The usefulness of cryptocurrency disclosures: Evidence from U.S. public companies (joint with Canh Dang)
Abstract: This study examines the usefulness of cryptocurrency disclosures. Using 55 U.S. public firms with crypto exposure from 2014–2023, I construct a disclosure measure based on Accounting Standards Update (ASU) No. 2023-08. Enhanced disclosures are associated with positive market reactions, and during the FTX collapse, firms with higher-quality disclosures faced smaller stock declines and less information asymmetry. Market responses to three ASU-related events further confirm the value of such disclosures. Overall, the findings underscore the role of cryptocurrency disclosures in mitigating information asymmetry and support the upcoming mandatory implementation of ASU No. 2023-08 in January 2025.
Presented at: 2025 European Winter Meeting of the Econometric Society (Cyprus, scheduled, 2025), XII International Conference of the Journal of International Accounting Research (Casablanca, 2025), LBS Trans-Atlantic Doctoral Conference (London, 2025), EAA Annual Conference (Rome, 2025), BAFA annual Conference (Belfast, 2025), BAFA Doctoral Masterclass (Belfast, 2025), Lancaster Brown Bag (Lancaster, 2024), KBS Workshop in Business and Management (London, 2023).
Breaking barriers: How blockchain improves firms' access to credit?
Abstract: This paper investigates how blockchain adoption shapes contracting in private debt markets. Exploiting the staggered passage of pro-blockchain U.S. state laws (2015–2019) as a quasi-natural experiment, I show that debt-constrained firms obtain significantly lower interest spreads after these laws take effect. Mechanism tests suggest that blockchain enhances transparency, allowing firms to credibly signal creditworthiness while reducing lenders’ monitoring costs. Lower borrowing costs, in turn, foster greater investment and reduce reliance on trade credit. Overall, the results underscore blockchain’s potential to mitigate financing frictions and improve capital allocation efficiency.
Presented at: FARS Midyear Meeting (San Antonio, scheduled, 2026), Manchester Alliance Business School (Manchester, scheduled, 2026), Lancaster Brown Bag (Lancaster, 2025), Warwick PhD Workshop in Fintech (Coventry, 2025), XII Annual Corporate Finance Conference (Bristol, 2025), XIX International Accounting Symposium (Madrid, 2025).