When is record-keeping better arranged through a blockchain than through a traditional centralized intermediary? The … out a blockchain trilemma: no ledger can satisfy all three properties simultaneously. A centralized record-keeper extracts …

We build on economic theory to discuss how blockchain technology can shape innovation and competition in digital …

, these two equations imply that (3) the recurring, “flow”, payments to miners for running the blockchain must be large … versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any … majority attack is a “sabotage” in that it causes a collapse in the economic value of the blockchain; however, reliance on non …

model is sketched in which the neoclassical growth accounting framework is linked to the theoretically messier world of the …

This paper develops a signaling model in which accounting information improves real investment decisions. Pure cash …' interests. Accounting by prespecified, quot;objectivequot; rules alleviates the underinvestment problem …

This paper discusses the issues surrounding the proposals to conform financial accounting income and taxable income …. The two incomes diverged in the late 1990s with financial accounting income becoming increasingly greater than taxable … of earnings management for financial accounting and/or the tax sheltering of corporate income. Our paper outlines the …