Author Type

Graduate Student

Date of Award

Spring 4-11-2026

Document Type

Dissertation

Publication Status

Version of Record

Submission Date

April 2026

Department

Finance

College Granting Degree

College of Business

Department Granting Degree

Finance

Degree Name

Doctor of Philosophy (PhD)

Thesis/Dissertation Advisor [Chair]

Sofia Johan

Abstract

In this manuscript, I present essays that examine the role of innovation in financial markets. The first essay introduces a classification framework for cryptoassets. Existing approaches either apply overly broad economic-function criteria or rely on narrow legal definitions, neither of which adequately captures the diversity of digital assets. This essay proposes a two-track framework that integrates both functional roles and technical structure. By bridging the gap between traditional asset categories and emerging digital instruments, this framework offers actionable guidance for policymakers assessing regulatory treatment, practitioners evaluating risk profiles, and academics engaged in research at the intersection of digital finance and financial technology.

The second essay investigates whether cybercriminals strategically time the execution of cryptoexchange breaches and frauds. The paper argues that the speed of transaction execution improves the likelihood of successfully laundering bitcoin, creating incentives for criminals to avoid periods of blockchain congestion. Using data on breach and fraud incidents, the analysis finds that block fullness is negatively associated with the incidence of cyberattacks and positively associated with bitcoin prices. These findings are consistent with the hypothesized mechanism. To address concerns about endogeneity, the study exploits the segregated witness protocol upgrade as an exogenous shock, providing causal evidence that network congestion deters criminal activity in cryptocurrency markets.

The third essay examines the timing of institutional financing relative to Initial Coin Offering (ICO) issuance and its implications for post-ICO market performance. Drawing on a sample of ICO projects, the essay analyzes four timing measures that capture different stages of the financing lifecycle. The paper considers three potential mechanisms: certification, financing substitution, and project development horizons. In addition, this paper evaluates whether the timing of institutional participation predicts abnormal returns. Finally, the essay exploits the SEC’s 2017 Munchee enforcement as a natural experiment to examine how increased regulatory enforcement risk shaped returns for ICOs with greater exposure to U.S. securities law.

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