Management.

    Cited by:

    1. Copestake, Alexander & Furceri, Davide & Gonzalez-Dominguez, Pablo, 2023. "Crypto market responses to digital asset policies," Economics Letters, Elsevier, vol. 222(C).
    2. Verdier, Marianne, 2024. "Digital payments and bank competition," Journal of Financial Stability, Elsevier, vol. 73(C).
    3. Chod, Jiri & Lyandres, Evgeny, 2023. "Product market competition with crypto tokens and smart contracts," Journal of Financial Economics, Elsevier, vol. 149(1), pages 73-91.
    4. Mishra, Bineet & Prasad, Eswar, 2024. "A simple model of a central bank digital currency," Journal of Financial Stability, Elsevier, vol. 73(C).
    5. Scharnowski, Stefan, 2022. "Central bank speeches and digital currency competition," Finance Research Letters, Elsevier, vol. 49(C).
    6. Jean Barthélemy & Paul Gardin & Benoit Nguyen, 2023. "Stablecoins and the Financing of the Real Economy," Working papers 908, Banque de France.
    7. Karau, Sören, 2023. "Central bank digital currency competition and the impossible trinity," Finance Research Letters, Elsevier, vol. 54(C).

  35. Cong, Lin William & Yang, Xiaohan & Zhang, Xiaobo, "undated". "SMEs Amidst the Pandemic and Reopening: Digital Edge and Transformation," Applied Economics and Policy Working Paper Series 317045, Cornell University, Department of Applied Economics and Management.

    Cited by:

    1. Mensah, Justice T. & Nsabimana, Aimable & Dzansi, James & Nshunguyinka, Alexandre, 2025. "Energy demand during a pandemic: Evidence from Ghana and Rwanda," Energy Economics, Elsevier, vol. 141(C).
    2. Fu, Jonathan & Mishra, Mrinal, 2022. "Fintech in the time of COVID−19: Technological adoption during crises," Journal of Financial Intermediation, Elsevier, vol. 50(C).

Articles

  1. Lin William Cong & Xiaohan Yang & Xiaobo Zhang, 2024. "Small and Medium Enterprises Amidst the Pandemic and Reopening: Digital Edge and Transformation," Management Science, INFORMS, vol. 70(7), pages 4564-4582, July.
    See citations under working paper version above.
  2. Lin William Cong & Yizhou Xiao, 2024. "Information Cascades and Threshold Implementation: Theory and an Application to Crowdfunding," Journal of Finance, American Finance Association, vol. 79(1), pages 579-629, February.
    See citations under working paper version above.
  3. Lin William Cong & Kay Giesecke & Cami Kuhnen, 2024. "Call for Papers— Management Science Virtual Special Issue on Digital Finance," Management Science, INFORMS, vol. 70(8), pages 1-1, August.

    Cited by:

    1. Tom Celig & Tim Alvaro Ockenga & Detlef Schoder, 2025. "Distributional equality in Ethereum? On-chain analysis of Ether supply distribution and supply dynamics," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.
    2. Siddik, Abu Bakkar & Li, Yong & Du, Anna Min & Migliavacca, Milena, 2025. "Fueling financial development: The crucial role of generative AI financing across nations," Finance Research Letters, Elsevier, vol. 72(C).

  4. Claessens, Stijn & Cong, Lin William & Moshirian, Fariborz & Park, Cyn-Young, 2024. "Opportunities and challenges associated with the development of FinTech and Central Bank Digital Currency," Journal of Financial Stability, Elsevier, vol. 73(C).

    Cited by:

    1. Wu, Jiaqi & Liu, Xin & Zhang, Chenghu, 2024. "Unveiling the influencing mechanism underlying users’ adoption and recommend intentions of central bank digital currency: A behavioral reasoning theory perspective," Journal of Retailing and Consumer Services, Elsevier, vol. 81(C).
    2. Bai, HaiChen & Cong, Lin William & Luo, Mei & Xie, Ping, 2025. "Adoption of central bank digital currencies: Initial evidence from China," Journal of Corporate Finance, Elsevier, vol. 91(C).
    3. Osakwe, Christian Nedu & Ogunmokun, Oluwatobi A. & Elgammal, Islam & Kwarteng, Michael Adu, 2025. "Individuals' attitudes and their adoption intentions of central bank digital currency: Combining theories and analytics for deeper insights," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    4. Grobys, Klaus & Junttila, Juha-Pekka & Kolari, James W., 2025. "A stablecoin that’s actually stable: A portfolio optimization approach," Journal of Financial Stability, Elsevier, vol. 81(C).
    5. Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025. "Consumer attitudes towards a central bank digital currency," Working Paper Series 3035, European Central Bank.
    6. Albina Gaisina & Matthias Finger, 2025. "Central Bank Digital Currencies (CBDCs): a countermeasure to Anti-Money Laundering (AML) challenges posed by cryptocurrencies?," Digital Finance, Springer, vol. 7(2), pages 201-254, June.

  5. Lin William Cong & Xiang Hui & Catherine Tucker & Luofeng Zhou, 2023. "Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence," Management Science, INFORMS, vol. 69(12), pages 7306-7316, December.
    See citations under working paper version above.
  6. Cong, Lin William & George, Nathan Darden & Wang, Guojun, 2023. "RIM-based value premium and factor pricing using value-price divergence," Journal of Banking & Finance, Elsevier, vol. 149(C).
    See citations under working paper version above.
  7. Cong, Lin William & Landsman, Wayne & Maydew, Edward & Rabetti, Daniel, 2023. "Tax-loss harvesting with cryptocurrencies," Journal of Accounting and Economics, Elsevier, vol. 76(2).
    See citations under working paper version above.
  8. Lin William Cong & Xi Li & Ke Tang & Yang Yang, 2023. "Crypto Wash Trading," Management Science, INFORMS, vol. 69(11), pages 6427-6454, November.
    See citations under working paper version above.
  9. Bruno Biais & Agostino Capponi & Lin William Cong & Vishal Gaur & Kay Giesecke, 2023. "Advances in Blockchain and Crypto Economics," Management Science, INFORMS, vol. 69(11), pages 6417-6426, November.

    Cited by:

    1. Zamora-Pérez, Alejandro, 2026. "Who owns crypto in the euro area? Drivers of crypto adoption, payment use, and its interaction with fiat cash," Working Paper Series 3215, European Central Bank.
    2. Cartea, Álvaro & Drissi, Fayçal & Monga, Marcello, 2025. "Decentralised finance and automated market making: Execution and speculation," Journal of Economic Dynamics and Control, Elsevier, vol. 177(C).
    3. Zhu, Jiali & Sun, Shiwei & Li, Peilun & Wang, Yichuan & Mao, Di, 2026. "Gold or gild: Does blockchain attention improve the efficiency of supply chain?," International Journal of Production Economics, Elsevier, vol. 293(C).
    4. Chu, Gang & Dowling, Michael & Li, Xiao, 2026. "Impermanent loss in cryptocurrency," Journal of International Money and Finance, Elsevier, vol. 160(C).
    5. Garud Iyengar & Fahad Saleh & Jay Sethuraman & Wenjun Wang, 2024. "Blockchain Adoption in a Supply Chain with Manufacturer Market Power," Management Science, INFORMS, vol. 70(9), pages 6158-6178, September.
    6. Jin, Minyue & Zhang, Xinxin & Yue, Xiaohang & Zuo, Qianzhou & Nie, Jiajia, 2025. "Consensus mechanism selection in Web 3.0 blockchain platforms: Proof of Work vs. Proof of Stake," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 200(C).
    7. Daehan Kim & Jing (Maggie) Chen & Doojin Ryu & Robert I. Webb, 2025. "Bitcoin as a Legal Tender," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 32(4), pages 1175-1188, December.
    8. Ozili, Peterson K, 2024. "Cryptocurrency regulation in Africa: advantages, motivation, regulatory models, challenges, consequences, and principles vs. rules-based regulation," MPRA Paper 127375, University Library of Munich, Germany.
    9. Iklim Gedik Balay & Nuri Celik, 2026. "Understanding return variation in crypto assets: a functional ANOVA approach," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-9, December.
    10. Katrin Tinn, 2026. "A Theory Model of Digital Currency with Asymmetric Privacy," Management Science, INFORMS, vol. 72(5), pages 3699-3719, May.
    11. Lyu, Xiaoqi & Huo, Baofeng & Tian, Min, 2025. "The effect of blockchain implementation on supply chain disputes," International Journal of Production Economics, Elsevier, vol. 288(C).
    12. Mbanyele, William & Muchenje, Linda Tinofirei, 2025. "Towards a greener future: The role of blockchain legislation in promoting corporate green innovation," International Review of Economics & Finance, Elsevier, vol. 103(C).
    13. Md Imran Khan & Ahmad Raza & Abdulrahman Alomair & Abdulaziz S. Al Naim, 2025. "A scientometric analysis on blockchain and NFTs: trends and development," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-12, December.

  10. Lin William Cong & Yizhou Xiao, 2022. "Persistent Blessings of Luck: Theory and an Application to Venture Capital," The Review of Financial Studies, Society for Financial Studies, vol. 35(3), pages 1183-1221.

    Cited by:

    1. Onur Bayar & Thomas J. Chemmanur & Mark H. Liu, 2026. "How to Motivate Fundamental Innovation: Optimal Interactions Between Entrepreneurs, Venture Capitalists, and the Government," Management Science, INFORMS, vol. 72(3), pages 2284-2306, March.
    2. Francesco Sannino, 2024. "The Equilibrium Size and Value‐Added of Venture Capital," Journal of Finance, American Finance Association, vol. 79(2), pages 1297-1352, April.
    3. Tobias Sturm & Peter M. Bican & Frederik J. Riar & Carsten C. Guderian & Tobias Welz, 2025. "Deal or no deal? Understanding entrepreneurs’ criteria and deal breaker in investor selection processes," Journal of Business Economics, Springer, vol. 95(1), pages 9-36, January.
    4. Chen, Zhuming & Luo, Xue, 2024. "Optimal investment and exit decision of venture capitals with multiple heterogeneous Beliefs," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1138-1153.
    5. Zhuo Chen & Andrea Lu & Xiaoquan Zhu, 2025. "Investor Sentiment and the Pricing of Macro Risks for Hedge Funds," Management Science, INFORMS, vol. 71(2), pages 1623-1645, February.

  11. Cong, Lin William & Wei, Wenshi & Xie, Danxia & Zhang, Longtian, 2022. "Endogenous growth under multiple uses of data," Journal of Economic Dynamics and Control, Elsevier, vol. 141(C).
    See citations under working paper version above.
  12. Cong, Lin William & Li, Ye & Wang, Neng, 2022. "Token-based platform finance," Journal of Financial Economics, Elsevier, vol. 144(3), pages 972-991.
    See citations under working paper version above.
  13. Lin William Cong & Ye Li & Neng Wang, 2021. "Tokenomics: Dynamic Adoption and Valuation [The demand of liquid assets with uncertain lumpy expenditures]," The Review of Financial Studies, Society for Financial Studies, vol. 34(3), pages 1105-1155.
    See citations under working paper version above.
  14. Bruno Biais & Agostino Capponi & Lin William Cong & Vishal Gaur & Kay Giesecke, 2021. "Call for Papers— Management Science Special Issue on Blockchains and Crypto Economics," Management Science, INFORMS, vol. 67(1), pages 6-7, January.

    Cited by:

    1. Bruno Biais & Agostino Capponi & Lin William Cong & Vishal Gaur & Kay Giesecke, 2023. "Advances in Blockchain and Crypto Economics," Management Science, INFORMS, vol. 69(11), pages 6417-6426, November.

  15. Lin William Cong & Zhiguo He & Jiasun Li & Wei Jiang, 2021. "Decentralized Mining in Centralized Pools [Concentrating on the fall of the labor share]," The Review of Financial Studies, Society for Financial Studies, vol. 34(3), pages 1191-1235.
    See citations under working paper version above.
  16. Lin William Cong & Danxia Xie & Longtian Zhang, 2021. "Knowledge Accumulation, Privacy, and Growth in a Data Economy," Management Science, INFORMS, vol. 67(10), pages 6480-6492, October.
    See citations under working paper version above.
  17. Lin William Cong & Sabrina T. Howell, 2021. "Policy Uncertainty and Innovation: Evidence from Initial Public Offering Interventions in China," Management Science, INFORMS, vol. 67(11), pages 7238-7261, November.

    Cited by:

    1. Jiang, Jinglu & Goodarzi, Soheil & Kahai, Surinder & Cameron, Ann-Frances, 2025. "Navigating the technology-tide: Mitigating the impact of technology-related political risks on firm innovativeness through strategic diversification and board technology competency," Journal of Business Research, Elsevier, vol. 194(C).
    2. Liu, Kang & Yang, Fei & Ren, Yi, 2025. "Adapting to the evolving climate policy environment through green technology diversification: An empirical study of Chinese cities," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 1838-1856.
    3. Fu, Hui & Liu, Qianqian & An, Yunbi & Yang, Jun & Xiong, Heng, 2025. "Exit disruption and matching in venture capital markets: Evidence based on IPO suspensions in China," International Review of Economics & Finance, Elsevier, vol. 98(C).
    4. Yin, Hua-Tang & Wen, Jun & Ni, Guo-Hua & Chang, Chun-Ping, 2026. "How do economic sanctions affect corporate innovation? Lessons from China," Technological Forecasting and Social Change, Elsevier, vol. 224(C).
    5. Xuan Tian & Jiajie Xu, 2022. "Do Place-Based Policies Promote Local Innovation and Entrepreneurship? [A model of growth through creative destruction]," Review of Finance, European Finance Association, vol. 26(3), pages 595-635.
    6. Huang, Xiulu & Wang, Xiaoyu & Ge, Pengfei, 2024. "Selective industrial policy and innovation resource misallocation," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 124-146.
    7. Wen, Jun & Duan, Hai-Peng & Chang, Chun-Ping & Zhao, Xin-Xin, 2025. "The impact of country risk on innovation: Global evidence," Economic Systems, Elsevier, vol. 49(2).
    8. Yang, Kexin & Zhang, Qi & Liu, Qiqi & Liu, Jiangfeng & Jiao, Jie, 2024. "Effect mechanism and efficiency evaluation of financial support on technological innovation in the new energy vehicles’ industrial chain," Energy, Elsevier, vol. 293(C).
    9. Xing Shi & Ya Zhang & Yanrui Wu & Huaqing Wu, 2023. "Political Turnover and Firm Innovation in China: The Moderating Role of Innovation and Entrepreneurship Environment," Economics Discussion / Working Papers 23-08, The University of Western Australia, Department of Economics.
    10. Zhonggang Yue & Kai Wang & Maokun Ye, 2024. "The impact of fintech on corporate innovation: mediating role of entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 20(1), pages 231-252, March.
    11. Xiulu Huang & Rui Zhu, 2026. "Selective Industrial Policy and Innovation Efficiency in Chinese Listed Companies," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 34(1), pages 117-136, January.
    12. Xia, Yanchun & Liu, Yu & Guo, Shijun & Xia, Yufeng, 2024. "IPO suspensions and labor employment decisions: Evidence from China," Research in International Business and Finance, Elsevier, vol. 70(PB).
    13. Xiaoli Guo & Sicen Chen & Wei Yu & Chengyi Liu, 2022. "Product market competition and controlling shareholders' tunneling: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3820-3832, December.
    14. Pengfei Han & Chunrui Liu & Xuan Tian, 2026. "Does Trading Spur Specialization? Evidence from Patenting," Management Science, INFORMS, vol. 72(5), pages 4419-4434, May.
    15. Christos Floros & Emilios Galariotis & Konstantinos Gkillas & Efstathios Magerakis & Constantin Zopounidis, 2024. "Time-varying firm cash holding and economic policy uncertainty nexus: a quantile regression approach," Annals of Operations Research, Springer, vol. 341(2), pages 859-895, October.
    16. Junkun Zhao & Zhe Shen & Yong Huang, 2023. "IPO suspension and pricing: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(5), pages 5143-5182, December.
    17. Frank Packer & Mark M. Spiegel, 2024. "Competitive Effects of IPOs: Evidence from Chinese Listing Suspensions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(8), pages 2137-2169, December.
    18. Jiang, Yong & Klein, Tony & Ren, Yi-Shuai & Xiong, Yuan-Kun, 2026. "Green innovation in the face of external uncertainty: Insights from US climate policies," Energy Economics, Elsevier, vol. 153(C).
    19. Thomas J. Chemmanur & Jiekun Huang & Jing Xie & Yuyuan (Anthony) Zhu, 2024. "The Geography of Institutional Investors, Information Sharing among Institutions, and Initial Public Offerings," Working Papers 202409, University of Macau, Faculty of Business Administration.
    20. Fan, Jianyong & Liu, Yu & Zhang, Qi & Zhao, Peng, 2022. "Does government debt impede firm innovation? Evidence from the rise of LGFVs in China," Journal of Banking & Finance, Elsevier, vol. 138(C).
    21. Li, Yaling & Lu, Jin & Wei, Dengxi, 2024. "Rescue one and sacrifice others? Corporate tunneling phenomenon under China's new delisting regulations," Finance Research Letters, Elsevier, vol. 67(PB).
    22. Yanmin Shao & Kunliang Xu, 2025. "Be cautious or win in danger? Firms’ economic policy uncertainty perception and green technology innovation," Asia Pacific Journal of Management, Springer, vol. 42(3), pages 1163-1195, September.
    23. Dai, Bochuan & Ma, George Chao & Shen, Tao, 2025. "Intellectual property rights protection and firm innovation: Evidence from half million firms in China," Journal of Comparative Economics, Elsevier, vol. 53(4), pages 977-1000.
    24. Pengfei Han & Wei Jiang & Danqing Mei, 2024. "Mapping U.S.–China Technology Decoupling: Policies, Innovation, and Firm Performance," Management Science, INFORMS, vol. 70(12), pages 8386-8413, December.
    25. Charles M C Lee & Yuanyu Qu & Tao Shen, 2023. "Gate Fees: The Pervasive Effect of IPO Restrictions on Chinese Equity Markets," Review of Finance, European Finance Association, vol. 27(3), pages 809-849.
    26. Zhang, Ping & Wang, Yiru & Gao, Jieying, 2023. "Going public and innovation: Evidence from the ChiNext stock market," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 586-613.
    27. Ke Rong & D. Daniel Sokol & Di Zhou & Feng Zhu, 2026. "Antitrust Platform Regulation and Entrepreneurship: Evidence from China," Management Science, INFORMS, vol. 72(7), pages 6334-6349, July.
    28. Fei, Yue & Hege, Ulrich & Jia, Xiao, 2026. "IPO Reform and Venture Capital: Evidence from China”," TSE Working Papers 26-1732, Toulouse School of Economics (TSE).
    29. Shi, Xing & Zhang, Ya & Wu, Yanrui & Wu, Huaqing, 2023. "Political turnover and firm innovation in China: The moderating role of innovation and entrepreneurship environment," Journal of Asian Economics, Elsevier, vol. 88(C).
    30. Cheng, Zijian & Li, Tianze & Liu, Zhangxin (Frank), 2025. "Unveiling the veil: Identifying potential shell firms using machine learning approaches," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
    31. Zhang, Yi & Wang, Ting & Liu, Chun, 2024. "Beyond the modern productivity paradox: The effect of robotics technology on firm-level total factor productivity in China," Journal of Asian Economics, Elsevier, vol. 90(C).
    32. Ye, Qiaozhi & Huang, Ronghong & Tan, Kelvin Jui Keng, 2023. "Missing the boat: Regulatory approval delay and investment project outcomes," The British Accounting Review, Elsevier, vol. 55(6).
    33. Qiang Li & Minglai Li & Lin Zhang, 2024. "Revisiting the relationship between ESG, institutional ownership, and corporate innovation: An efficiency perspective," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(6), pages 6504-6525, November.
    34. Zhang, Huili & Huang, Yibo & Xu, Lei & Cui, Xuegang & Hu, Zhonghui, 2025. "University shareholding and corporate innovation: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 101(C).
    35. Li, Yanqiong & Li, Dongning & He, Jie, 2025. "Sino–US trade frictions and corporate investment," Finance Research Letters, Elsevier, vol. 79(C).
    36. Xia, Yanchun & Dong, Junqi & Guo, Shijun, 2025. "Policy uncertainty and cost stickiness: Evidence from IPO suspensions in China," Economic Modelling, Elsevier, vol. 151(C).
    37. Celine (Yue) Fei & Ulrich Hege & Xiao Jia, 2026. "IPO Reform and Venture Capital: Evidence from China," CRC TR 224 Discussion Paper Series crctr224_2025_736, University of Bonn and University of Mannheim, Germany.
    38. Fengxiu Zhou & Chien-Chiang Lee, 2023. "Political uncertainty and innovation of export enterprises: international evidence for developing countries," Economic Change and Restructuring, Springer, vol. 56(6), pages 4371-4400, December.
    39. Jiaxuan Zhang & Hongsheng Zhang & Xuhang Shen & Bo Meng, 2024. "How Does Economic Policy Uncertainty Impact a Country's Position in Global Value Chains?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 32(5), pages 28-52, September.
    40. Zhang, Jinjin & Chen, Huili & Zhang, Pengdong & Jiang, Min, 2022. "Product market competition and the value of corporate cash: An agency theory explanation," International Review of Financial Analysis, Elsevier, vol. 84(C).
    41. Athira, A. & Ramesh, Vishnu K., 2024. "Economic policy uncertainty and tax avoidance: International evidence," Emerging Markets Review, Elsevier, vol. 60(C).
    42. Xijia Huang & Yiting Guo & Yuming Lin & Liping Liu & Kai Yan, 2022. "Green Loans and Green Innovations: Evidence from China’s Equator Principles Banks," Sustainability, MDPI, vol. 14(20), pages 1-20, October.
    43. Fu, Hui & Qi, Huilan & An, Yunbi, 2024. "When do venture capital and startups team up? Matching matters," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).

  18. Azarmsa, Ehsan & Cong, Lin William, 2020. "Persuasion in relationship finance," Journal of Financial Economics, Elsevier, vol. 138(3), pages 818-837.

    Cited by:

    1. Oleg Muratov, 2023. "Entrepreneur–Investor Information Design," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(4), pages 1431-1467, November.
    2. Oleg Muratov, 2020. "Entrepreneur-Investor Information Design," Diskussionsschriften dp2014, Universitaet Bern, Departement Volkswirtschaft.

  19. Cong, Lin William & Lee, Charles M.C. & Qu, Yuanyu & Tao, Shen, 2020. "Financing Entrepreneurship and Innovation in China," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 16(1), pages 1-64, January.
    See citations under working paper version above.
  20. Lin William Cong, 2020. "Timing of Auctions of Real Options," Management Science, INFORMS, vol. 66(9), pages 3956-3976, September.

    Cited by:

    1. Alexander S. Gorbenko & Andrey Malenko, 2024. "Auctions with Endogenous Initiation," Journal of Finance, American Finance Association, vol. 79(2), pages 1353-1403, April.
    2. Chaves, Isaías N. & Ichihashi, Shota, 2024. "Auction timing and market thickness," Games and Economic Behavior, Elsevier, vol. 143(C), pages 161-178.
    3. Bhuyan, Md Nazmul Hasan & García-Feijóo, Luis & Rajkovic, Tijana, 2025. "Real options and CEO social connections: The role of financial flexibility," Journal of Corporate Finance, Elsevier, vol. 91(C).
    4. Brendan Daley & Thomas Geelen & Brett Green, 2024. "Due Diligence," Journal of Finance, American Finance Association, vol. 79(3), pages 2115-2161, June.
    5. Jyh-Bang Jou & Charlene Tan Lee, 2023. "Design of the contingent royalty rate as related to the type of investment," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-25, December.
    6. Xiaopeng Zeng & Erbao Cao, 2025. "Dynamic Mechanism Collapse: A Boundary Characterization," Papers 2511.19781, arXiv.org, revised Jun 2026.
    7. Wong, Tak-Yuen & Wong, Ho-Po Crystal, 2023. "Securities auctions with pre-project information management," International Journal of Industrial Organization, Elsevier, vol. 88(C).
    8. Robert Marquez & Rajdeep Singh, 2024. "Selling Assets: Are Sellers Better Off with Strong Buyers?," Management Science, INFORMS, vol. 70(9), pages 5731-5752, September.

  21. Cong, Lin William & Grenadier, Steven R. & Hu, Yunzhi, 2020. "Dynamic interventions and informational linkages," Journal of Financial Economics, Elsevier, vol. 135(1), pages 1-15.

    Cited by:

    1. Goldstein, Itay & Kopytov, Alexandr & Shen, Lin & Xiang, Haotian, 2024. "Bank heterogeneity and financial stability," Journal of Financial Economics, Elsevier, vol. 162(C).
    2. Bosco, Davide & Colombo, Luca & Femminis, Gianluca, 2025. "Conflict, information and regime-change," European Journal of Political Economy, Elsevier, vol. 89(C).
    3. Li, Fei & Song, Yangbo & Zhao, Mofei, 2023. "Global manipulation by local obfuscation," Journal of Economic Theory, Elsevier, vol. 207(C).
    4. Inostroza, Nicolas A. & Pavan, Alessandro, 2025. "Adversarial coordination and public information design," Theoretical Economics, Econometric Society, vol. 20(2), May.
    5. Zhao Li & Kebin Ma, 2022. "Contagious Bank Runs and Committed Liquidity Support," Management Science, INFORMS, vol. 68(12), pages 9152-9174, December.
    6. Ma, Kebin & Vadasz, Tamas, 2024. "The informational impact of prudential regulations," Journal of Financial Intermediation, Elsevier, vol. 59(C).
    7. Guo, Qi & Huang, Shao'an & Wang, Gaowang, 2024. "Stabilizing the Financial Markets through Communication and Informed Trading," MPRA Paper 120072, University Library of Munich, Germany.
    8. Lin Shen & Junyuan Zou, 2024. "Intervention with Screening in Panic‐Based Runs," Journal of Finance, American Finance Association, vol. 79(1), pages 357-412, February.
    9. Hai Lin & Pengfei Liu & Cheng Zhang, 2025. "Information, sentiment, and margin trading of Chinese stock market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(1), pages 81-108, March.
    10. Guo, Qi & Huang, Shao'an & Wang, Gaowang, 2022. "Stabilizing the Financial Markets through Informed Trading," MPRA Paper 115470, University Library of Munich, Germany.
    11. Azarmsa, Ehsan & Cong, Lin William, 2020. "Persuasion in relationship finance," Journal of Financial Economics, Elsevier, vol. 138(3), pages 818-837.

  22. Lin William Cong & Zhiguo He, 2019. "Blockchain Disruption and Smart Contracts," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1754-1797.
    See citations under working paper version above.
  23. Lin William Cong & Haoyu Gao & Jacopo Ponticelli & Xiaoguang Yang, 2019. "Credit Allocation Under Economic Stimulus: Evidence from China," The Review of Financial Studies, Society for Financial Studies, vol. 32(9), pages 3412-3460.

    Cited by:

    1. Si, Deng-Kui & Liu, Guanchun, 2025. "How does capital market liberalization shape corporate shadow banking? Evidence from China," China Economic Review, Elsevier, vol. 93(C).
    2. Li, Donghui & Qi, Xuanchang & Sun, Jian & Yuan, Chun & Zhu, Liyi, 2024. "Sunshine and bank lending," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    3. Ren, Meixu & Zhao, Jingmei & Ke, Konglin & Li, Yidong, 2023. "Bank homogeneity and risk-taking: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 142-154.
    4. Shanshan Wu & C. James Hueng, 2024. "Central-local collaborative environmental governance and firm-level environmental performance: the role of firm ownership," Economics of Governance, Springer, vol. 25(1), pages 57-80, March.
    5. Wu, Xinhong & Wu, Xinmei, 2025. "How does bank digitalization benefit firm borrowing? Evidence from China," Economic Modelling, Elsevier, vol. 153(C).
    6. Su, Chi-Wei & Cai, Xu-Yu & Qin, Meng & Tao, Ran & Umar, Muhammad, 2021. "Can bank credit withstand falling house price in China?," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 257-267.
    7. Haoyu Gao & Fukang Chen & Yiling Ouyang, 2024. "The impacts of political uncertainty on public financing costs: evidence from anti-corruption investigations in China," Public Choice, Springer, vol. 198(1), pages 69-91, January.
    8. Meng Liu & Yikai Luo & Xingkai Luo, 2025. "Shadow banking development and corporate green innovation: evidence from A-share listed manufacturing companies in China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-20, December.
    9. Rajdeep Chakraborti & Sandeep Dahiya & Lei Ge & Pedro Gete, 2022. "Credit Stimulus, Executive Ownership, and Firm Leverage," Management Science, INFORMS, vol. 68(10), pages 7682-7700, October.
    10. Tianchu Feng & Andrea Appolloni & Jiayu Chen, 2024. "How does corporate digital transformation affect carbon productivity? Evidence from Chinese listed companies," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(12), pages 31425-31445, December.
    11. Dai, Yun & Li, Xuchao & Liu, Dinghua & Lu, Jiankun, 2021. "Throwing good money after bad: Zombie lending and the supply chain contagion of firm exit," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 379-402.
    12. Yan, Guan & Trück, Stefan & Liu, Zhidong & Gao, Hongwei, 2025. "Sectoral similarity of banks’ business loans and its negative externality in China," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    13. Héctor Labat Moles, 2026. "Disentangling the “shadow banking” methaphor," BCL working papers 203, Central Bank of Luxembourg.
    14. Chen, Rongjie & Liu, Songrui & Nie, Zhuo & Wang, Ruting, 2026. "Bank deregulation and the rise of local government debt: Evidence from joint-equity bank entry in China," Economic Modelling, Elsevier, vol. 154(C).
    15. Bingtao Zhang & Xiaoli Wan, 2025. "Credit Tightening and Housing Prices: Empirical Research on the Channel of the Housing Supply Side," The Journal of Real Estate Finance and Economics, Springer, vol. 71(4), pages 615-641, November.
    16. Yubin, Wu & Jiachuang, Chen & Zhujun, Sun & Haiyan, Hu, 2025. "How does the fair competition review system promote cross-regional capital flows: An examination based on an "institution-market" dual empowerment framework," Finance Research Letters, Elsevier, vol. 86(PB).
    17. Qu, Xi & Xu, Zhiwei & Yu, Jinxiang & Zhu, Jun, 2023. "Understanding local government debt in China: A regional competition perspective," Regional Science and Urban Economics, Elsevier, vol. 98(C).
    18. Sami Al-Kharusi & Azmat Gani, 2022. "Financial Credit and Expansion of the Non-Hydrocarbon Sector in Gulf Cooperation Council Countries," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 28(3), pages 105-118, November.
    19. Xu, Maobin & Liu, Yi & Wu, Kai, 2025. "The power of title: Unintended consequences of a place-based innovation policy in China," Economic Modelling, Elsevier, vol. 152(C).
    20. Wen, Xi & Li, Wanli & Shen, Zhixuan, 2024. "Local government debt and corporate asset-debt maturity mismatches: Evidence from China," China Economic Review, Elsevier, vol. 88(C).
    21. Min Zhang & Yahong Zhang, 2020. "Monetary Stimulus Policy in China: the Bank Credit Channel," Working Papers 2001, University of Windsor, Department of Economics.
    22. Shi, Yukun & Zhu, Kairan, 2024. "Unraveling the impact of bank loan spread on corporate innovation: Evidence from China," Economic Modelling, Elsevier, vol. 130(C).
    23. Garber, Gabriel & Mian, Atif & Ponticelli, Jacopo & Sufi, Amir, 2024. "Consumption smoothing or consumption binging? The effects of government-led consumer credit expansion in Brazil," Journal of Financial Economics, Elsevier, vol. 156(C).
    24. Shang, Hua & Xing, Yanlin, 2025. "Banking market deregulation and firm innovation: Evidence from foreign bank entry," Journal of Banking & Finance, Elsevier, vol. 176(C).
    25. Liang, Xiao & Chen, Xiaomeng Charlene, 2024. "Mandatory corporate social responsibility disclosure and financial constraints: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 954-974.
    26. Chengdong Wang & Hui Jiao & Yuanyuan Cai & Xianyu Zhu, 2026. "Economic Policy Uncertainty and Digital Finance Development: Evidence From 30 Regions in China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 368-389, January.
    27. Hu, Xun & Xue, Cheng & Zhao, Xiangfang, 2025. "Corporate bond defaults and cross-regional investment: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1514-1533.
    28. Ran, Gao & Zixiang, Zhu & Jianhao, Lin, 2022. "Consumption–investment comovement and the dynamic impact of monetary policy uncertainty in China," Economic Modelling, Elsevier, vol. 113(C).
    29. Franklin Allen & Xian Gu, 2021. "Shadow banking in China compared to other countries," Manchester School, University of Manchester, vol. 89(5), pages 407-419, September.
    30. Lei, Ziqi & Li, Ping & Wang, Yujing, 2025. "The effect of compound heat-drought risk on municipal corporate bonds pricing: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 79(C).
    31. Cheng, Hua & Ding, Siying & Liu, Yongzheng, 2024. "The effectiveness of entry deregulation: Novel evidence from removing minimum capital requirements," Journal of Development Economics, Elsevier, vol. 170(C).
    32. Hu, Yushan & Zhang, Penglong, 2024. "International exposure and the transmission of financial shocks: Evidence from China," Journal of International Money and Finance, Elsevier, vol. 149(C).
    33. Tong, Zefeng & Qi, Yu & Wei, Yongchang & Lin, Jiaying & Zhuang, Jingyi, 2023. "Returning the favor: Official consumption and government–company reciprocity," Journal of Asian Economics, Elsevier, vol. 89(C).
    34. Cheng, Feiyang & Gao, Haoyu & Pan, Xiaofei & Qian, Meijun & Zhou, Qing (Clara), 2025. "China's debt market: Evolution, regulation, and global integration," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    35. Xintao Zhao & Wenxiu Hu & Bingqian Zhao, 2026. "China’s provincial implicit debt: estimation, determinants, and fiscal risk using machine learning and system GMM," Risk Management, Palgrave Macmillan, vol. 28(2), pages 1-49, May.
    36. Kaiji Chen, 2025. "Comment on “Collateral‐Based Monetary Policy: Evidence from China”," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(5), pages 1883-1886, December.
    37. Li, Jie & Guo, Xiaowei & Huang, Bihong & Zhou, Tianhang, 2024. "Political connections and zombie firms: The role of the 2008 stimulus plan in China," Journal of Financial Stability, Elsevier, vol. 72(C).
    38. Braun, Matías & Marcet, Francisco & Raddatz, Claudio, 2024. "The good, the bad, and the not-so-ugly of credit booms?: capital allocation and financial constraints," Journal of Banking & Finance, Elsevier, vol. 161(C).
    39. Huang, Zhangkai & Li, Lixing & Ma, Guangrong & Qian, Jun, 2021. "The reversal of privatization in China: A political economy perspective," Journal of Corporate Finance, Elsevier, vol. 71(C).
    40. Kalimipalli, Madhu & Morohunfolu, Olaleye & Ramachandran, Shankar, 2024. "Do repeated government infusions help financial stability? Evidence from an emerging market," Journal of Financial Stability, Elsevier, vol. 75(C).
    41. Xiaoxu Zhang & Rongxue Jin, 2022. "Has local government debt crowded out enterprise innovation?," PLOS ONE, Public Library of Science, vol. 17(11), pages 1-17, November.
    42. Sumit Agarwa & Yongheng Deng & Quanlin Gu & Jia He & Wenlan Qian & Yuan Ren, 2022. "Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission [Policy intervention in debt renegotiation: evidence from the home affordable modification program]," Review of Finance, European Finance Association, vol. 26(3), pages 487-520.
    43. Feiyan Yang & Jiahui Ren & Junjie Yang & Yuchuan Zhang & Changyuan Xia, 2025. "Does property insurance promote corporate innovation? Evidence from China," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 50(1), pages 34-77, January.
    44. Zhu, Zhiliang & Song, Wuqi, 2026. "Credit information sharing and corporate debt maturity structure: Evidence from a quasi-natural experiment in China," The North American Journal of Economics and Finance, Elsevier, vol. 81(C).
    45. Cao, Ning & McGuinness, Paul B. & Xi, Chao, 2024. "Majority-of-the-minority shareholder votes and investment efficiency," Journal of Corporate Finance, Elsevier, vol. 89(C).
    46. Viral V. Acharya & Jun “QJ” Qian & Yang Su & Zhishu Yang, 2025. "Fiscal Stimulus, Deposit Competition, and the Rise of Shadow Banking: Evidence from China," Management Science, INFORMS, vol. 71(7), pages 5645-5675, July.
    47. Feng Dong & Dongzhou Mei & Haoning Sun, 2025. "A Macroeconomic Model of Structural Monetary Policy in China," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(5), pages 1813-1834, December.
    48. Wu, Ying & Zhang, Yi & Li, Guangzi & Li, Fang, 2022. "Do property rights matter for bank loans? Evidence from China," Finance Research Letters, Elsevier, vol. 48(C).
    49. Flavia Corneli & Fabrizio Ferriani & Andrea Gazzani, 2023. "Macroeconomic news, the financial cycle and the commodity cycle: the Chinese footprint," Questioni di Economia e Finanza (Occasional Papers) 772, Bank of Italy, Economic Research and International Relations Area.
    50. Ma, Qianli & Xu, Lei & Anwar, Sajid & Lu, Zenghua, 2023. "Banking competition and the use of shadow credit: Evidence from lending marketplaces," Global Finance Journal, Elsevier, vol. 58(C).
    51. Paul W. Wilson & Shirong Zhao, 2023. "Investigating the performance of Chinese banks over 2007–2014," Annals of Operations Research, Springer, vol. 321(1), pages 663-692, February.
    52. Li Dai & Yuqi Yang & Yifan Bao & Zongze Li, 2024. "Impact of Local Government Debt on Regional Innovation and Entrepreneurship: Evidence from China," SAGE Open, , vol. 14(4), pages 21582440241, October.
    53. Zhang, Guanglong & Wang, Chuyu, 2025. "Local government debt and corporate cash holdings: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    54. Cheng, Wenyin & Liu, Shenglong & Meng, Bo & Gao, Yuning, 2025. "Impact of countercyclical fiscal policy on total factor productivity in state-owned enterprises: A corporate governance perspective," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1916-1930.
    55. Yao, Shiqi & Song, Limin & Zhang, Junkang, 2026. "Can strengthened financial regulation reduce monopsony power in superstar firms? Evidence from China's asset management reform," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
    56. Kai Wang & Lihong Wang, 2025. "Do non‐controlling blockholders with common ownership monitor controlling shareholders effectively? Evidence from China," International Review of Finance, International Review of Finance Ltd., vol. 25(1), March.
    57. Jianhong Qi & Yong Tan & Mingzhu Zhou, 2025. "Digitalization and Export Quality Customization: Evidence from Chinese Exporters," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 33(4), pages 91-125, July.
    58. Wang, Chenhao & Shi, Yushui & Liu, Yu-Jane, 2023. "Financial advisor's covert discrimination against long-term clients," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    59. Shi, Guifeng & Li, Huijun, 2025. "Government-led resource allocation and firm productivity: Evidence from a quasi-natural experiment," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    60. Haiyun Ma & Deshuai Hou, 2023. "Local Government Debt and Corporate Maturity Mismatch between Investment and Financing: Evidence from China," Sustainability, MDPI, vol. 15(7), pages 1-17, April.
    61. Han, Haozhe & Zhang, Shuo, 2023. "How does people’s liberation army related business closure affect the local economy?," China Economic Review, Elsevier, vol. 77(C).
    62. Xingyu Lu & Tong Qi & Wenjing Xie, 2023. "Earnings Management of Chinese Listed Multinational Corporations," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(6), pages 179-206, November.
    63. Kun Jiang & Susheng Wang, 2024. "Survival tactics for distressed firms in emerging markets," Asia Pacific Journal of Management, Springer, vol. 41(2), pages 823-866, June.
    64. Francesco D'Acunto & Michael Weber & Jin Xie & Michael Weber, 2019. "Punish One, Teach A Hundred: The Sobering Effect of Punishment on the Unpunished," CESifo Working Paper Series 7512, CESifo.
    65. Li, Lin & Xia, Qinqin & Du, Minzhe, 2024. "Regional banks, financing constraints and manufacturing enterprises' total factor productivity: A quasi-natural experiment of China's city commercial banks," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 1652-1669.
    66. Deng, Xiao & He, Shi-Ting & Lin, Xinrui & Tang, Junjie, 2026. "Supply network and firm innovation: Evidence from China," China Economic Review, Elsevier, vol. 95(C).
    67. Li, Bo & Ponticelli, Jacopo, 2022. "Going Bankrupt in China," CEPR Discussion Papers 15007, Centre for Economic Policy Research.
    68. Wei, Xin & Liu, Xi & Zhang, Xueyong, 2022. "Shadow banking and the cross-section of stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
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    206. Tian, Yunlin & Pan, Xiaofei & Pang, Baoqing & Wu, Yiping, 2023. "Political career concerns and bank lending in China," Emerging Markets Review, Elsevier, vol. 54(C).
    207. Wang, Yanyan & Li, Chuntao, 2025. "In person interaction to build trust: Evidence from supply chain financing," Research in International Business and Finance, Elsevier, vol. 80(C).
    208. Xie, Hongji & Tian, Cunzhi & Wu, Yuanlin, 2024. "Quid pro quo? Local government debt and corporate tax avoidance," The British Accounting Review, Elsevier, vol. 56(5).
    209. Xuan Tian & Guoqian Tu & Yichu Wang, 2024. "The Real Effects of Shadow Banking: Evidence from China," Management Science, INFORMS, vol. 70(12), pages 8556-8582, December.
    210. Lu, Chuang & Zhao, Tingyu & Niu, Yuhao, 2025. "The unintended cost of financial regulation in China: The impact of the new regulation on asset management on private firms' credit spreads," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    211. Li, Donghui & Sun, Jian & Xu, Rui & Yuan, Chun & Zhu, Liyi, 2026. "Air pollution and bank loan pricing," Journal of Banking & Finance, Elsevier, vol. 185(C).
    212. Xu Feng & Xiaowen An & Yahui An & Yajun Xiao, 2024. "Shadow Funding and Economic Growth: Evidence from China," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 589-611, March.
    213. Bariko Delphin & Olawumi Dele Awolusi, 2023. "Credit Accessibility and Growth of Small and Medium Enterprises in Bujumbura, Burundi," Journal of Economics and Behavioral Studies, AMH International, vol. 15(4), pages 13-36.
    214. Zhang, Xiaoqian & Wang, Zhiwei, 2020. "Marketization vs. market chase: Insights from implicit government guarantees," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 435-455.
    215. Liu, Duan & Wang, Chen & Zhang, Hui & Yao, Shujie & Li, Zixin, 2023. "Financial market imperfections and sensitivity of cash holdings to R&D investment: Evidence from chinese listed firms," Research in International Business and Finance, Elsevier, vol. 66(C).
    216. Takatoshi Sasaki & Tomoya Sakata & Yui Mukoyama & Koichi Yoshino, 2021. "China's Long-Term Growth Potential: Can Productivity Convergence Be Sustained?," Bank of Japan Working Paper Series 21-E-7, Bank of Japan.
    217. Yang, Junhong & Guariglia, Alessandra & Peng, Yuchao & Shi, Yukun, 2022. "Inventory investment and the choice of financing: Does financial development play a role?," Journal of Corporate Finance, Elsevier, vol. 74(C).
    218. Phuong Mai Le, Vo & Matthews, Kent & Meenagh, David & Minford, Patrick & Xiao, Zhiguo, 2022. "Regulatory arbitrage, shadow banking and monetary policy in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    219. Min, Feng & Wen, Fenghua & Wang, Xiong, 2022. "Measuring the effects of monetary and fiscal policy shocks on domestic investment in China," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 395-412.

Chapters

  1. Lin William Cong & Yizhou Xiao, 2021. "Categories and Functions of Crypto-Tokens," Springer Books, in: Maurizio Pompella & Roman Matousek (ed.), The Palgrave Handbook of FinTech and Blockchain, edition 1, chapter 0, pages 267-284, Springer.

    Cited by:

    1. Franklin Allen & Xian Gu & Julapa Jagtiani, 2022. "Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China”," Working Papers 22-12, Federal Reserve Bank of Philadelphia.
    2. Chod, Jiri & Lyandres, Evgeny, 2023. "Product market competition with crypto tokens and smart contracts," Journal of Financial Economics, Elsevier, vol. 149(1), pages 73-91.
    3. Cong, Lin William & Mayer, Simon, "undated". "The Coming Battle of Digital Currencies," Applied Economics and Policy Working Paper Series 320020, Cornell University, Department of Applied Economics and Management.
    4. Zhao, Yuan & Liu, Nan & Li, Wanpeng, 2022. "Industry herding in crypto assets," International Review of Financial Analysis, Elsevier, vol. 84(C).
    5. Kirill Shakhnov & Luana Zaccaria, 2022. "(R)evolution in Entrepreneurial Finance? The Relationship between Cryptocurrency and Venture Capital Markets," EIEF Working Papers Series 2202, Einaudi Institute for Economics and Finance (EIEF), revised Jan 2022.
    6. Cong, Lin William & Landsman, Wayne & Maydew, Edward & Rabetti, Daniel, 2023. "Tax-loss harvesting with cryptocurrencies," Journal of Accounting and Economics, Elsevier, vol. 76(2).
    7. Yulin Liu & Luyao Zhang, 2022. "Cryptocurrency Valuation: An Explainable AI Approach," Papers 2201.12893, arXiv.org, revised Jul 2023.
    8. Castillo León, Jaime & Lehar, Alfred, 2026. "What data have told us about decentralized finance," Journal of Corporate Finance, Elsevier, vol. 96(C).

  2. Lin William Cong & Beibei Li & Qingquan Tony Zhang, 2021. "Alternative Data in FinTech and Business Intelligence," Springer Books, in: Maurizio Pompella & Roman Matousek (ed.), The Palgrave Handbook of FinTech and Blockchain, edition 1, chapter 0, pages 217-242, Springer.

    Cited by:

    1. Huarng, Kun-Huang & Yu, Tiffany Hui-Kuang, 2022. "Causal complexity analysis for fintech adoption at the country level," Journal of Business Research, Elsevier, vol. 153(C), pages 228-234.
    2. Chang, Qing & Wu, Mengtao & Zhang, Longtian, 2024. "Endogenous growth and human capital accumulation in a data economy," Structural Change and Economic Dynamics, Elsevier, vol. 69(C), pages 298-312.
    3. Cong, Lin William & Wei, Wenshi & Xie, Danxia & Zhang, Longtian, 2022. "Endogenous growth under multiple uses of data," Journal of Economic Dynamics and Control, Elsevier, vol. 141(C).
    4. Tigges, Maximilian & Mestwerdt, Sönke & Tschirner, Sebastian & Mauer, René, 2024. "Who gets the money? A qualitative analysis of fintech lending and credit scoring through the adoption of AI and alternative data," Technological Forecasting and Social Change, Elsevier, vol. 205(C).
    5. Aleksander Sapiński, 2022. "The Role of Marketing in Creating and Sustaining Poland's National Brand," Marketing and Branding Research, EUROKD, vol. 9, pages 42-52.

  3. Long Chen & Lin William Cong & Yizhou Xiao, 2020. "A Brief Introduction to Blockchain Economics," World Scientific Book Chapters, in: Kashi R Balachandran (ed.), Information for Efficient Decision Making Big Data, Blockchain and Relevance, chapter 1, pages 1-40, World Scientific Publishing Co. Pte. Ltd..

    Cited by:

    1. Cong, Lin William & Li, Ye & Wang, Neng, 2022. "Token-based platform finance," Journal of Financial Economics, Elsevier, vol. 144(3), pages 972-991.
    2. Thanh Ha, Le & Bouteska, Ahmed & Harasheh, Murad, 2024. "Dynamic connectedness between FinTech and energy markets: Evidence from fat tails, serial dependence, and Bayesian approach," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 574-586.
    3. Lin William Cong & Yizhou Xiao, 2021. "Categories and Functions of Crypto-Tokens," Springer Books, in: Maurizio Pompella & Roman Matousek (ed.), The Palgrave Handbook of FinTech and Blockchain, edition 1, chapter 0, pages 267-284, Springer.

  4. Lin William Cong & Tengyuan Liang & Baozhong Yang & Xiao Zhang, 2020. "Analyzing Textual Information at Scale," World Scientific Book Chapters, in: Kashi R Balachandran (ed.), Information for Efficient Decision Making Big Data, Blockchain and Relevance, chapter 10, pages 239-271, World Scientific Publishing Co. Pte. Ltd..

    Cited by:

    1. Cao, Sean & Jiang, Wei & Wang, Junbo & Yang, Baozhong, 2024. "From Man vs. Machine to Man + Machine: The art and AI of stock analyses," Journal of Financial Economics, Elsevier, vol. 160(C).

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