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Please note the deadline of September 30, for paper filers has passed. Examples of covered financial services transactions include brokerage services, financial management services and security lending services. A direct investment in a foreign person is not a covered financial services transaction, however brokerage fees to a foreign person tied to underwriting the transaction, for example, do qualify as a covered financial service transaction if the purchase occurred in Depending on the offshore fund structure, a management company may receive a fee either from the offshore fund itself, or directly from the underlying foreign investors in the offshore fund.
Management companies should only report fees received from foreign investors in a U. If a domestic fund has engaged in any covered financial services transactions with foreign persons, the fund may also need to complete the Form. We would like to note for our clients that entities in a parent-subsidiary relationship may be able to file as a consolidated domestic U. As such, it is likely that many of our clients will be able to report as a consolidated enterprise, completing just one Form for the general partner and domestic fund, as applicable and filing a separate Form on behalf of the investment adviser in bifurcated management company structures.
Further criminal penalties may arise upon willful violation of the reporting requirements under this Form. Please contact us if you have any questions as to your requirements. We have provided a more detailed overview of all the Amendments here , but wanted to address many of the common questions we are receiving from clients specifically regarding the Amendments to the accredited investor definition.
Please send us any other questions and we will update the below as they come in…. Will a person who is a contractor to the management company or fund qualify as an accredited investor now? We have been asked by a few clients whether this expanded definition includes contractors. Because the definition of a knowledgeable employee does not include contractors and has not been altered by the Amendments or otherwise, contractors do not currently qualify as accredited investors under this expanded definition.
A natural person holding at least one professional certification or designation or credential in good standing from a qualifying educational institution will now be considered an accredited investor. One important item to note is that an investor does not need to practice in the field s related to the certification, designation or credential to meet the good standing requirement, except to the extent that continued affiliation with a firm is required to maintain such certification, designation or credential.
Whether an investor meets the definition of an accredited investor has been one of the most important considerations when determining whether an investor is eligible to invest in private capital markets. The effects of the limited tests have prevented many investors from partaking in private capital markets, regardless of their actual financial sophistication.
Thus, after years of discussions, the SEC has expanded the accredited investor definition to provide new measures of determining financial sophistication that more holistically determine financial sophistication. These Amendments should decrease the economic barrier-to-entry in our private capital markets and result in the participation of newly qualified accredited investors with more diverse backgrounds.
The Amendments will become effective 60 days after publication in the Federal Register. The accredited investor definition is used in many different legal documents in many different contexts so the the exact document that will need to be revised or updated will depend on the facts of the situation. In the private fund context, the Amendments will generally only trigger necessary updates to the private fund subscription documents.
Once the Amendments are posted to the Federal Register, we will reach out to our clients to discuss updating their subscription documents. The Amendments do not change this limitation. For more information on this topic, please contact us. On September 2nd we held our crypto discussion forum where we discussed legal, tax and compliance issues related to the digital asset space. The below is a quick recap the event from panelist Justin Schleifer of Aspect Advisors.
We had a very interesting and lively interactive discussion about putting crypto investments to work through yield and lending, and DeFi implications including market-making, governance and custody issues. Each state has their own regulations as well, and everyone is on different parts of the learning curve. People have to address the nuances of each individual state. States may not agree with the idea of a custodian. DeFi is just way out there for them. Just getting over that hurdle has proven to be very difficult.
Tax event triggers are traps for the unwary. Firms in the venture capital space get involved with companies on working on their protocols and Dapps. You can very well come in contact with all types of MNPI, so both sides must evaluate what is material or public. You have to restrict yourself in certain areas and not commit to certain trading activities.
There was a fantasy that once you achieve decentralization, laws are gone. We are now dispelled of that notion i. The CFTC has also said they will go after software developers. This is the concept of causing a violation of securities law. The expectation of profits is based on the efforts of others.
The manager is doing all the work, but what do we do when there is no sponsor and the work is done by community participants? If you or your friends or colleagues would like to review any of the webinar content, please email Amanda Brown for a link to the recording. If you have any questions about any of the above topics, please reach out to any of our panelists.
We hope you enjoyed this event and if you have any feedback, we would love to hear from you. We look forward to seeing you at our next event! If there are any questions on this post, please contact Mr. Tomorrow, September 2nd, at 10am PT we will be hosting an open question and answer discussion forum on issues affecting the digital asset space.
We have a number of interesting topics to explore from the legal, tax and compliance side including:. The amendments will become effective 60 days after publication in the Federal Register, which is expected within weeks. Below we have highlighted the applicable updates and we will continue to provide information on this topic as it develops.
The scope of the new amendments include Native American tribes, governmental bodies, and bank-maintained collective investment trusts. While these changes are incremental rather than radical, they are a step in the right direction and hopefully portend further expansion of the definition to allow greater access to the private capital markets. Those parties investment managers and private placement sponsors who want to take advantage of the expanded definition will need to speak with legal counsel about updating applicable subscription documents.
We will be providing further updates on timing and other matters as they develop. There are a ton of hot topics in the digital asset space right now — the price of Bitcoin, DeFi, staking, lending, venture capital, etc — and we want to answer your questions in a unique format where the experts answer your questions directly. Our firm is teaming up with Asbury Legal, Aspect Advisors and Blockchain Tax Partners to host a live discussion where we will talk about what you want to talk about.
To register for webinar, please go here. To submit a question, please go here. Join us to get your questions answered by an expert panel during a Live Discussion. Experience a unique collaborative event to explore the latest developments in the Cryptocurrency and Digital Asset sector. Suggested topics for this session include but are in no way limited to :. We hope that you are staying safe and healthy while finding ways to enjoy the summer.
For more complete analysis as to how this new regulatory requirement may apply to you, please visit our LinkedIn page. The new final rule effectively narrows the definition of covered funds and gives banks the green light to offer financial services to certain venture capital funds and engage in other activities that the original Volcker Rule was not intended to prohibit. Separately, regulators also relaxed margin requirements applicable to derivatives trades between affiliates.
It should be expected that regular examinations will involve a heightened focus on BCPs as well. Please contact us for further information or to request assistance in making sure your BCP is up to date. The SEC demonstrated its commitment to this position in a recent enforcement action against the manager of a private equity fund which provided operational services to its portfolio companies for which the manager charged additional fees.
The SEC reasoned that this method of disclosure did not sufficiently disclose the fact that the manager did perform such services and receive such compensation on a routine basis. The action serves as a reminder to all managers that required disclosures must be routinely reviewed to ensure clear and complete descriptions of existing conflicts of interest.
The new rule is aimed at clarifying how fund boards can meet their valuation obligations which require them to identify and address significant risks associated with fair value determinations; select, implement, and verify fair value determination methods; actively monitor any third-party services used; adopt and implement policies and procedures; and maintain certain records. In and , the firm mailed the audited financial statements to investors days and days late, respectively; while in , the firm failed to engage an audit firm at all.
In addition to these violations, the SEC also cited the firm for failing to implement reasonable policies and procedures aimed at preventing such violations of the Custody Rule. The notice also provides further guidance regarding the treatment of segregated portfolio companies, alternative investment vehicles, practical instructions on the CIMA registration process, as well as valuation and cash monitoring requirements applicable to Private Funds. Since the new rules applicable to Regulated Mutual Funds and those applicable to Registered Private Funds each mandate a particular disclosure which must be included verbatim in the offering documents, all new offering documents and all future updates to offering documents of Regulated Mutual Funds and all marketing materials of Registered Private Funds will be impacted.
Please contact us if you think you may be in need of an update to your offering documents or marketing materials. Yet another indicator of the burgeoning demand for digital assets among institutional and professional investors, Coinbase announced its intention to buy Tagomi, a leading cryptocurrency brokerage platform. In addition to providing custody solutions and professional trading features, Tagomi provides its users access to 14 digital asset exchanges from a single account.
The acquisition is aimed at creating a digital asset trading experience more aligned with the expectations of professional traders in equities and other traditional markets. The terms of the deal are yet to be announced as the acquisition is pending regulatory review. The regulatory notice does not impose further obligations on FINRA regulated entities, but is meant to share best practices which have been and continue to be implemented by firms of all sizes.
The notice provided tips and feedback on ways of assisting customers, providing additional support and communication to employees, and maintaining cybersecurity in this new environment. Additionally, the notice discussed methods of maintaining oversight of trading and staff communication with customers, as well as adjustments to ongoing branch inspection programs.
The onset of significant economic disruption creates increased opportunities for fraudulent behavior. In a recent Regulatory Notice , FINRA outlined the following four frequently occurring scams: i fraudulent account openings and transfers of funds; ii firm impersonation schemes; iii false information technology inquiries; and iv email phishing scams.
FINRA provides suggested best practices as to how to be a hard target against such behavior and also encourages firms to report any suspicious activity. No-action relief measures enacted by the CFTC during the first quarter of which were set to expire on June 30 have been extended in large part until September 30, The DSIO and DMO have also stated that affected market participants should reach out to the applicable contact person at each division with requests for specific relief which shall be considered on a case-by-case basis.
In light of continued COVIDrelated disruption, the CFTC has announced it has extended the deadline for compliance with the amended margin requirements for uncleared swaps as applicable to swap dealers and major swap participants for which there is no prudential regulator. The deadline for compliance has been extended a full year until September 20, The private equity industry seems to have won a small victory in the form of an Information Letter from the Department of Labor which suggested that private equity investments could be used in multi-asset class investment vehicles such as target-date or target-risk funds.
The CCPA, which has been in effect since January 1, , was not delayed beyond the scheduled enforcement date of July 1, They identified the five thematic areas 1 bubble dynamics, 2 regulation, 3 cybercrime, 4 diversification and 5 efficiency and outlined ten different gaps in the literature see Table 5 in their study for an overview. Holub and Johnson collected Bitcoin-related literature from 22 databases and, after refinement, mapped papers based on categories and disciplines.
They showed that The authors provided an overview of the research environment, analyzed the degree of concentration of variables such as authorship and visualized connections of words in titles and abstracts or journals. Zeng et al. The authors analyzed the publications using social network analysis and textual analysis and identified that the topic blockchain has become more important than Bitcoin since This shift of relevance from Bitcoin to blockchain has also been found in another bibliometric study on the topic that is based on papers from Web of Science Dabbagh et al.
Miau and Yang extracted articles from Scopus that related to various blockchain and cryptocurrency search terms. Firdaus et al. Here, the analysis methods comprised descriptive evaluations, such as rankings and author dominance, and visualizations. The authors state to refer to literature from the year onwards, as the blockchain was introduced in that year. In fact, blockchain technology was introduced by Nakamoto Klarin based his analysis on publications extracted from Scopus, identified the four thematic clusters 1 Bitcoin and cryptocurrencies, 2 blockchain adoption, 3 cryptocurrency and blockchain environment, and 4 business model innovations via co-citation analysis and outlined a detailed overview of future research directions for each cluster.
One single bibliometric study focused explicitly on the concept of smart contracts, scripts that are anchored on blockchains. Over documents extracted from Scopus were analyzed descriptively and trends were identified via word cloud and clustering using the software VOSviewer. Six clusters were identified that deal with 1 smart cards, 2 contracts, 3 smart power grids, 4 blockchain, 5 economics and 6 energy.
While research in the areas of cryptocurrency and blockchain has already been examined in the context of various bibliometric publications, the focus of the investigations has been, at least to a large extent, on performance analysis, i. The approach of uncovering the intellectual structures and dynamics of research fields science mapping via co-citation analysis was only done by few studies using the VOSviewer software e.
Klarin ; Miau and Yang The aim of this work is to uncover the intellectual structure of blockchain and cryptocurrency literature in business and economics by empirically analyzing the research field via co-citation analysis using exploratory factor analysis, which has been widely used to identify research streams in bibliometric data e. Kuntner and Teichert ; Nerur et al. This allows to reduce complexity for researchers by providing an objective overview and review of the most important research streams and their publications in the field of blockchain and cryptocurrency.
Furthermore, this study differs from existing studies in that it explicitly focuses on the business and economics literature. Only peer-reviewed articles in the fields of business, finance and economics published after were considered. The extracted sample comprised articles. Without the discipline constraint, articles were obtained, with computer science and engineering accounting for most of the additional papers.
These sources then naturally also refer to dates prior to and only a part of them are peer-reviewed publications. This paper relies on co-citation analysis. Co-citation occurs when two articles simultaneously feature in the bibliography of a third article, which means that the first two articles must precede the article that cites them. This temporal relationship can help to identify the academic basis of research results. A higher co-citation frequency is typically interpreted to indicate greater relevance of an article within a given research stream Small , For the analysis, the extracted references were compiled in a square similarity matrix, whose diagonal values are replaced by the mean value of the respective column McCain ; Small For this purpose, the data extracted from Web of Science is processed using the Bibexcel toolbox for bibliometricians Persson et al.
A cutoff value of three co-citations was selected for the purpose of co-citation matrix creation, which resulted in a sample consisting of the publications with three or more co-citations. Bibliometric data is usually highly skewed, which means that a comparatively small but highly important part of the literature contains most of the achievements in a particular field Chen and Leimkuhler A bibliometric analysis therefore need not examine all articles cited in a discipline; it suffices to analyze the most widely-cited ones.
The analysis of the co-citation data relies on exploratory factor analysis. Factor analysis is a static method that allows to extract underlying structures from a data set by identifying relationships between variables. It provides a suitable method of analysis when there are no hypotheses regarding the structure of a data set prior to an investigation. Since a symmetrical co-citation matrix contains the number of co-citations for each article, the articles can be divided into contiguous groups or factors by means of factor analysis.
If we assume that a multitude of similar sources for research work implies similar ideas and mindsets, these factors represent scientific discourses or streams of research. Within the framework of factor analysis, a correlation matrix is first generated from a data matrix, which then becomes a factor matrix. The research streams are distinguished from factors that are not considered further on the basis of a sharp decline in the eigenvalues associated with the factors, assessment of the generated scree plot and the respective percentage of variance explained.
In addition, further factors in the analysis output include so few articles that they cannot be described as an individual strand of research. Factors are initially identified though principle component analysis, which extracts the highest variance of the data set and assigns the first factor to it. This process is then continued until a final factor with the proportionally smallest variance has been determined.
Factors are then 'rotated' to distribute the extent of variability more uniformly between factors. This allows for a better differentiation between factors and the analysis derived from it. Factor loadings are generated via Varimax rotation with Kaiser normalization, as communalities between items are high Kaiser They represent numerical values that indicate the strength and orientation of a factor to a measured variable—in this case a measure of the thematic fit of a particular publication to a research stream.
A factor loading above 0. Besides factor loadings, factor scores are calculated using the regression method, in which the effects of each observation on factors are predicted. The identified values represent the relevance or spacing of an observation with respect to a factor DiStefano et al. Transferred to bibliometric analysis factor scores indicate the contribution that an article makes to a research stream Nerur et al. An article with a low factor loading and a high factor score does not fit well into a stream, but is nevertheless important to it.
Social network analysis is then used to uncover relationships and dependencies between publications and research streams. This is done on the basis of intellectual proximity, which is determined by the number of co-citations Biehl et al. A final set of coordinates is determined by arranging Euclidean distances in relation to the geodesic distance between nodes, in this case publications Carrington et al. A map of the research clusters is thus obtained that reveals the relationships among them and indicates the relevance of individual articles by the size of the nodes.
It is shown how publications are distributed over the five factors determined through factor analysis. Only the highest factor loading is considered, i. Through factor analysis, five different discourses are identified, which together account for In this context, variance signals the relevance of a research stream for the entire research environment Nerur et al.
Specifically, principal component analysis and the varimax rotation method with Kaiser normalization are used. The rotation converged after 29 iterations. Factor analysis thus proves to be a suitable method of analysis. The first and largest strand of research deals with the market economics and efficiency of cryptocurrencies.
It accounts for The second stream The third stream accounts for 5. A share of The fourth stream 5. It covers 8. Lastly, the fifth stream accounts for 3. It represents a share of 7. The Bitcoin whitepaper Nakamoto is the scientific basis of blockchain and cryptocurrency research. Its factor loading and factor score with respect to each of the five discourses are shown in Table 1. Based on the factor loading, the whitepaper is most closely affiliated with stream II 0.
Based on the factor score, the whitepaper is highly relevant to streams III 9. Its relevance is somewhat lower for research on asset valuation and price formation, and monetary theory and policy. The relevance of Nakamoto is lowest with respect to stream I. It can be seen that the distribution of factor loadings in streams I and II varies comparatively strongly, while a trend can be observed in the three following streams.
Stream IV represents a special feature, which is expressed by the fact that the highest identified factor loadings is 0. In terms of factor scores, stream III with has an extremely high factor score of 9. Distribution of factor loadings and factor scores across research streams. Frequencies are displayed on the y-axis, factor loadings and factor scores on the x-axis respectively.
Factors one and five exhibit negative coefficients throughout. Note that the years before the publication of the Bitcoin whitepaper were grouped into a single period, as were the years to , because of the very low number of publications prior to Research stream I has been gaining ground steadily since and by accounted for Stream II accounted for a consistently large share. The following subsections describe each of the research streams in detail before their interrelations are analyzed via social network analysis.
The first research stream comprises 33 articles, explains The overall aim of the discourse is to promote the understanding of cryptocurrency markets. The ten most relevant publications within the stream and their factor loadings and scores are shown in Table 3. The distribution of publications across journals is presented below the table. Economics Letters has the highest number of publications in this field, followed by Finance Research Letters. This stream of research is heavily based on theories of market efficiency, so it comes as no surprise that besides cryptocurrency-specific articles, basic literature on capital market efficiency Fama or portfolio theory Markowitz also shows up in this stream.
Many of the publications in this stream are scientific letters and research notes, which build upon or reply to each other. The study by Donier and Bouchaud deals with the efficiency of the Bitcoin market and tests various liquidity measures as early warning signs of a bitcoin crash. Urquhart has the highest factor score 5. The author uses a number of tests to identify autocorrelation for Bitcoin prices and finds that it persists over the entire observation period Aug to Jul When the period is divided into two phases, however, it turns out that the first phase is responsible for the autocorrelation effect.
Nadarajah and Chu examine the same data set again with the help of power transformations of daily returns and find no such effect. Fry and Cheah point out the speculative component of cryptocurrency markets and model financial bubbles and crashes.
The authors analyze these markets by means of econophysics models and find evidence of spillover effects from Ripple to Bitcoin. Bouri et al. Gox exchange and find serial correlation. Corbet, Lucey, et al.
Kristoufek shows that in cool-down periods directly after bubbles or price surges, the Bitcoin market becomes efficient, while it remained inefficient for most of the period to The Bitcoin market exhibits time frames that are efficient and ones that are driven by anti-persistence Alvarez-Ramirez et al.
The paper by Bariviera has the second highest factor loading 0. The study analyzes daily Bitcoin price data from to using two variations of the Hurst exponent, a metric that characterizes the scaling behavior of the cumulative deviations from the mean of a time series Hurst The results show that daily returns behave consistently during the first part of the observation period, while the dimension of informativity increases from The volatility of the Bitcoin price exhibits long memory for the full observation period.
Comparing the explanation of volatility by different GARCH models, Katsiampa shows that both short-run and long-run components of conditional variance are important for a suitable model. The investigation of nonlinear patterns of volatility in Bitcoin markets suggests long-term memory and provides strong evidence against the efficient market hypothesis Lahmiri et al. Cheah et al. The study with the highest factor loading, Tiwari et al. While most previous studies only considered Bitcoin, Brauneis and Mestel expand this focus by testing the efficiency of nine additional cryptocurrencies and conclude that higher liquidity leads to reduced efficiency.
Similarly, Wei a , b examines the liquidity of cryptocurrencies and shows that greater market capitalization reduces the predictability of market behavior. The author concludes that liquidity is a significant factor for the market efficiency of cryptocurrencies. Corbet et al. By some degree of contrast, empirical findings by Ciaian et al. Phillip et al. Studying the tail behavior of the five largest cryptocurrencies and using value-at-risk and expected shortfall as risk metrics, Gkillas and Katsiampa find that Bitcoin Cash is the riskiest asset, while Bitcoin and Litecoin have the lowest risk.
Urquhart studies price clustering of Bitcoin, finding that prices are clustered at round digits. In addition, price and trading volume have a significantly positive relationship with price clustering around round digits, which confirms Harris' negotiation hypothesis.
Urquhart examines the relationship between Bitcoin fundamentals and the attention of investors. Realized volatility and trading volume are found to drive the next-day attention for bitcoin. The study has a relatively low factor score 1. Other studies in this research stream address the question whether Bitcoin is a medium of exchange or an asset. Dyhrberg a , Bariviera et al. The authors analyze transaction data and suggest that Bitcoin is used as a speculative investment. In comparison to foreign exchange markets, Bitcoin has narrower bid-ask spreads, resulting in favorable exchange rates due to its simpler infrastructure Kim The second research stream accounts for This stream is somewhat similar to the first one, not least with regard to its set of contributors.
In comparison to stream I, however, the publications are older, and several articles do not explicitly refer to cryptocurrencies but merely provide a basis for such studies. The overall theme of the stream can be summarized as asset valuation and price formation. The discourse tackles the question of how cryptocurrency prices can be explained and determined.
The ten most important publications of the stream based on factor loadings are presented in Table 4. There is no trend regarding the outlets of publication, as all twelve papers were published in different journals. The article with the highest factor loading, Engle , is a methodology paper that introduced a new form of multivariate GARCH models — dynamic conditional correlation models—as an estimation technique.
This illustrates the relevance of GARCH models in the analysis of crypto markets and the large number of formal and theoretical models in this research stream. Another major methodological paper, Glosten et al. Using a GARCH-M model, the study finds support for negative relationships between conditional expected monthly returns and the conditional variance of monthly stock returns: Positive expected returns are associated with a downward revision of conditional volatility, and vice versa.
Baur and Lucey analyze the suitability of gold as a hedge against stocks and bonds. The study is an empirical and theoretical basis for similar research e. Yermack investigates whether Bitcoin is a real currency. The author notes that currencies are a medium of exchange, a store of value and a unit of account, but Bitcoin did not fulfil these functions at the time Its daily trading statistics are uncorrelated with established currencies or gold.
By contrast, Bouoiyour et al. This is the result of a study using Empirical Mode Decomposition EMD , where a data set is divided into several smaller independent data sets. They find Bitcoin to be subject to extensive speculation and to be suitable to some extent as a basis for transactions of value on the Internet. The authors conclude that Bitcoin is a highly speculative asset, which prevents its wider use. A rising Bitcoin price attracts new miners.
However, this effect declines over time as technology and mining processes become more professional. The price of Bitcoin depends on investor interest, which is particularly evident during price spikes. Another study of Bitcoin price formation finds that market forces and the attractiveness for investors have significant effects on Bitcoin prices, but the effects vary over time Ciaian et al.
Hayes investigates the explanatory factors for value formation in a cross-section of 66 cryptocurrencies, finding three primary factors: the degree of competition in mining, the technical complexity of the mining algorithm and the rate of inflation. The third research stream comprises 10 articles, which together account for 5. The factor loadings and factor scores of these articles are shown in Table 5. The table additionally contains the Bitcoin whitepaper Nakamoto , which with a factor score of 9.
In principle, the articles deal with economic theory and economic and technical fundamentals of blockchain technology. Additionally, potential application areas or specific cryptocurrencies are introduced and discussed. The third research stream consists of publications that explain blockchains by 1 providing general introductions and highlighting the potential of the technology Iansiti and Lakhani ; Swan ; Tapscott and Tapscott ; The Economist , 2 introducing specific cryptocurrencies or blockchains, like Bitcoin Nakamoto or Ethereum Wood , and 3 describing specific applications of blockchain on a conceptual, technical or economic level—especially the concept of smart contracts, i.
Economic theories and mechanisms Coase ; Jensen and Meckling ; Lamport et al. Coase explains why individuals seek to form partnerships and companies, rather than entering into bilateral contracts on the open market. Transaction costs—those associated with searching, information, negotiation or confidentiality—mean that some services cost more than they are worth. Blockchain being a technology for peer-to-peer transactions of value, the relevance of the theory becomes immediately clear.
Jensen and Meckling provide an extension with their theory of corporate ownership based on property rights theory, agency theory and finance theory. The owner no longer bears the full costs of the non-pecuniary benefits he grants himself. This results in agency costs, which materialize as monitoring, economic bonding or residual loss. The third major non-blockchain paper in this research stream is Lamport et al.
However, some generals may be traitors who spread false information for confusion. The aim is to ascertain which information can be trusted. The solution requires a two-thirds majority of honest generals. The study provides a theoretical basis for consensus mechanisms and an alternative to the proof-of-work mechanism that Bitcoin uses.
Nakamoto provided the theory underlying blockchain technology and Bitcoin. The article is frequently cited and highly relevant in the field of blockchain-specific literature, as reflected by its extremely high factor score of 9. The author combined various existing technologies, such as time-stamping Bayer et al. Following Buterin , Wood introduced Ethereum, to date the second largest public blockchain infrastructure. Besides Bitcoin, the Ethereum whitepaper mentions prior cryptocurrency implementations that were discussed in the academic literature, including Litecoin, Primecoin and Namecoin Aron ; Sprankel Szabo provides a formal introduction to smart contracts; Miller made additional early contributions to the field.
Wright and De Filippi take up the concept of smart contracts and show how self-executing digital contracts or smart property can be implemented with the help of blockchain. The fourth research stream consists of 10 articles and explains 5. This includes for example the possibility of secure online peer-to-peer payment or the risks associated with digital currency, such as money laundering.
Potential solutions and regulatory approaches are discussed. Most of the publications are from the period to and cover either legal or technical aspects. No two papers were published in the same outlet, as shown below the table. One article in the research stream is from pre-Bitcoin times: Dai , referenced in Nakamoto , which in turn has a high factor score of 3. Dai describes the design of a potential digital currency called b-money, which already exhibits many similarities to Bitcoin.
Like the Bitcoin whitepaper, the paper by Eyal and Sirer , which analyzes mining and potential vulnerabilities, also has a high factor score 3. Both studies thus provide basic background information on the Bitcoin network. Bryans approaches money laundering and Bitcoin from a legal perspective, concluding that Bitcoin is a disruptive financial technology which poses major difficulties for established entities in the area of payment processing.
New legislation will have difficulties covering digital currency, as its technological development is too far-reaching. The author points out in particular that the lack of oversight is no reason to prohibit Bitcoin and similar currencies.
Regulation should only intervene once the law can effectively punish offenders. This is particularly the case for cryptocurrency exchanges, which represent the interface between fiat and digital currencies, as decentralized technology itself cannot be regulated. Stokes also deals with money laundering and digital currency, examining the cases of Bitcoin and the Linden dollar, a digital currency in the online multi-player game Second Life. Maurer et al. They argue that Bitcoin may be an appropriate method for enthusiasts looking for a payment system that ensures privacy and freedom from government or corporate interference.
The promise and potential of Bitcoin derives not from the capability of government agencies or from mutual trust but from a cryptographic protocol. To this end, the authors suggest that practical materialism is based on concerns about privacy and values. Bitcoin is a promise that no other currency offers in this form: its value is secured by an algorithm and a peer-to-peer network. Ober et al. They demonstrate that the Bitcoin network is a valuable source for empirical research on network structure and dynamics and the associated challenges of anonymity, as well as on payment systems.
The authors identify dynamic effects that both enhance and inhibit anonymity. Another study from computer science, Reid and Harrigan , analyzes the Bitcoin network and the degree to which the transactions are anonymous. The authors conclude that all historical transactions are publicly accessible and can be viewed by users by means of appropriate tools. Bitcoin is therefore not a completely anonymous network on the technical level. Similarly, other studies in the stream are written by reputable scientists from the field of cryptography and also analyze the nature of Bitcoin transactions and their degree of anonymity e.
Chaum ; Meiklejohn et al. The fifth research stream explains 3. Table 7. The basic theme of the discourse is monetary theory, economics and policy. The network of authors is comparatively small. Luther contributed to four. King provides an overview of the institutions of monetary policy but notes that his article raises more questions than it answers. The paper presents externalities in the theory of money and discusses the role of institutions. Finally, three case studies are presented, which serve to emphasize the importance of credible and stable institutions.
Selgin is the study with the highest factor loading 0. The article explores the implications of adaptive learning for monetary evolution using a search-theoretic framework. The author affirms the statement of Grossman that reconciliation of a theory with facts in monetary economics poses a significant problem, and introduces a formal monetary economics model that allows adaptive learning in a search-theoretic framework.
Other studies in the research stream also deal with search-theoretic models of money Kiyotaki and Wright ; Li and Wright The article with the second highest factor loading 0. Salter and Luther also discuss the role of governments in monetary policy and introduce a general theory of the appearance and perpetuation of money. Besides economic analyses, the discourse also includes legal policy recommendations for dealing with digital currencies.
White provides an overview of the market for digital currencies and explains that the market is still developing and full of surprises. He suggests that regulation should be very cautious, as interference in entrepreneurial discovery prevents potential breakthroughs that society does not yet know it misses Kirzner Selgin discusses synthetic commodity money. Bitcoin is cited as an example and its underlying properties such as mining and emission are discussed against the background of monetary theory.
The study has the highest factor score 4. Similarly, Hendrickson et al. Having identified the most relevant research streams on blockchain and cryptocurrency in the areas of business and economics, the question arises how they are related. Social network analysis can serve to visualize the connections within and between the research streams. The results are shown in Fig. The frequency of citation, a metric for the relevance of a publication, is represented by the size of the nodes.
Each node is colored according to the research stream it is associated with, i. If a paper exceeds that value with respect to several factors, it is assigned where the factor score is greatest. The nodes publications are linked by a line in case of five or more co-citations. Visualization of research stream interrelations. The size of a node represents the absolute number of citations, lines between articles represent five co-citations between articles.
Color represents research stream affiliation of nodes. The social network analysis yields conclusions about the state of research and the maturity of the streams. The whitepaper is best assigned to the second research stream cf. Table 1. This stream has already developed considerably further, having produced several other prominent publications e.
The most developed stream is No. I, market economics and efficiency. Its relationship to other streams is mostly limited to No. II, asset valuation and pricing. The field of monetary theory and implications is characterized by Selgin , which is closely related to the research stream on asset valuation and price formation, and thus to the Bitcoin whitepaper. Blockchain and its manifestation cryptocurrency are basic technologies that entail a multitude of effects and vast potential for business models, corporate decisions and the economy.
Researchers in this field have already generated substantial insights. Through factor analysis, five prominent research streams have been identified that are characterized by different studies. Since the technology has only existed since , various other research streams can be expected to emerge in the future. Unsurprisingly, the results show Nakamoto to be a common core of several research streams.
Nevertheless, it is already apparent that the progress of research is creating its own basis. Various methods and economic theories are identified as formative literature. A partial absence, or rather wide spread across different methods and theories is observed, which can be an indication that the scientific discourse is still so young that researchers can apply a variety of methods. It is possible to refer to different theories.
This may consolidate in the future if the streams continue to grow or split up into subcategories. The first stream deals with the efficiency and economics of cryptocurrency markets and has already created its own scientific basis cf. Fundamental theoretical contributions such as Fama or Markowitz are referenced but are not overly relevant for the discourse.
This own basis largely comprises findings from the years to , which could suggest that the field is developing rapidly cf. Logically, this results in numerous co-citations among these authors. The second stream is best described as research on asset valuation and price formation. It is clearly related to the first stream, which is to be expected given the similarities between financial market behavior and price development in these markets.
In Fig. Only stream V has no articles close to its own network that can be assigned to the discourse of asset pricing. Questions about the prices or trading of cryptocurrency seem to be of universal relevance, which is why they interact with all other streams.
Here again the question arises whether research stream II will split up in the near future. This seems likely, given the diversity of the articles. However, it should be pointed out that Nakamoto , for example, only fits well with stream II. In the emerging field of blockchain principles and applications, original fundamental research is only just beginning to replace the Bitcoin whitepaper, which continues to be of great importance.
At present, the outstanding articles of the stream consist of economic and technical fundamentals as well as introductory literature in the form of books. Blockchain and cryptocurrencies are constantly changing, and the existing basic literature e.
Swan ; Tapscott and Tapscott may soon become outdated, if that has not already happened. The stream may split into various more specialised streams in the future, including application-specific streams. While more developed discourses will have peer-reviewed articles as their formative works, this is not the case for research on blockchain and its application, nor for transactions and anonymity.
However, it is much more likely that this branch of research has been neglected by peer-reviewed research. This does not necessarily apply to other scientific fields like computer science or engineering that have not been examined here. In this respect, there is an opportunity to gain a foothold within the stream and to shape its further development, for example through the systematic processing, review, presentation or transfer of the technical literature.
Research on monetary theory is a special field that differs strongly from the other discourses see Fig. The small number of authors indicates that the stream remains specialized. However, Selgin constitutes a meaningful connection to other discourses, while having great influence on the stream itself. The inflow of further researchers dealing with monetary theory and cryptocurrency may yield additional connections to other streams — a worthwhile opportunity for future research. This study is subject to some limitations, of which only the most relevant ones can be mentioned here.
In line with common practice in the literature, the data were collected exclusively from the Web of Science. While many comparable databases exist, which might have yielded additional papers, they were not used for technical reasons ease of data export. Furthermore, research on blockchain and cryptocurrencies is also published outside of peer-reviewed journals cf. Therefore, it is likely that the search of the Web of Science will have missed some important contributions.
Finally, the choice of search terms of course shaped the results and is open to debate. It seems plausible that the scientific basis for these streams has not yet been established, which can be interpreted as an opportunity for researchers to fill this space. The blockchain ecosystem is evolving rapidly.
Research in the other streams should in principle be similarly far-reaching, which indicates potential research gaps. Three of the five streams appear to still be developing, which suggests a wealth of starting points in these areas.
While this article has focused on the sources underlying the scientific publications, trends for future research can also be derived from this core sample of papers. Several research clusters within this set could develop into research streams in their own right. So far, there are no dedicated streams on application areas, management or entrepreneurship. If and when such streams arise, this will be a good opportunity for enterprising researchers.
The literature suggests that blockchain and cryptocurrency will have a big impact on financial services Fanning and Centers Therefore, a separate stream may well form around potential applications in the financial sector, that bases on research stream III. Various applications are already being discussed in the literature, such as accounting, auditing, assurance or governance Dai and Vasarhelyi ; Schmitz and Leoni ; Shermin ; Tan and Low Research on entrepreneurial finance like blockchain-based financing in the form of ICOs Adhami et al.
This research often refers to signaling theory Spence and builds on the literature on crowdfunding e. Agrawal et al. Carter and Manaster ; Certo et al. Ahlstrom and Bruton Within the framework of blockchain-based financing, future research potential abounds.
On the other hand, the existing literature on financing, in particular crowdfunding and IPOs, forms a basis for various evaluation options and methods that can still be carried out for blockchain research. Niche aspects of financial markets, such as cross-listings Ante and Meyer ; Meyer and Ante , price manipulation Gandal et al. Energy markets or smart grids and blockchain technology have been a big topic in engineering and computer science but are only now being researched in business science and economics.
Green and Newman explain the potential of the blockchain in the energy sector, and Oh et al. A separate research stream will likely form around the field of energy, smart grids and decentralized markets. Other sectors on which scientists have recently published initial findings and which warrant significantly more research include the sharing economy Pazaitis et al. Economists have already begun to comment on Libra e. Cecchetti and Schienholtz ; Eichengreen , though not in peer-reviewed journals.
The concept of so-called stable coins—blockchain tokens whose value is backed by fiat currencies or other assets such as gold—will for example find its way into monetary policy research and other research streams e. Wei b. Here, a differentiation can be made between decentralized protocols e. Against this background, a potential merging of research stream V with the other areas presents clear opportunities for researchers. This study has analysed the scientific basis of the existing literature in the field of blockchain technology and cryptocurrency using quantitative methodology, which enables a neutral and objective evaluation.
Five research streams with the greatest thematic relevance were identified—two of which are already mature while three are still emerging—and their underlying content and approaches were presented. The results provide a basis for all researchers working within one of the five research streams.
The identification of core publications in each sphere may serve as a starting point for new research endeavours. The interrelations between the discourses show that this young field of research still leaves a lot of room for manoeuvre, including fundamental original work.
In other words, there is still ample space for scientific discovery next to Nakamoto Adhami, S. Why do businesses go crypto? An empirical analysis of initial coin offerings. Journal of Economics and Business, , 64— Agrawal, A. Crowdfunding: geography, social networks, and the timing of investment decisions.
Journal of Economics and Management Strategy, 24 2 , — Ahlers, G. Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39 4 , — Ahlstrom, D. Venture capital in emerging economies: networks and institutional change. Entrepreneurship Theory and Practice, 30 2 , — Aiyagari, S. Government transaction policy, the medium of exchange, and welfare. Journal of Economic Theory, 74 1 , 1— Alvarez-Ramirez, J. Long-range correlations and asymmetry in the Bitcoin market. Physica A: Statistical Mechanics and its Applications, , — Andoni, M.
Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renewable and Sustainable Energy Reviews, , — Ante, L. Cryptocurrency, Blockchain and Crime. McCarthy Ed. Agenda Publishing. Market reaction to exchange listings of cryptocurrencies. Cheap signals in security token offerings STOs. Returns from investing in cryptocurrency: evidence from german individual investors. Cross-listings of blockchain-based tokens issued through initial coin offerings: do liquidity and specific cryptocurrency exchanges matter?
Blockchain-based ICOs: pure hype or the dawn of a new era of startup financing? Journal of Risk and Financial Management, 11 4 , Apte, S. Will blockchain technology revolutionize excipient supply chain management? Journal of Excipients and Food Chemicals, 7 3 , 76— Google Scholar. Aron, J. BitCoin software finds new life. New Scientist, , Ashta, A. FinTech evolution: Strategic value management issues in a fast changing industry. Strategic Change, 27 4 , — Atzori, M.
Blockchain technology and decentralized governance: is the state still necessary? Journal of Governance and Regulation, 6 1 , 1— Back, A. Hashcash - a denial of service counter-measure. Accessed 1 September Bariviera, A. The inefficiency of Bitcoin revisited: A dynamic approach. Economics Letters, , 1—4. Some stylized facts of the Bitcoin market. Physica A: Statistical Mechanics and its Applications, , 82— Batubara, F. Baur, D.
Bitcoin, gold and the US dollar—A replication and extension. Finance Research Letters, 25 , — Bitcoin: Medium of exchange or speculative assets? Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45 2 , — Is gold a safe haven?
International evidence. Journal of Banking and Finance, 34 8 , — Bayer, D. Improving the efficiency and reliability of digital time-stamping. Sequences, II , — Biehl, M. Relationships among the academic business disciplines: A multi-method citation analysis. Omega, 34 4 , — Bitcoin: economics, technology, and governance. Journal of Economic Perspectives, 29 2 , — Borgatti, S. Ucinet for Windows: Software for social network analysis.
Harvard MA: analytical technologies , 6. Bouoiyour, J. What drives Bitcoin price? Economics Bulletin, 36 2 , — What does Bitcoin look like? In Handbook of digital currency pp. Bouri, E. On the hedge and safe haven properties of Bitcoin: Is it really more than a diversifier? Finance Research Letters, 20 , — Brauneis, A. Price discovery of cryptocurrencies: Bitcoin and beyond. Economics Letters, , 58— Bryans, D. Bitcoin and money laundering: mining for an effective solution. Indiana Law Journal, 89 1 , — Buterin, V.
Carrington, P. Models and methods in social network analysis. Carter, R. Initial public offerings and underwriter reputation. The Journal of Finance, 45 4 , — Castro, M. Practical byzantine fault tolerance. OSDI, 99 , — Caytas, J. Developing blockchain real-time clearing and settlement in the EU, U. Cecchetti, S. Libra: A dramatic call to regulatory action. Certo, S. Signaling firm value through board structure: an investigation of initial public offerings.
Entrepreneurship Theory and Practice, 26 2 , 33— Chaum, D. Advances in Cryptology: proceedings of Crypto. Cheah, E. Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, , 32— Long memory interdependency and inefficiency in Bitcoin markets.
Economics Letters , , 18— Chen, Y. Journal of the American Society for Information Science, 37 5 , — Chen, Z. The transition from traditional banking to mobile internet finance: an organizational innovation perspective — a comparative study of Citibank and ICBC. Financial Innovation, 3 1 , 1—6. Chiu, J. Blockchain-based settlement for asset trading. The Review of Financial Studies, 32 5 , — Ciaian, P.
The economics of BitCoin price formation. Applied Economics, 48 19 , — Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets.
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