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  • December 7, 2022
  • Article

Why Decentralized Crypto Platforms Are Weathering the Crash

By: Shai Bernstein and Scott Duke Kominers
In the past year, crypto markets dropped from $2.9 trillion in value to around $800 billion. In the wake of the collapse, crypto lenders and exchanges have been accused of fraud and other wrongdoing. What went wrong? One factor is competition. In theory, competition... View Details
Keywords: Crypto Economy; Cryptocurrency; Financial Complexity; Financial Crisis; Decentralization; Decentralized Markets; Decentralized Autonomous Organizations; Finance; Market Design; Financial Services Industry
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  • February 2024 (Revised April 2024)
  • Case

Uniswap: Fighting a Vampire Attack (A)

By: Shikhar Ghosh, Shweta Bagai and Liang Wu
This is the first of a three-case series that explores the challenges faced by Uniswap, a key player in the decentralized finance (DeFi) sector. Founded by Hayden Adams, the case traces Uniswap's rapid growth from a simple idea inspired by a Reddit post to becoming one... View Details
Keywords: Blockchain; Cryptocurrency; Crypto Economy; Community; Decentralization; Decentralized Exchange; Decentralized Finance; Open Platforms; Open-source Innovation; Market Distruption; Stablecoin; Vampire Attack; Web3; Token; Digital Platforms; Entrepreneurship; Governance; Technological Innovation; Competitive Strategy; Financial Liquidity; Financial Services Industry; Technology Industry; United States
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  • 2023
  • Working Paper

Financial and Informational Integration Through Oracle Networks

By: Lin William Cong, Eswar Prasad and Daniel Rabetti
Oracles are software components that enable data exchange between siloed blockchains and external environments, enhancing smart contract capabilities and platform interoperability. We find that oracle integration is positively associated with total value locked and... View Details
Keywords: Decentralized Finance; Blockchain; Smart Contract; International Economy; Interoperability; Risk Sharing; Applications and Software; Financial Markets; Economics; Risk Management
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  • October 1994 (Revised November 1995)
  • Case

N.V. Philips Electronics - Currency Hedging Policies

By: Richard F. Meyer
Describes Philips Electronics' policies and problems relating to foreign exchange risk and hedging. Explains centralization versus decentralization of currency hedging, economic role versus transaction role, the difficulties of capturing the necessary information... View Details
Keywords: Business Divisions; Currency Exchange Rate; International Finance; Globalization; Policy; Information Management; Management; Problems and Challenges; Risk and Uncertainty
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  • June 2025
  • Case

Bessemer Venture Partners (2025)

By: Jo Tango and Srimayi Mylavarapu
Bessemer Venture Partners, one of the oldest venture capital firms in the United States, had long been known for its decentralized culture and thesis-driven investing. An internal debate had surfaced around the firm’s approach to seed-stage investing. With competitors... View Details
Keywords: Venture Capital
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  • February 2024 (Revised April 2024)
  • Supplement

Uniswap: Fighting a Vampire Attack (B)

By: Shikhar Ghosh, Shweta Bagai and Liang Wu
This is the second of a three-case series that explores the challenges faced by Uniswap, a key player in the decentralized finance (DeFi) sector. Founded by Hayden Adams, the case traces Uniswap's rapid growth from a simple idea inspired by a Reddit post to becoming... View Details
Related
  • February 2024 (Revised April 2024)
  • Supplement

Uniswap: Fighting a Vampire Attack (C)

By: Shikhar Ghosh, Shweta Bagai and Liang Wu
This is the third of a three-case series that explores the challenges faced by Uniswap, a key player in the decentralized finance (DeFi) sector. Founded by Hayden Adams, the case traces Uniswap's rapid growth from a simple idea inspired by a Reddit post to becoming one... View Details
Related
  • January 2022 (Revised April 2025)
  • Case

Steem Versus Hive: Testing Blockchain Governance

By: Shikhar Ghosh and Shweta Bagai
This case examines a pivotal governance conflict that occurred in 2020 when Justin Sun, founder of the TRON blockchain, acquired Steemit Inc., the company behind a popular social media platform operating on the Steem blockchain. Steem, launched in 2016 by Daniel... View Details
Keywords: Blockchain; Mergers and Acquisitions; Values and Beliefs; Corporate Governance; Organizational Culture; Social and Collaborative Networks; Technology Industry
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    Tax-Loss Harvesting with Cryptocurrencies

    We describe the taxation landscape in the View Details
    • November–December 2023
    • Article

    Tax-Loss Harvesting with Cryptocurrencies

    By: Lin William Cong, Wayne Landsman, Edward Maydew and Daniel Rabetti
    We describe the taxation landscape in the cryptocurrency markets, especially concerning U.S. taxpayers, and examine how recent increases in tax scrutiny have led to changes in crypto investors' trading behavior. We argue conceptually and then empirically document that... View Details
    Keywords: Cryptocurrency; Taxation; Governing Rules, Regulations, and Reforms; Financial Markets
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    • 09 May 2017
    • First Look

    New Research and Ideas, May 9

    sovereign default induced by legal rulings in the case of Republic of Argentina v. NML Capital. We find that a 10% increase in the probability of default causes a 6% decline in the value of Argentine equities and a 1% depreciation of a measure of the View Details
    Keywords: Sean Silverthorne
    • 20 Jan 2010
    • First Look

    First Look: Jan. 20

      Working PapersContracting in the Self-reporting Economy (revised) Authors:Romana L. Autrey and Richard Sansing Abstract This paper examines the effect of accounting on the use of intellectual property. We analyze the licensing of intellectual property in View Details
    Keywords: Martha Lagace

      Daniel Rabetti

      Professor Rabetti is a financial economist from São Paulo, Brazil, with a Ph.D. in Business from Tel Aviv University. He joined the National University of Singapore (NUS) Business School in 2023 as the S. Dhanabalan Chair in Quantitative Studies and an Assistant... View Details

      • 07 Apr 2023
      • Research & Ideas

      When Celebrity ‘Crypto-Influencers’ Rake in Cash, Investors Lose Big

      results don’t offer a smoking gun. Enthusiasm is inherent in the decentralized finance culture, where eager investors generally expect that market values will soar. “There's a belief that because crypto is trying to democratize investment... View Details
      Keywords: by Kristen Senz
      • 07 Jul 2003
      • Research & Ideas

      4+2 = Sustained Business Success

      that whatever technology you choose to implement you execute it flawlessly. Similarly, it matters little whether you centralize or decentralize your business as long as you pay attention to simplifying the way your organization is... View Details
      Keywords: by Nitin Nohria, William Joyce & Bruce Roberson
      • Blog

      Leading Successful Digital Transformation

      information exchange. Growth can also come by leveraging existing capabilities to enter completely new businesses. Alibaba started Taoboa, where buyers and sellers exchanged goods. However, to solve the trust problem between buyers and... View Details
      • Web

      Industry Information - Alumni

      current awareness and perspectives on business and policy challenges and trends in the banking industry. International Banking Library The International Banking Library is a web-based platform for the exchange of research on cross-border... View Details
      • 14 Aug 2018
      • First Look

      First Look at New Research and Ideas, August 14, 2018

      insight into how firms can realize the benefits of empowerment strategies while mitigating their risks. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=54820 forthcoming Journal of Experimental Psychology: General Pettiness in Social View Details
      Keywords: by Sean Silverthorne
      • 06 Oct 2003
      • Research & Ideas

      The Growth of the Social Enterprise

      Social enterprise groups are traditionally organized along one of two lines: The affiliation model favors decentralized control, while the branch model concentrates control at a central headquarters. Most social enterprise groups choose... View Details
      Keywords: by Carla Tishler
      • 01 Nov 1999
      • Research & Ideas

      Companies, Cultures and the Transformation to the Transnational

      and Matsushita was also strongly influenced by the Japanese culture. In Japan, Matsushita was well known for its decentralized management style. Yet, even into the 1980s, its overseas operations were highly dependent on the parent company... View Details
      Keywords: by Christopher A. Bartlett & Sumantra Ghoshal