Corporate Capture of Blockchain Governance
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Daniel Ferreira & Jin Li & Radoslawa Nikolowa, 2019. "Corporate Capture of Blockchain Governance," Working Papers 880, Queen Mary University of London, School of Economics and Finance.
References listed on IDEAS
- Joseph Farrell & Michael L. Katz, 2000.
"Innovation, Rent Extraction, and Integration in Systems Markets,"
Journal of Industrial Economics, Wiley Blackwell, vol. 48(4), pages 413-432, December.
- Farrell, Joseph & Katz, Michael, 2000. "Innovation, Rent Extraction, and Integration in Systems Markets," Department of Economics, Working Paper Series qt15k4v7xb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Joseph Farrell & Michael L. Katz, 2003. "Innovation, Rent Extraction, and Integration in Systems Markets," Development and Comp Systems 0303005, University Library of Munich, Germany.
- Joseph Farrell and Michael L. Katz., 2000. "Innovation, Rent Extraction, and Integration in Systems Markets," Economics Working Papers E00-286, University of California at Berkeley.
- Joseph Farrell & Michael L. Katz, 2001. "Innovation, Rent Extraction, and Integration in Systems Markets," Industrial Organization 0012001, University Library of Munich, Germany.
- Farrell, Joseph & Katz, Michael, 2000. "Innovation, Rent Extraction, and Integration in Systems Markets," Competition Policy Center, Working Paper Series qt1441h2tj, Competition Policy Center, Institute for Business and Economic Research, UC Berkeley.
- Shleifer, Andrei & Vishny, Robert W, 1986.
"Large Shareholders and Corporate Control,"
Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
- Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
- Bruno Biais & Christophe Bisière & Matthieu Bouvard & Catherine Casamatta, 2019.
"The Blockchain Folk Theorem,"
The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1662-1715.
- Biais, Bruno & Bisière, Christophe & Bouvard, Matthieu & Casamatta, Catherine, 2017. "The blockchain folk theorem," TSE Working Papers 17-817, Toulouse School of Economics (TSE), revised Jan 2018.
- Bruno Biais & Christophe Bisière & Matthieu, Bouvard & Catherine Casamatta, 2019. "The blockchain folk theorem," Post-Print hal-02281914, HAL.
- Bruno Biais & Christophe Bisiere & Matthieu Bouvard & Catherine Casamatta, 2017. "The Blockchain Folk Theorem," Swiss Finance Institute Research Paper Series 17-75, Swiss Finance Institute.
- Biais, Bruno & Bisière, Christophe & Bouvard, Matthieu & Casamatta, Catherine, 2017. "The blockchain folk theorem," IDEI Working Papers 873, Institut d'Économie Industrielle (IDEI), Toulouse, revised Nov 2017.
- Joseph E. Stiglitz, 1987. "Technological Change, Sunk Costs, and Competition," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(3, Specia), pages 883-947.
- Alex Edmans, 2014.
"Blockholders and Corporate Governance,"
Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 23-50, December.
- Edmans, Alex, 2013. "Blockholders and Corporate Governance," CEPR Discussion Papers 9708, C.E.P.R. Discussion Papers.
- Alex Edmans, 2013. "Blockholders and Corporate Governance," NBER Working Papers 19573, National Bureau of Economic Research, Inc.
- Huberman, Gur & Leshno, Jacob & Moallemi, Ciamac C., 2017. "Monopoly Without a Monopolist: An Economic Analysis of the Bitcoin Payment System," CEPR Discussion Papers 12322, C.E.P.R. Discussion Papers.
- Whinston, Michael D, 1990.
"Tying, Foreclosure, and Exclusion,"
American Economic Review, American Economic Association, vol. 80(4), pages 837-859, September.
- Michael D. Whinston, 1989. "Tying, Foreclosure, and Exclusion," NBER Working Papers 2995, National Bureau of Economic Research, Inc.
- Carbajo, Jose & de Meza, David & Seidmann, Daniel J, 1990. "A Strategic Motivation for Commodity Bundling," Journal of Industrial Economics, Wiley Blackwell, vol. 38(3), pages 283-298, March.
- Thomas H. Noe, 2002.
"Investor Activism and Financial Market Structure,"
The Review of Financial Studies, Society for Financial Studies, vol. 15(1), pages 289-318, March.
- Thomas H. Noe, 2001. "Investor Activism and Financial Market Structure," CeRP Working Papers 14, Center for Research on Pensions and Welfare Policies, Turin (Italy).
- Mike Burkart & Denis Gromb & Fausto Panunzi, 2000.
"Agency Conflicts in Public and Negotiated Transfers of Corporate Control,"
Journal of Finance, American Finance Association, vol. 55(2), pages 647-677, April.
- Burkart, Mike & Gromb, Denis & Panunzi, Fausto, 2000. "Agency conflicts in public and negotiated transfers of corporate control," LSE Research Online Documents on Economics 69551, London School of Economics and Political Science, LSE Library.
- Winton, Andrew, 1993. "Limitation of Liability and the Ownership Structure of the Firm," Journal of Finance, American Finance Association, vol. 48(2), pages 487-512, June.
- Becker, Gary S., 1985.
"Public policies, pressure groups, and dead weight costs,"
Journal of Public Economics, Elsevier, vol. 28(3), pages 329-347, December.
- Becker, Gary S., 1984. "Public Policies, Pressure Groups, and Dead Weight Costs," Working Papers 35, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
- Annabelle Gawer & Rebecca Henderson, 2007.
"Platform Owner Entry and Innovation in Complementary Markets: Evidence from Intel,"
Journal of Economics & Management Strategy, Wiley Blackwell, vol. 16(1), pages 1-34, March.
- Annabelle Gawer & Rebecca Henderson, 2005. "Platform Owner Entry and Innovation in Complementary Markets: Evidence from Intel," NBER Working Papers 11852, National Bureau of Economic Research, Inc.
- repec:zbw:bofrdp:2017_027 is not listed on IDEAS
- June Ma & Joshua S. Gans & Rabee Tourky, 2018. "Market Structure in Bitcoin Mining," NBER Working Papers 24242, National Bureau of Economic Research, Inc.
- Eric Budish, 2018. "The Economic Limits of Bitcoin and the Blockchain," NBER Working Papers 24717, National Bureau of Economic Research, Inc.
- 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.
- Lin William Cong & Zhiguo He, 2018. "Blockchain Disruption and Smart Contracts," NBER Working Papers 24399, National Bureau of Economic Research, Inc.
- Farrell, Joseph & Katz, Michael L, 2000.
"Innovation, Rent Extraction, and Integration in Systems Markets,"
Journal of Industrial Economics,
Wiley Blackwell, vol. 48(4), pages 413-432, December.
- Farrell, Joseph & Katz, Michael, 2000. "Innovation, Rent Extraction, and Integration in Systems Markets," Department of Economics, Working Paper Series qt15k4v7xb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Joseph Farrell and Michael L. Katz., 2000. "Innovation, Rent Extraction, and Integration in Systems Markets," Economics Working Papers E00-286, University of California at Berkeley.
- Farrell, Joseph & Katz, Michael, 2000. "Innovation, Rent Extraction, and Integration in Systems Markets," Competition Policy Center, Working Paper Series qt1441h2tj, Competition Policy Center, Institute for Business and Economic Research, UC Berkeley.
- Joseph Farrell & Michael L. Katz, 2003. "Innovation, Rent Extraction, and Integration in Systems Markets," Development and Comp Systems 0303005, University Library of Munich, Germany.
- Joseph Farrell & Michael L. Katz, 2001. "Innovation, Rent Extraction, and Integration in Systems Markets," Industrial Organization 0012001, University Library of Munich, Germany.
- Alex Edmans & Gustavo Manso, 2011. "Governance Through Trading and Intervention: A Theory of Multiple Blockholders," The Review of Financial Studies, Society for Financial Studies, vol. 24(7), pages 2395-2428.
- Mike Burkart & Denis Gromb & Fausto Panunzi, 1997. "Large Shareholders, Monitoring, and the Value of the Firm," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(3), pages 693-728.
- David Yermack, 2017. "Corporate Governance and Blockchains," Review of Finance, European Finance Association, vol. 21(1), pages 7-31.
- Ernst Maug, 1998. "Large Shareholders as Monitors: Is There a Trade-Off between Liquidity and Control?," Journal of Finance, American Finance Association, vol. 53(1), pages 65-98, February.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Emmanuel Anyigbah & Yusheng Kong & Bless Kofi Edziah & Ahotovi Thomas Ahoto & Wilhelmina Seyome Ahiaku, 2023. "Board Characteristics and Corporate Sustainability Reporting: Evidence from Chinese Listed Companies," Sustainability, MDPI, vol. 15(4), pages 1-26, February.
- Lambrecht, Marco & Sofianos, Andis & Xu, Yilong, 2021. "Does mining fuel bubbles? An experimental study on cryptocurrency markets," Working Papers 0703, University of Heidelberg, Department of Economics.
- Niu, Baozhuang & Mu, Zihao & Cao, Bin & Gao, Jie, 2021. "Should multinational firms implement blockchain to provide quality verification?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 145(C).
- Thong, Lik Hong, 2019. "A discussion on performance risk of Dunkin's Brand," MPRA Paper 97266, University Library of Munich, Germany, revised 30 Nov 2019.
- John E.H.J. FoEh & Diah Ayu Permatasari & Jhonni Sinaga, 2022. "Corporate Governance in Need of Reforms: What Areas of the System Should Be Reformed First and How?," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 73-81.
- Fahad Asghar & Palwasha Farooq & Muhammad Nadim & Zain ul Abidin & Fazli Wadood, 2023. "Global Financial Crisis: A critical study on Role of Auditor’s and Stakeholder," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(2), pages 452-458.
- Angelo de Sousa Santarlacci & Humberto Angelo & Álvaro Nogueira de Souza & Maria de Fátima de Brito Lima & Maísa Santos Joaquim & Eder Pereira Miguel & Júlia de Oliveira Carneiro, 2024. "Benefit Sharing Governance Framework: Pathways for Financial Benefit Sharing in Traditional Communities," Sustainability, MDPI, vol. 16(7), pages 1-24, March.
- Cong, Lin William & Li, Ye & Wang, Neng, 2022.
"Token-based platform finance,"
Journal of Financial Economics, Elsevier, vol. 144(3), pages 972-991.
- 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.
- Lin William Cong & Ye Li & Neng Wang, 2020. "Token-Based Platform Finance," NBER Working Papers 27810, National Bureau of Economic Research, Inc.
- Igor Makarov & Antoinette Schoar, 2022. "Cryptocurrencies and Decentralised Finance," BIS Working Papers 1061, Bank for International Settlements.
- Archana Saxena & Rajesh Singh & Anita Gehlot & Shaik Vaseem Akram & Bhekisipho Twala & Aman Singh & Elisabeth Caro Montero & Neeraj Priyadarshi, 2022. "Technologies Empowered Environmental, Social, and Governance (ESG): An Industry 4.0 Landscape," Sustainability, MDPI, vol. 15(1), pages 1-17, December.
- Olfa Ben Salah, 2024. "Analyzing the Causal Relationship Between Tax Avoidance and Earnings Management: Evidence from The STOXX Europe 600 Index," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 23(1), pages 29-49, January.
- Agostino Capponi & Sveinn Olafsson & Humoud Alsabah, 2021. "Proof-of-Work Cryptocurrencies: Does Mining Technology Undermine Decentralization?," Papers 2106.09783, arXiv.org.
- Bokolo Anthony Jnr., 2022. "Toward a collaborative governance model for distributed ledger technology adoption in organizations," Environment Systems and Decisions, Springer, vol. 42(2), pages 276-294, June.
- Sonia Yasin & Muhammad Irfan & Muhammad Shaukat Malik & Fasiha Nargis, 2022. "The Relationship between Executive Remuneration and Organizations Efficiency," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(3), pages 59-70, December.
- Dutta, Pankaj & Choi, Tsan-Ming & Somani, Surabhi & Butala, Richa, 2020. "Blockchain technology in supply chain operations: Applications, challenges and research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).
- Dongshu Jiang & ZhiXing Ni & Yuxiu Chen & Xue Chen & Chaohong Na, 2022. "Influence of Financial Shared Services on the Corporate Debt Cost under Digitalization," Sustainability, MDPI, vol. 15(1), pages 1-17, December.
- Quang Linh Huynh & Mohammad Enamul Hoque & Perengki Susanto & Waqas Ahmad Watto & Maryam Ashraf, 2022. "Does Financial Leverage Mediates Corporate Governance and Firm Performance?," Sustainability, MDPI, vol. 14(20), pages 1-20, October.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Edmans, Alex & Holderness, Clifford, 2016. "Blockholders: A Survey of Theory and Evidence," CEPR Discussion Papers 11442, C.E.P.R. Discussion Papers.
- 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.
- Lin William Cong & Zhiguo He & Jiasun Li, 2019. "Decentralized Mining in Centralized Pools," NBER Working Papers 25592, National Bureau of Economic Research, Inc.
- Burkart, Mike & Lee, Samuel, 2018. "Activism and Takeovers," CEPR Discussion Papers 12616, C.E.P.R. Discussion Papers.
- Dasgupta, Amil & Fos, Vyacheslav & Sautner, Zacharias, 2021. "Institutional investors and corporate governance," LSE Research Online Documents on Economics 112114, London School of Economics and Political Science, LSE Library.
- Konijn, Sander J.J. & Kräussl, Roman & Lucas, Andre, 2011.
"Blockholder dispersion and firm value,"
Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1330-1339.
- Sander J.J. Konijn & Roman Kraeussl & Andre Lucas, 2009. "Blockholder Dispersion and Firm Value," Tinbergen Institute Discussion Papers 09-113/2, Tinbergen Institute, revised 03 Jan 2011.
- Konijn, Sander J. J. & Kräussl, Roman & Lucas, André, 2010. "Blockholder dispersion and firm value," CFS Working Paper Series 2010/05, Center for Financial Studies (CFS).
- Stepanov, Sergey & Suvorov, Anton, 2017. "Agency problem and ownership structure: Outside blockholder as a signal," Journal of Economic Behavior & Organization, Elsevier, vol. 133(C), pages 87-107.
- Brunnermeier, Markus & Abadi, Joseph, 2018.
"Blockchain Economics,"
CEPR Discussion Papers
13420, C.E.P.R. Discussion Papers.
- Joseph Abadi & Markus Brunnermeier, 2018. "Blockchain Economics," NBER Working Papers 25407, National Bureau of Economic Research, Inc.
- Joseph Abadi & Markus K. Brunnermeier, 2022. "Blockchain Economics," Working Papers 22-15, Federal Reserve Bank of Philadelphia.
- Joseph Abadi & Markus Brunnermeier, 2019. "Blockchain Economics," Working Papers 2019-12, Princeton University. Economics Department..
- Alon Brav & Amil Dasgupta & Richmond Mathews, 2022. "Wolf Pack Activism," Management Science, INFORMS, vol. 68(8), pages 5557-5568, August.
- Jing Huang & Steven R. Matsunaga & Z. Jay Wang, 2020. "The Role of Pension Business Benefits in Institutional Block Ownership and Corporate Governance," Contemporary Accounting Research, John Wiley & Sons, vol. 37(4), pages 1959-1989, December.
- Luc Laeven & Ross Levine, 2008.
"Complex Ownership Structures and Corporate Valuations,"
The Review of Financial Studies, Society for Financial Studies, vol. 21(2), pages 579-604, April.
- Luc Laeven & Ross Levine, 2006. "Complex Ownership Structures and Corporate Valuations," NBER Working Papers 12675, National Bureau of Economic Research, Inc.
- Mr. Luc Laeven & Mr. Ross Levine, 2007. "Complex Ownership Structures and Corporate Valuations," IMF Working Papers 2007/140, International Monetary Fund.
- Alex Edmans, 2014.
"Blockholders and Corporate Governance,"
Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 23-50, December.
- Edmans, Alex, 2013. "Blockholders and Corporate Governance," CEPR Discussion Papers 9708, C.E.P.R. Discussion Papers.
- Alex Edmans, 2013. "Blockholders and Corporate Governance," NBER Working Papers 19573, National Bureau of Economic Research, Inc.
- Dasgupta, Amil & Brav, Alon & Mathews, Richmond, 2016. "Wolf Pack Activism," CEPR Discussion Papers 11507, C.E.P.R. Discussion Papers.
- Fos, Vyacheslav & Kahn, Charles, 2019. "The Threat of Intervention," CEPR Discussion Papers 13654, C.E.P.R. Discussion Papers.
- Dasgupta, Amil & Piacentino, Giorgia, 2015. "The Wall Street walk when blockholders compete for flows," LSE Research Online Documents on Economics 63144, London School of Economics and Political Science, LSE Library.
- Bloch, Francis & Hege, Ulrich, 2003. "Multiple Shareholders and Control Contests," MPRA Paper 42286, University Library of Munich, Germany.
- Corum, Adrian Aycan, 2021. "Fighting Fire with Fire: Optimality of Value Destruction to Mitigate Short-Termism," OSF Preprints xhwmg, Center for Open Science.
- Alex Edmans & Gustavo Manso, 2011. "Governance Through Trading and Intervention: A Theory of Multiple Blockholders," The Review of Financial Studies, Society for Financial Studies, vol. 24(7), pages 2395-2428.
- Goergen, Marc & Manjon, Miguel C. & Renneboog, Luc, 2008.
"Recent developments in German corporate governance,"
International Review of Law and Economics, Elsevier, vol. 28(3), pages 175-193, September.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Discussion Paper 2004-123, Tilburg University, Center for Economic Research.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Discussion Paper 2004-014, Tilburg University, Tilburg Law and Economic Center.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Other publications TiSEM db2cef31-d47e-445d-ba35-d, Tilburg University, School of Economics and Management.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Other publications TiSEM f1cb70de-0638-4cfc-baf6-b, Tilburg University, School of Economics and Management.
- Oliver Budzinski & Katharina Wacker, 2007.
"The Prohibition Of The Proposed Springer-Prosiebensat.1 Merger: How Much Economics In German Merger Control?,"
Journal of Competition Law and Economics, Oxford University Press, vol. 3(2), pages 281-306.
- Budzinski, Oliver & Wacker, Katharina, 2007. "The prohibition of the proposed Springer-ProSiebenSat.1-Merger: how much economics in German merger control?," IBES Diskussionsbeiträge 160, University of Duisburg-Essen, Institute of Business and Economic Studie (IBES).
- Oilver Budzinski & Katharina Wacker, 2007. "The Prohibition of the Proposed Springer-ProSiebenSat.1-Merger: How much Economics in German Merger Control?," Marburg Working Papers on Economics 200704, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
- Mazur, Mieszko & Salganik-Shoshan, Galla & Walker, Thomas & Wang, Jun, 2018.
"Proximity and litigation: Evidence from the geographic location of institutional investors,"
Journal of Financial Markets, Elsevier, vol. 40(C), pages 60-74.
- Mieszko Mazur & Galla Salganik-Shoshan & Thomas Walker & Jun Wang, 2018. "Proximity and litigation: Evidence from the geographic location of institutional investors," Post-Print hal-02570949, HAL.
More about this item
Keywords
Governance; Blockchain; Industrial ecosystem; Proof-of-work;All these keywords.
JEL classification:
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
- M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
NEP fields
This paper has been announced in the following NEP Reports:- NEP-BEC-2019-02-25 (Business Economics)
- NEP-COM-2019-02-25 (Industrial Competition)
- NEP-ICT-2019-02-25 (Information and Communication Technologies)
- NEP-PAY-2019-02-25 (Payment Systems and Financial Technology)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:13493. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://www.cepr.org .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.