We study the equilibrium level of staking in a Proof-of-Stake blockchain when investors have different trading horizons. We find that, contrary to conventional wisdom, staking levels do not always increase in block rewards. Rather, block rewards serve as an inflationary transfer from...

We survey extant literature on the economics of blockchain fundamentals with particular focus on Bitcoin, Proof-of-Work and Proof-of-Stake. We formally clarify Bitcoin’s economic significance in solving the double-spending problem without a centralized entity. We then transition to the...

While Advances continues to publish papers from any area of Finance, the focus of this issue is on corporate governance, broadly defined as the system of controls that helps corporations and other organizations effectively manage, administer, and direct economic resources. Included in the volume...