How do insiders respond to regulatory oversight on transmissions? History suggests that they form more sophisticated networks to circumvent regulation. We develop a theory of the formation and regulation of transmission networks. We show that agents with sufficiently complex networks bypass any...

"Corporate finance is concerned with how to make capital investment decisions (capital budgeting); how to finance company activities, including new investments; and how to make dividend payment decisions. This book will lecture on important topics for corporate finance, which will cover methods,...

How might a modern settlement system with distributed ledger technology achieve zero settlement risk? We consider the design of a settlement system based that satisfies two integral features: information-leakage proof and zero settlement risk. The legacy settlement systems partition market...

Trades in today’s financial system are inherently subject to settlement uncertainty. This paper explores tokenization as a potential technological solution. A token system, by enabling programmability of assets, can be designed to eradicate settlement uncertainty. We study the allocations...

In a market where consumers choose between payment options and firms compete with products and prices, we show that payment data drives the formation of a market monopoly. A data-sharing policy can successfully restore and maintain a competitive market, but often at the expense of both...

Corporate governance has been propelled to the forefront of contemporary business thinking by a string of high profile corporate collapses and dramatic regulatory responses in both the United States and Australia. A particularly extensive body of research has emerged surrounding the relationship...