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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
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  • 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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  • 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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  • 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
  • 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
  • 21 Nov 2006
  • First Look

First Look: November 21, 2006

blood or tissue incompatibility. Incompatible patient-donor pairs can exchange donor kidneys with other such pairs. The situation facing such pairs resembles models of the "double coincidence of wants," and relatively few View Details
Keywords: Sean Silverthorne
  • 14 Sep 2010
  • First Look

First Look: September 14, 2010

management practices and decentralization. Productivity dispersion between firms and countries has motivated the improved measurement of firm organization across industries and countries. There appears to be substantial variation in management practices and View Details
Keywords: Sean Silverthorne
  • 07 Sep 2011
  • First Look

First Look: Sept. 7

sociologists present a clear analysis of Cuba's economic and social circumstances and suggest steps for Cuba to reactivate economic growth and improve the welfare of its citizens. These authors focus first on trade, capital inflows, View Details
Keywords: Sean Silverthorne
  • 31 Jul 2018
  • First Look

New Research and Ideas, July 31, 2018

the few instances that they are, the data are not standardized, not interoperable, and not readily accessible to clinicians, researchers, or policymakers. While such barriers to easy health information exchange are hardly unique to India,... View Details
Keywords: Dina Gerdeman
  • 18 Jul 2005
  • Research & Ideas

Identify Emerging Market Opportunities

past few years, the pro-Malay policy remains in place. Executives would do well to identify a country's power centers, such as its bureaucracy, media, and civil society, and figure out if there are checks and balances in place. Managers must also determine how View Details
Keywords: by Tarun Khanna, Krishna G. Palepu & Jayant Sinha
  • 24 Jul 2018
  • First Look

New Research and Ideas, July 24, 2018

through which frontline staff can share and learn new ideas, especially for those who feel safe to speak up and believe that new ideas are not tested frequently enough. Practice Implications: The contest’s potential to decentralize... View Details
Keywords: Dina Gerdeman
  • 06 Mar 2007
  • First Look

First Look: March 6, 2007

to self-disclose violations of environmental laws and regulations in exchange for reduced sanctions. We find that facilities are more likely to self-disclose if they were recently subjected to one of several different enforcement measures... View Details
Keywords: Martha Lagace

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