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Digital Economy and
Financial Technology

Research Lab


DEFT Articles and Working Papers


  • Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence” (Lin William Cong, Xiang Hui, Catherine Tucker, & Luofeng Zhou), (2022), R&R, Management Science.

  • Crypto Wash Trading” (Lin William Cong, Xi Li, Ke Tang, & Yang Zhang), (2022), R&R, Management Science.

  • Cooking the Order Books: Information Manipulation and Competition among Crypto Exchanges” (Dan Amiram, Evgeny Lyandres, & Daniel Rabetti), (2022), R&R, Management Science.

  • Perpetual Price Discovery and Crypto Market Quality” (Qihong Ruan & Artem Streltsov), Working Paper.

  • Production, Trade, and Cross-Border Data Flows” (Qing Chang, Lin William Cong, Liyong Wang, & Longtian Zhang), Working Paper.

  • Uncommon Factors for Bayesian Asset Clusters” (Lin William Cong, Gavin Feng, Jingyu He, & Junye Li), Working Paper.

  • The Rise of E-Wallets and Buy-Now-Pay-Later: Payment Competition, Credit Expansion, and Consumer Behavior” (Wenlong Bian, Lin William Cong, & Ji Yang), Working Paper.

  • Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem” (Lin William Cong, Ke Tang, Yanxin Wang, & Xi Zhao), Working Paper.

  • Antitrust, Regulation, and User Union in the Era of Digital Platforms and Big Data’’ (Lin William Cong & Simon Mayer), Working Paper

  • An Anatomy of Crypto-Enabled Cybercrimes’’ (Lin William Cong, Campbell R. Harvey, Daniel Rabetti, & Zong-Yu Wu), Working paper.

  • The Coming Battle of Digital Currencies” (Lin William Cong, Simon Mayer), Working Paper.

  • A Model of Influencer Economy” (Lin William Cong & Siguang Li), Working Paper.

  • Staking, Token Pricing, and Crypto Carry” (Lin William Cong, Zhiheng He & Ke Tang), Working Paper

  • Growing Panel Trees to Harvest Basis Portfolios and Pricing Kernels” (Lin William Cong, Gavin Feng, Jingyu He, & Xin He), Working Paper.

  • Value Premium, Network Adoption, and Factor Pricing of Crypto Assets” (Lin William Cong, Andrew Karolyi, Ke Tang, & Weiyi Zhao), Working Paper.

Project NavDark


A project dedicated to understanding the dark side of crypto assets, blockchain networks, and DeFi, while offering tools for detecting issues and solutions for improving the systems. Topics cover crypto-enabled cybercrimes, market power and concentration, blockchain forensics, big data analytics, etc. Below is a list of short reports by Lin William Cong, Kim Grauer, Daniel Rabetti, and Henry Updegrave.

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