The composability and anonymity of participants in Decentralized Finance pose significant challenges in understanding their interactions and the buildup of risk within the network. We map the interconnections among decentralized finance protocols using transactions among contracts and addresses,...

I review the empirical and theoretical literature on trade credit and identify two main strands of the literature, which focus, respectively, on expensive trade credit to financially constrained firms and on cheap trade credit to customers with high bargaining power. It emerges that trade credit...

Interconnectedness is an inherent feature of the modern financial system. While it con-tributes to efficiency of financial services, it also creates structural vulnerabilities: pernicious shock transmission and amplification impacting banks’ capitalization. This has recently been seen during...

We find effectively extracting information from the stock-related structure (SRS) can improve the predictability of stock returns. A new factor for asset pricing is constructed that captures the characteristics of stock correlation network, and a new four-factor model is proposed by adding the...

The possession of diverse knowledge is vital for countries to maintain competitive advantages as new technologies and other disruptive changes emerge. Foreign Direct Investment (FDI) has become an important instrument to access knowledge and innovation available in other countries with the...

Decentralized Finance (DeFi) is composed of a variety of heterogeneous sectors that are interconnected through an input-output network of its tokens. We use a panel data set to empricially document the evolution of the DeFi network across its different sectors. We then employ a standard,...