Using industry-based controversy ratings for 5,700 companies from 44 countries, and a hybrid panel data model which allows us to separate the within-firm and the between-entity effects, our empirical approach examines a broad spectrum of diverse political, cultural, societal and firm-specific...

Tokens, the digital form of assets, are an innovation that has the potential to disrupt how to transfer and own financial instruments. We hand-collected data on 173 real estate tokens in the USA between 2019 and 2021 and trace back 238,433 blockchain transactions. We find that tokens provide...