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Absolute Blockchain Strength? Evidence from the ABS Market in China
Jing Liu, Ilhyock Shim, Yanfeng Zheng 2023-02-15
This paper examines how adoption of a novel technology—blockchain or distributed ledger technology affects financial market transactions. We exploit the emerging asset-backed security (ABS) market in China and its rapid adoption of blockchain technology. Compatible with the expectation that blockchain can reduce information asymmetry and improve information disclosure, our analyses show that blockchain-based ABS products enjoy better pricing than those not based on blockchain. Analysing approximately 5,000 ABS products issued between 2015 and 2020, adoption of blockchain technology reduces the yield spread by approximately 25 basis points. Moreover, this benefit varies across the different underlying asset classes and institutional arrangements. For example, those ABS products with underlying assets under China Securities Regulatory Commission (CSRC) regulation benefit more from the adoption of blockchain technology. Interestingly, we find that social factors such as familiarity among key parties (i.e. originator, underwriter, and auditor) may increase or decrease the benefit of adopting blockchain in ABS products depending on the asset classes and regulatory environments. Our study makes a timely contribution to the debate surrounding blockchain technology and its implication for the financial sector.
| 이전글 | 중국의 리오프닝에 따른 우리 경제 영향 분석 | 2023-02-15 |
|---|---|---|
| 다음글 | Carbon Emissions, Energy Consumption and Economic Activity in Hong Kong | 2023-02-15 |
