Corporate Governance and Blockchains

For helpful comments, I thank seminar and conference participants at the University of Adelaide, University of Amsterdam, Bank of England, University of Bristol, Cambridge University Center for Alternative Finance, Cardiff University, Erasmus University Rotterdam, University of Exeter, Imperial College London, International Organization of Securities Commissions Committee on Emerging Risk, Jesus College Cambridge, London Business School, Melbourne University, University of New South Wales FIRN Corporate Finance Conference, Queensland University, the University of South Australia, Texas A&M University, the University of Western Australia, and the U.S. Securities and Exchange Commission, as well as Alex Edmans (the editor). Scott Stornetta, Tim Swanson, and two anonymous referees. Part of this paper was written while I was a visiting professor at Erasmus University Rotterdam. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

• December 9, 2015