This note shows that the Italian Mini BOTs proposed in 2019 bore the potential neither to become Italian legal tender nor to practically increase Italian government debt, but to practically cause a mere reduction in taxation and thence in government spending or transfers. Since the Eurozone...

Climate change exists and poses a great threat to all living beings on our planet. Any further delay in global action on mitigation will make it more difficult to secure a liveable and sustainable future for all. In this exploratory study, an inductive approach based on qualitative evidence from...

This paper considers the "DeFi intermediation chain"--the market structure that underlies the creation and distribution of ETH, the native cryptocurrency of Ethereum--to examine how information asymmetry shapes intermediation rents. We argue that using proof-of-stake blockchain technology in...

Does increasing common ownership influence firms' automation strategies? We develop and empirically test a theory indicating that institutional investors' common ownership drives firms that employ workers in the same local labor markets to boost automation-related innovation. First, we present a...

What is the impact of a sudden and sizeable increase in bank capital requirements on the lending activity by directly affected banks and by non-affected non-bank financial institutions (NBFIs)? To answer this question, we apply a difference-in-differences methodology around the capital exercise...

Co-investment, often seen as a remedy for agency problems, may incentivize managers to cater to own preferences. We provide evidence that mutual fund managers with considerable co-investment stakes alter risk-taking decisions to prioritize their own tax interests. By exploiting the enactment of...

Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount...

Our analysis of over 500 Ghanaian firms sheds light, for the first time, on how certain firms managed to extract value from mobile money. Our regressions point to the usefulness of this form of cashless payments in stabilizing sales during the COVID pandemic. Perhaps the most important message...

Does increasing common ownership influence firms’ automation strategies? We develop and empirically test a theory indicating that institutional investors’ common ownership drives firms that employ workers in the same local labor markets to boost automation-related innovation. First, we...