Journal of Corporate Finance最新文献

英文中文

Ruling with ideology: Politicians’ beliefs and privatizations 意识形态统治：政治家的信仰与私有化

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-17 DOI: 10.1016/j.jcorpfin.2025.102919

Linxiang Ma

I examine how political ideology shapes China’s privatization wave around 2000. Using a novel ideology measure constructed based on belief formation mechanisms, I show that provincial governors with above-median communist beliefs privatize 2.8% fewer state-owned enterprises (SOEs) each year than their below-median-belief colleagues. Firms privatized under such governors also achieve fewer efficiency gains after the sale. Mechanism analysis finds evidence that this performance gap arises from ideologically driven choices: pro-communist governors are more likely to privatize weaker or less important firms, adopt transaction structures associated with inferior outcomes, and manage subsidies in ways that exacerbate post-privatization challenges. Moreover, ideology moderates how governors learn from experience and respond to signals, shaping their adaptation in managing privatization. Jointly, these results demonstrate that political leaders’ beliefs can substantially influence the trajectory and outcome of major economic reforms. It also highlights the importance of ideology in driving politicians’ decisions under authoritarian regimes.

我研究了政治意识形态是如何影响2000年前后中国的私有化浪潮的。使用一种基于信念形成机制构建的新型意识形态度量，我发现拥有高于中位数的共产主义信念的省长每年比其低于中位数的同僚少私有化2.8%的国有企业。在这样的监管下私有化的公司在出售后获得的效率收益也更少。机制分析发现，有证据表明，这种绩效差距源于意识形态驱动的选择：亲共产主义的州长更有可能将较弱或不太重要的公司私有化，采用与劣质结果相关的交易结构，并以加剧私有化后挑战的方式管理补贴。此外，意识形态缓和了州长从经验中学习和对信号做出反应的方式，塑造了他们在管理私有化方面的适应能力。总之，这些结果表明，政治领导人的信念可以实质性地影响重大经济改革的轨迹和结果。这也凸显了在专制政权下，意识形态在推动政治家决策方面的重要性。

引用次数: 0

What data have told us about decentralized finance 关于去中心化金融，数据告诉了我们什么

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-10 DOI: 10.1016/j.jcorpfin.2025.102916

Jaime Castillo León, Alfred Lehar

This paper surveys the growing empirical literature on decentralized finance (DeFi), emphasizing how protocol design and incentive structures shape economic outcomes in blockchain-based financial systems. We review evidence on tokens, decentralized exchanges, lending platforms, yield farming, derivatives, governance, infrastructure, and regulation. Across these domains, research highlights mechanisms of liquidity provision, price discovery, leverage, systemic fragility, and investor behavior, as well as vulnerabilities stemming from arbitrage frictions, liquidation dynamics, and maximal extractable value. We also examine the roles of audits, oracle networks, settlement mechanisms, and transparency tools in substituting for traditional oversight. The findings indicate that DeFi replicates many functions of traditional finance while introducing new risks linked to pseudonymity, smart contracts, and composability. The survey concludes by outlining open questions for research and policy on market efficiency, governance, systemic risk, and long-term sustainability.

本文调查了越来越多的关于去中心化金融（DeFi）的实证文献，强调了协议设计和激励结构如何在基于区块链的金融体系中塑造经济结果。我们回顾了代币、去中心化交易所、借贷平台、收益农业、衍生品、治理、基础设施和监管方面的证据。在这些领域，研究重点是流动性提供、价格发现、杠杆、系统脆弱性和投资者行为的机制，以及源于套利摩擦、清算动态和最大可提取价值的脆弱性。我们还研究了审计、oracle网络、结算机制和透明度工具在替代传统监督方面的作用。研究结果表明，DeFi复制了传统金融的许多功能，同时引入了与假名、智能合约和可组合性相关的新风险。调查最后概述了市场效率、治理、系统性风险和长期可持续性方面有待研究和政策的开放性问题。

引用次数: 0

When does a generalist CEO create shareholder value? The effect of managerial challenge 通才型CEO何时能为股东创造价值？管理挑战的影响

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-08 DOI: 10.1016/j.jcorpfin.2025.102917

Sergey Gelman , Russell Fralich , Alex Bitektine , Sara Zahraei

We find that the expected contribution of new CEO's experience to firm value depends on the degree of managerial challenge faced in the hiring firm. We identify two firm dimensions of such challenge: 1) firm complexity and 2) prior poor performance of the firm. Using a multi-industry 15-year sample of 1095 newly appointed CEOs of U.S. public firms, we find that CEO's experience benefits investors only when the firm is complex and/or struggling. The more complexity or performance challenge the firm is facing, the greater is the positive effect of CEO generalist experience on shareholder value.

我们发现，新CEO经验对企业价值的预期贡献取决于招聘公司所面临的管理挑战程度。我们确定了这种挑战的两个公司维度：1)公司复杂性和2)公司先前的不良业绩。通过对美国上市公司1095名新上任CEO的15年多行业样本分析，我们发现CEO的经验只有在公司复杂和/或挣扎时才会对投资者有利。企业所面临的复杂性或绩效挑战越大，CEO通才经验对股东价值的正向影响就越大。

引用次数: 0

Impact of culture in peer-to-peer lending 文化对p2p借贷的影响

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-04 DOI: 10.1016/j.jcorpfin.2025.102915

Anand M. Goel , Hongju Ren

We document that culture and cultural perception both influence financial decisions. We examine the impact of clan culture, an important dimension of Chinese culture, on individual lending behavior. Using data from RenRenDai, a leading peer-to-peer lending platform in China, we find that borrowers from regions with higher clan culture are more likely to get loans funded, attract larger bids from lenders, get loans funded faster, are less likely to default, and repay a larger fraction of their loans. These effects are more pronounced when there is greater information asymmetry, borrowers are older or from rural areas, and the legal environment is weaker. These results are robust to alternative measures of clan culture. Lenders rely less on culture as a signal of creditworthiness for borrowers with observable default history. Our results suggest that clan culture acts as a substitute for formal institutional mechanisms and participants in the peer-to-peer market use information about clan culture as a proxy for economic factors, improving efficiency of financial decisions.

我们证明，文化和文化观念都影响财务决策。我们考察了中国文化的一个重要维度——宗族文化对个人借贷行为的影响。利用中国领先的p2p借贷平台人人贷的数据，我们发现，来自家族文化较高地区的借款人更有可能获得贷款资金，吸引贷款人的更大出价，更快地获得贷款资金，违约的可能性更小，偿还贷款的比例也更高。当信息不对称加剧、借款人年龄较大或来自农村地区、法律环境较弱时，这些影响更为明显。这些结果对于氏族文化的替代测量是稳健的。对于有可观察到的违约历史的借款人，贷款人较少依赖文化作为其信誉的信号。研究结果表明，宗族文化替代了正式的制度机制，p2p市场参与者将宗族文化信息作为经济因素的代理，从而提高了金融决策的效率。

引用次数: 0

Interest rate uncertainty and the investment/financing decisions 利率不确定性与投资/融资决策

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-10-25 DOI: 10.1016/j.jcorpfin.2025.102912

Xue Cui , Sudipto Sarkar , Chuanqian Zhang

This paper analyzes a company's optimal investment and financing choices when both firm value and interest rates are stochastic, following the lognormal and mean-reverting processes respectively. The major new result is that the effect of interest rate on investment policy is non-monotonic, with optimal investment trigger initially increasing and subsequently decreasing in the interest rate level. This result is very different from an unlevered firm or a constant-interest-rate environment. Further, the degree of non-monotonicity increases with the volatility and long-term mean of the interest rate process. The investment trigger is also increasing in interest rate volatility and long-term mean, and initially increasing and subsequently decreasing in the speed of reversion of the interest rate process. The optimal leverage ratio is increasing in interest rate level and volatility, and decreasing in speed of reversion and long-term mean, while the effect of these parameters on optimal debt maturity period is just the opposite. We also find that the parameters of the interest-rate process (volatility, speed of reversion and long-term mean) have a larger impact on the optimal investment trigger than on the optimal leverage ratio.

本文分析了当企业价值和利率都是随机的情况下，企业的最优投融资选择分别遵循对数正态和均值回归过程。主要的新结果是利率对投资政策的影响是非单调的，最优投资触发在利率水平上先增加后减少。这种结果与无杠杆公司或固定利率环境非常不同。此外，非单调性程度随利率过程的波动率和长期均值而增加。投资触发因素在利率波动率和长期均值上也呈上升趋势，在利率过程的反转速度上呈先上升后下降趋势。最优杠杆率在利率水平和波动性上呈上升趋势，在回归速度和长期均值上呈下降趋势，而这些参数对最优债务期限的影响则相反。我们还发现，利率过程的参数（波动性、回归速度和长期均值）对最优投资触发的影响比对最优杠杆率的影响更大。

{"title":"Interest rate uncertainty and the investment/financing decisions","authors":"Xue Cui , Sudipto Sarkar , Chuanqian Zhang","doi":"10.1016/j.jcorpfin.2025.102912","DOIUrl":"10.1016/j.jcorpfin.2025.102912","url":null,"abstract":"<div><div>This paper analyzes a company's optimal investment and financing choices when both firm value and interest rates are stochastic, following the lognormal and mean-reverting processes respectively. The major new result is that the effect of interest rate on investment policy is non-monotonic, with optimal investment trigger initially increasing and subsequently decreasing in the interest rate level. This result is very different from an unlevered firm or a constant-interest-rate environment. Further, the degree of non-monotonicity increases with the volatility and long-term mean of the interest rate process. The investment trigger is also increasing in interest rate volatility and long-term mean, and initially increasing and subsequently decreasing in the speed of reversion of the interest rate process. The optimal leverage ratio is increasing in interest rate level and volatility, and decreasing in speed of reversion and long-term mean, while the effect of these parameters on optimal debt maturity period is just the opposite. We also find that the parameters of the interest-rate process (volatility, speed of reversion and long-term mean) have a larger impact on the optimal investment trigger than on the optimal leverage ratio.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102912"},"PeriodicalIF":5.9,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145417379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Freedom is not free: Manager disloyalty and bank debt reliance 自由不是免费的：经理不忠和对银行债务的依赖

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-10-24 DOI: 10.1016/j.jcorpfin.2025.102914

Luofan Bu , Jeffrey Ng , Byron Y. Song , Mark Yuzhi Yan

Traditionally, fiduciaries' duty of loyalty requires them not to pursue business opportunities that could benefit their own companies. However, starting with Delaware in 2000, several states began allowing companies to waive this duty. We find that the debt structure of firms in waiver-adopting states shifts from public debt to bank debt, suggesting that these firms rely on more intense bank monitoring to address potential managerial disloyalty. The shift is more pronounced for firms with CEOs who are more likely to appropriate business opportunities and less pronounced for firms with stronger shareholder monitoring. We also find that bank debt mitigates the adverse effect of corporate opportunity waivers on shareholder wealth, the stock market reacts positively to the bank debt issuances of firms affected by these waivers, and corporate opportunity waiver laws increase the total debt market funding costs for affected firms. Collectively, our paper provides novel evidence that firms seek creditor governance to mitigate the loss of internal governance resulting from changes in the legal environment.

传统上，受托人的忠诚义务要求他们不追求可能对自己公司有利的商业机会。然而，从2000年特拉华州开始，几个州开始允许公司免除这一关税。我们发现，在实行豁免的州，公司的债务结构从公共债务转向银行债务，这表明这些公司依赖于更严格的银行监督来解决潜在的管理不忠问题。这种转变在ceo更有可能把握商业机会的公司中更为明显，而在股东监督更强的公司中则不那么明显。我们还发现，银行债务减轻了公司机会豁免对股东财富的不利影响，股票市场对受这些豁免影响的公司的银行债务发行反应积极，公司机会豁免法增加了受影响公司的总债务市场融资成本。总的来说，我们的论文提供了新的证据，证明公司寻求债权人治理来减轻法律环境变化导致的内部治理损失。

{"title":"Freedom is not free: Manager disloyalty and bank debt reliance","authors":"Luofan Bu , Jeffrey Ng , Byron Y. Song , Mark Yuzhi Yan","doi":"10.1016/j.jcorpfin.2025.102914","DOIUrl":"10.1016/j.jcorpfin.2025.102914","url":null,"abstract":"<div><div>Traditionally, fiduciaries' duty of loyalty requires them not to pursue business opportunities that could benefit their own companies. However, starting with Delaware in 2000, several states began allowing companies to waive this duty. We find that the debt structure of firms in waiver-adopting states shifts from public debt to bank debt, suggesting that these firms rely on more intense bank monitoring to address potential managerial disloyalty. The shift is more pronounced for firms with CEOs who are more likely to appropriate business opportunities and less pronounced for firms with stronger shareholder monitoring. We also find that bank debt mitigates the adverse effect of corporate opportunity waivers on shareholder wealth, the stock market reacts positively to the bank debt issuances of firms affected by these waivers, and corporate opportunity waiver laws increase the total debt market funding costs for affected firms. Collectively, our paper provides novel evidence that firms seek creditor governance to mitigate the loss of internal governance resulting from changes in the legal environment.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102914"},"PeriodicalIF":5.9,"publicationDate":"2025-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145417377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Competition and the value of innovation 竞争与创新的价值

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-10-24 DOI: 10.1016/j.jcorpfin.2025.102909

Muhan Hu, Linxiang Ma

We examine how competition affects the economic returns firms derive from their patented innovations. Using a stock market-based measure that reflects the discounted cash flows of newly granted patents, we document a robust negative relationship between competition intensity and the economic value of patents. To establish causality, we implement a quasi-experimental design and consider horizontal M&A as events that are likely to reduce competition for non-merging industry peers. Leveraging the random timing of peers’ patent grant dates within a narrow window around M&A announcements, we show that patents granted immediately after such events on average experience a 2.8% increase in value. This effect is stronger for deals that are more likely to be anti-competitive, but is absent for non-horizontal mergers that are unlikely to alter competition intensity. Overall, we offer new insights into the competition-innovation relationship by showing that competition weakens the economic returns that incentivize firm innovation.

我们考察了竞争如何影响企业从其专利创新中获得的经济回报。使用反映新授权专利贴现现金流的股票市场措施，我们证明了竞争强度与专利经济价值之间存在强大的负相关关系。为了建立因果关系，我们实施了一个准实验设计，并将横向并购视为可能减少非合并行业同行竞争的事件。在并购公告前后的狭窄窗口内，利用同行专利授权日期的随机时间，我们发现，在此类事件发生后立即授予的专利平均价值增长2.8%。这种效应对于那些更有可能是反竞争的交易更强，但对于不太可能改变竞争强度的非横向合并则不存在。总体而言，我们通过表明竞争削弱了激励企业创新的经济回报，为竞争-创新关系提供了新的见解。

引用次数: 0

Strategic flexibility: How rent-seeking behavior enables firms to adapt to uncertainty 战略灵活性：寻租行为如何使企业适应不确定性

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-10-22 DOI: 10.1016/j.jcorpfin.2025.102913

Kyriacos Kyriacou, Siming Liu, Bryan Mase

An important aspect of the conduct of business in China is the need to develop relationships and make facilitation payments in the form of entertainment and gift giving. We use three different methods to extract firms' relationship spending from their reported entertainment and travel costs, and evaluate whether this spending enhances their ability to respond and adapt to changes in the business environment – their strategic flexibility. We employ a real options approach that identifies strategic flexibility as the firm's ability to take advantage of increased uncertainty, measured as its value gain associated with increased asset volatility. We document that relationship spending is positively associated with strategic flexibility in a way that is both significant and economically meaningful, consistent with rent-seeking behavior under institutional voids. This relation is both independent of, and supplemented by, firms' political connections, and is unaffected by the important anti-corruption campaigns implemented in 2013. The relation is nonlinear, strategic flexibility declining at very high levels of spending, implying firms become over-embedded in their relationships consistent with path dependence theory. Our findings are supported by detailed robustness testing, including quasi-exogenous variation, an instrumental variable approach, a decomposition of political connectedness and the estimation of alternative specifications. Thus, we identify a new source of firms' strategic flexibility and, relatedly, an important benefit that firms derive from the associated spending. This might explain why such spending is resilient, persisting despite ongoing attempts by the government to restrict it.

在中国开展业务的一个重要方面是需要发展关系，并以娱乐和送礼的形式支付便利费。我们使用三种不同的方法从公司报告的娱乐和差旅成本中提取关系支出，并评估这种支出是否增强了他们应对和适应商业环境变化的能力——他们的战略灵活性。我们采用实物期权方法，将战略灵活性确定为公司利用不确定性增加的能力，以其与资产波动性增加相关的价值收益来衡量。我们证明，关系支出与战略灵活性呈正相关，其方式既重要又具有经济意义，与制度空白下的寻租行为一致。这种关系既独立于企业的政治关系，又得到企业政治关系的补充，而且不受2013年实施的重要反腐运动的影响。这种关系是非线性的，战略灵活性在非常高的支出水平下下降，这意味着企业在与路径依赖理论一致的关系中变得过度嵌入。我们的研究结果得到了详细的稳健性测试的支持，包括准外生变异、工具变量方法、政治联系的分解和替代规范的估计。因此，我们确定了企业战略灵活性的新来源，以及企业从相关支出中获得的重要利益。这也许可以解释为什么尽管政府一直试图限制这种支出，但这种支出仍然具有弹性。

{"title":"Strategic flexibility: How rent-seeking behavior enables firms to adapt to uncertainty","authors":"Kyriacos Kyriacou, Siming Liu, Bryan Mase","doi":"10.1016/j.jcorpfin.2025.102913","DOIUrl":"10.1016/j.jcorpfin.2025.102913","url":null,"abstract":"<div><div>An important aspect of the conduct of business in China is the need to develop relationships and make facilitation payments in the form of entertainment and gift giving. We use three different methods to extract firms' relationship spending from their reported entertainment and travel costs, and evaluate whether this spending enhances their ability to respond and adapt to changes in the business environment – their strategic flexibility. We employ a real options approach that identifies strategic flexibility as the firm's ability to take advantage of increased uncertainty, measured as its value gain associated with increased asset volatility. We document that relationship spending is positively associated with strategic flexibility in a way that is both significant and economically meaningful, consistent with rent-seeking behavior under institutional voids. This relation is both independent of, and supplemented by, firms' political connections, and is unaffected by the important anti-corruption campaigns implemented in 2013. The relation is nonlinear, strategic flexibility declining at very high levels of spending, implying firms become over-embedded in their relationships consistent with path dependence theory. Our findings are supported by detailed robustness testing, including quasi-exogenous variation, an instrumental variable approach, a decomposition of political connectedness and the estimation of alternative specifications. Thus, we identify a new source of firms' strategic flexibility and, relatedly, an important benefit that firms derive from the associated spending. This might explain why such spending is resilient, persisting despite ongoing attempts by the government to restrict it.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102913"},"PeriodicalIF":5.9,"publicationDate":"2025-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145417376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Employee stock options and innovation: Evidence from an exogenous shock to employee intellectual property rights 员工股票期权与创新：来自员工知识产权外生冲击的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-10-22 DOI: 10.1016/j.jcorpfin.2025.102911

Soomi Jang , Tunde Kovacs , Heeick Choi

This study uses an external shock, the 2008 Court of Appeals Federal Circuit (CAFC) ruling that weakened patent property rights of inventor-employees and strengthened those of employers, to examine employee option grants' effectiveness in motivating innovation. Firms that experience a decrease in the property rights of inventor-employees subsequently increase the value, number, delta, and vega of employee option grants, as well as innovation activities following the CAFC ruling. Our evidence suggests that employee stock option compensation is an important factor motivating employees to innovate.

本研究使用外部冲击，即2008年联邦巡回上诉法院（CAFC）削弱发明人-雇员的专利产权并加强雇主的专利产权的裁决，来检验雇员期权授予在激励创新方面的有效性。经历发明人-雇员产权减少的公司随后增加了员工期权授予的价值、数量、增量和数量，以及CAFC裁决后的创新活动。我们的证据表明，员工股票期权薪酬是激励员工创新的重要因素。

引用次数: 0

Blockchain price oracles: Accuracy and violation recovery 区块链价格预言：准确性和违规恢复

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-10-21 DOI: 10.1016/j.jcorpfin.2025.102908

Matthias Nadler, Katrin Schuler, Fabian Schär

Reliable asset price data are critical for the functioning of decentralized finance (DeFi) protocols, particularly those involving collateralized lending. The accuracy of blockchain-based price oracles directly affects key processes such as collateral valuation, liquidation, and risk management. This paper presents a comprehensive empirical analysis of Chainlink Price Feeds (CPFs), the dominant oracle infrastructure in DeFi. We compile a novel dataset of over 150 million observations from 40 CPFs on Ethereum over an 18-month period, matched to benchmark prices from a centralized exchange. To identify the determinants of oracle inaccuracy, we estimate pooled OLS and fixed effects regressions, relating price deviations to design parameters, reporter dynamics, and market conditions. We then introduce a Markov-like state transition framework to model the resolution of target corridor violations, using multinomial logistic regression to estimate transition probabilities. Finally, we exploit position-level data from one of the largest decentralized lending markets and apply entity fixed effects regressions to examine how users adjust collateralization in response to oracle design. Our findings highlight economically significant deviations that are systematically related to oracle accuracy configurations and market stress, and show that users internalize these risks in their financial decisions. The results offer new insights for the design of resilient oracle systems and the management of risk in decentralized financial markets.

可靠的资产价格数据对于去中心化金融（DeFi）协议的运作至关重要，特别是那些涉及抵押贷款的协议。基于区块链的价格预言机的准确性直接影响抵押品估值、清算和风险管理等关键流程。本文对DeFi中占主导地位的oracle基础设施Chainlink Price Feeds （CPFs）进行了全面的实证分析。我们编制了一个新的数据集，其中包括以太坊上40个cpf在18个月期间的超过1.5亿次观察，与集中式交易所的基准价格相匹配。为了确定oracle不准确的决定因素，我们估计了汇总OLS和固定效应回归，将价格偏差与设计参数、报告动态和市场条件联系起来。然后，我们引入了一个类似马尔可夫的状态转移框架来模拟目标走廊违规的解决，使用多项逻辑回归来估计转移概率。最后，我们利用来自最大的分散贷款市场之一的位置级数据，并应用实体固定效应回归来检查用户如何根据oracle设计调整抵押品。我们的研究结果强调了经济上的重大偏差，这些偏差与oracle准确性配置和市场压力系统相关，并表明用户在财务决策中内部化了这些风险。研究结果为分布式金融市场中弹性oracle系统的设计和风险管理提供了新的见解。

{"title":"Blockchain price oracles: Accuracy and violation recovery","authors":"Matthias Nadler, Katrin Schuler, Fabian Schär","doi":"10.1016/j.jcorpfin.2025.102908","DOIUrl":"10.1016/j.jcorpfin.2025.102908","url":null,"abstract":"<div><div>Reliable asset price data are critical for the functioning of decentralized finance (DeFi) protocols, particularly those involving collateralized lending. The accuracy of blockchain-based price oracles directly affects key processes such as collateral valuation, liquidation, and risk management. This paper presents a comprehensive empirical analysis of Chainlink Price Feeds (CPFs), the dominant oracle infrastructure in DeFi. We compile a novel dataset of over 150 million observations from 40 CPFs on Ethereum over an 18-month period, matched to benchmark prices from a centralized exchange. To identify the determinants of oracle inaccuracy, we estimate pooled OLS and fixed effects regressions, relating price deviations to design parameters, reporter dynamics, and market conditions. We then introduce a Markov-like state transition framework to model the resolution of target corridor violations, using multinomial logistic regression to estimate transition probabilities. Finally, we exploit position-level data from one of the largest decentralized lending markets and apply entity fixed effects regressions to examine how users adjust collateralization in response to oracle design. Our findings highlight economically significant deviations that are systematically related to oracle accuracy configurations and market stress, and show that users internalize these risks in their financial decisions. The results offer new insights for the design of resilient oracle systems and the management of risk in decentralized financial markets.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"96 ","pages":"Article 102908"},"PeriodicalIF":5.9,"publicationDate":"2025-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145417375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

首页上一页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

Journal of Corporate Finance

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀