4 SUMMER 2024 NO.86 / THOUGHT LEADERSHIP BRIEF Yanfeng Zhang is Associate Professor in Dept. of Management at the Hong Kong University of Science and Technology (HKUST) and Faculty Associate of HKUST Institute for Emerging Market Studies. He earned his Ph.D. from University of Wisconsin Madison in 2006, majored in management and minored in economics. His research interests primarily revolve around the nexus of strategic management and entrepreneurship. His work has been published at leading management and entrepreneurship journals such as AMJ, SMJ, JBV, JMS, ICC, and SEJ. He also serves the editorial board of AMJ since 2013, the most prestigious academic journal in the management field and won the Best Reviewer Award in 2014 and 2016. He was the recipient of the Irene M. McCarthy Award for the best paper on the topic of High Technology and Innovation at the Babson International Entrepreneurship Conference. Dr. Zheng has won several major research grants such as General Research Funding (GRF) of Hong Kong. He also has extensive teaching experience in entrepreneurship and strategic management. He has developed a few innovative teaching methods and novel courses such as Fintech Entrepreneurship. It is also worth noting that the blockchain adoption effect also varied depending on whether the deals were under the purview of the CBRC or CSRC, two major financial regulatory agencies in China that oversee different segments of the financial industry. Specifically, the effect becomes more valuable under CSRC regulation for those opaque assets, another prediction compatible with information asymmetry arguments. Interestingly, social embeddedness or familiarity among key parties involved with an ABS deal plays a subtle role: when combined with blockchain adoption, the same familiarity becomes more beneficial to less opaque ABS deals which are subject to CBRC regulation but more costly to more opaque deals under CSRC regulation. This dual effect of social embeddedness and exactly how key parties negotiate and coordinate on issuing and pricing blockchain-based ABS suggests that market participants may view the combination of technology adoption and its social environment holistically instead of viewing the technology as universally beneficial. This subtle effect is worth more academic examination and attention from policy makers, especially regulators who are in charge of designing market regulations. This paper is supported by the HKUST IEMS Research Grants. Read all HKUST IEMS Thought Leadership Briefs at http://iems.ust.hk/tlb T: (852) 3469 2215 E: iems@ust.hk W: http://iems.ust.hk A: Lo Ka Chung Building, The Hong Kong University of Science and Technology, Clear Water Bay, Kowloon With Support from
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