A zero-confirmation transaction is a transaction that has not yet been confirmed on the blockchain and, as such, is not yet part of the blockchain. The network propagates zero-confirmation transactions quickly, but they are not secured against double-spending attacks. In This paper, we suggest a...

As algorithmic trading (AT) has become a dominant component in financial markets, it is important to understand its benefits and costs. We find that AT is positively related to future stock price crash risk and managers’ bad news hoarding behavior. Additional analyses show that the effect of...

The replacement closeout convention has drawn more and more attention since the 2008 financial crisis. Compared with the conventional risk-free closeout, the replacement closeout convention incorporates the creditworthiness of the counterparty and thus providing a more accurate estimate of the...

The transfer of information by telecommunication channels is accompanied by message hashing to control the integrity of the data and confirm the authenticity of the data. When using a reliable hash function, it is computationally difficult to create a fake message with a pre-existing hash code,...

Over recent years, companies have been increasingly adopting algorithmic decision systems (ADS) to replace humans. In this paper, we focus on how ADS facilitates human managers’ decision making rather than replacing it. Our pilot field experiment shows that ADS generally improves the...

We contribute to the burgeoning literature on macroeconomic forecasting by exploring the benefits of machine learning methods. The performance of machine learning algorithms, factor models and MIDAS in forecasting China’s real GDP growth rate is evaluated in an extensive pseudo out-of-sample...