NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Blockchain Disruption and Smart Contracts

Lin William Cong, Zhiguo He

NBER Working Paper No. 24399
Issued in March 2018, Revised in April 2018

---- Acknowledgments ----

The authors thank Matthieu Bouvard, Alex Edmans, Andreas Park, Maureen O'Hara, Edward “Ned” Prescott, Hongda Zhong, and an anonymous referee for insightful discussions of the paper, and Jingtao Zheng for excellent research assistance that helped shape an initial version of the paper. They are also grateful to Susan Athey, Tom Ding, Itay Goldstein, Brett Green, Campbell Harvey, Gur Huberman, Wei Jiang, Andrew Karolyi, Jiasun Li, Minyu Peng, Chung-Hua Shen, Dominic Williams, David Yermack, and seminar and conference participants at Chicago Booth, HBS, Notre Dame Mendoza, CUHK Econ, AEA, NBER Conference on Competition and the Industrial Organization of Securities Markets, RFS FinTech workshop, Federal Reserve Bank in Philadelphia FinTech Conference, USC FOM Conference, 25th SFM Conference, CEIBS Behavioral Finance and FinTech Forum, SFS Calvacade Asia-Pacific, AMAC FinTech and Smart Investing Workshop, TAU Finance Conference, and NBER Conference on Financial Market Regulation for very helpful feedback and comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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