Sometimes, Always, Never: Regulatory Clarity and the Development of Digital Financing

The authors thank David Chambers, Stijn Claessens, Doug Cumming, Claudia Custodio, Albert Dente, Elroy Dimson, Jon Frost, Alexandre Garel, Jens Hilscher, Yi Huang, Chris James, Andrew Karolyi, Peter Limbach, Kai Li, Alberto Manconi, Adair Morse, N. R. Prabhala, Emmanuel Schizas, Jun Yang, Tianyi Wu, Hongyi Peng, Yinfeng Zeng, Virginia Gianinazzi, and seminar participants at Audencia Business School, Cornell University, the Federal Reserve Bank of Cleveland, the Federal Reserve Bank of Philadelphia, INSEAD, King’s College, Luohan Academy, Michigan State University, the Nova School of Business and Economics, Prometeia, the University of Calgary, the University of California (UC) Berkeley, UC Davis, the University of Florida, and the University of Texas San Antonio for helpful comments; Aditi Vadakath for research assistance; and the Cambridge Centre for Alternative Finance, especially Ana Fiorella Carvajal, Kieran Garvey, Simon Huang, Philip Rowan, and Rui Zhao, for data collection.