Regulators have suspended IPOs in China on numerous occasions, exposing firms already approved to IPO to indeterminate listing delay. These disruptions curtail firms' timely access to risk capital and increase uncertainty. After firms ultimately list, suspension-induced delay substantially...

Blockchain technology provides decentralized consensus and potentially enlarges the contracting space using smart contracts with tamper-proofness and algorithmic executions. Meanwhile, generating decentralized consensus entails distributing information which necessarily alters the informational...

We build an endogenous growth model with consumer-generated data as a new key factor for knowledge accumulation. Consumers balance between providing data for profit and potential privacy infringement. Intermediate good producers use data to innovate and contribute to the final good production,...

We introduce economic research on blockchains and its recent advances. In particular, we highlight unifying concepts on blockchain as decentralized consensus and its core benefits, (ii) equilibrium characterizations and allegedly irreducible tensions among consensus formation, decentralization,...

Blockchain-based smart contracts can potentially replace certain traditional contracts through decentralized enforcement and reduced transaction costs. However, scalability is a key bottleneck hindering their broader application and adoption, often leading to concentrated or exclusive networks....

Web3 and DeFi are widely advocated as innovations for greater financial inclusion and democratization. We assemble the most comprehensive dataset to date on the largest Web3 ecosystem and use large-scale computing to conduct an initial investigation. We describe Ethereum's network structure,...

We document that value-to-price, the ratio of Residual-Income-Model-based valuation to market price, subsumes the power of book-to-market ratio and many other value or quality measures in predicting stock returns. Long-short value-to-price portfolios hedge against momentum, revitalize the...

Asset returns exhibit grouped heterogeneity, and a “one-size-fits-all” model has been elusive empirically. This paper proposes a Bayesian Clustering Model (BCM) combining Bayesian factor selection and panel tree for asset clustering. The Bayesian model marginal likelihood guides the tree...

We provide an overview of crypto-related scams, including investment scams, Ponzi schemes, and more recently, rug pulls that are commonly seen in Decentralized Finance (DeFi) projects. We then discuss data sources for studying Initial Coin Offering (ICO) scams, before examining the case of...

This handbook provides an overview of various criminal activities related to cryptocurrencies, including investment scams, Ponzi schemes, rug pulls, ransomware attacks, money laundering, and darknet markets. We discuss the need for user protection and education, centralized entities and...