This article surveys research on the effects of digitalization on access to finance. We focus
the review on access through fintech. We review the growth of three main fintech …

Blockchain, a decentralized validation protocol in which no one individual entity completely
controls the process or information, is labeled both a “techno tour de force” and a “fraud.” …

Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance,
with parallels to initial public offerings, venture capital, and presale crowdfunding. In a …

Blockchain technology and smart contracts are catalysts for decentralization and
disintermediation. These new technologies reduce transaction costs, agency costs, and offer …

The intersection of finance and technology, known as fintech, has resulted in the dramatic
growth of innovations and has changed the entire financial landscape. While fintech has a …

This paper explores how entrepreneurs can use initial coin offerings—whereby they issue
crypto tokens and commit to only accept those tokens as payment for their products—to fund …

Cryptocurrency refers to a type of digital asset that uses distributed ledger, or blockchain,
technology to enable a secure transaction. Although the technology is widely …

We analyze a dataset of 2390 completed ICOs, which raised a total of $12 billion in capital,
nearly all since January 2017. We find evidence of significant ICO underpricing, with …

Sustainability orientation has a positive effect on startups' initial valuation and a negative
effect on their post-funding financial performance. All else equal, improving sustainability …

This paper provides the first evidence of a moral hazard in signaling in an entrepreneurial
finance context, by examining token offerings or Initial Coin Offerings (ICOs). Entrepreneurs' …