Edward Lee – författare

A leading legal scholar offers a compelling new theory to explain the meteoric rise of non-fungible tokens (NFTs) and their impact on art, business, entertainment, and society and explains how they are revolutionizing our understanding of ownership.

If you buy an NFT, do you own anything? Critics say no. Then why are people paying millions of dollars to own them—to the tune of $27 billion in 2021? And why are big businesses and venture capital firms investing hundreds of millions to develop NFTs for people’s use in the metaverse, a world that is purely imaginary? In Creators Take Control, Edward Lee vividly explains how NFTs operate—and how they fundamentally change our understanding of ownership. Using easy-to-understand examples, he unpacks the complex arrangement of NFTs to show the power they offer to creators. Under this mind-bending arrangement, NFT buyers typically own virtual tokens (unique lines of code stored on blockchain), not the art or content associated with the NFT. So why would anyone pay so much money for just a token?

Lee offers a compelling new theory he calls “Tokenism” that answers this perplexing question. Tokenism is an artistic, cultural, and technological movement that creates value and a new kind of ownership in property—symbolized by a virtual token—through a process of technological abstraction and artificial scarcity effectuated by NFTs. As Cubism did in the twentieth century, Tokenism topples the traditional view of perspective—but now with respect to ownership. Tokenism ushers in a radically new approach to ownership, fitting our increasingly immaterial world in which our presence and interactions are virtual. Creators and businesses have seized upon this profound transformation to develop innovative business models and a new type of interactive ownership through NFTs—which offer vast potential for engagement, community, patronage, and decentralized collaboration. Through NFTs, creators can take back control of their artistic productions—and forge a Virtual Renaissance for the ages.

Supplemental enhancement PDF accompanies the audiobook.

Accounting and Debt Markets: Four Pieces on the Role of Accounting Information in Debt Markets provides novel and up-to-date evidence on the role of accounting information in debt markets

Companies and organisations worldwide rely heavily on debt markets for short, medium and long-term financing, and debt markets and financial intermediaries have significant effects on the real economy. Accounting information has various functions in debt markets, including inter alia, informing pricing decisions and credit ratings, determining the allocation of creditor control rights and establishing bank capital adequacy requirements. The chapters in this book provide illustrative discussion, analysis and evidence on the importance of accounting information in credit markets. The first of the four pieces reflects on how a conservative financial reporting system helps firms obtain debt funds and with better conditions, and why this is the case. The second examines the effects of accounting disclosure on credit ratings of private companies and shows that accounting information is useful for credit rating agencies. The two final pieces reflect on how banks should account for credit losses, and on how regulators are tackling this issue.

The chapters in this book were originally published as a special issue of Accounting and Business Research.

Accounting and Debt Markets: Four Pieces on the Role of Accounting Information in Debt Markets provides novel and up-to-date evidence on the role of accounting information in debt markets

Companies and organisations worldwide rely heavily on debt markets for short, medium and long-term financing, and debt markets and financial intermediaries have significant effects on the real economy. Accounting information has various functions in debt markets, including inter alia, informing pricing decisions and credit ratings, determining the allocation of creditor control rights and establishing bank capital adequacy requirements. The chapters in this book provide illustrative discussion, analysis and evidence on the importance of accounting information in credit markets. The first of the four pieces reflects on how a conservative financial reporting system helps firms obtain debt funds and with better conditions, and why this is the case. The second examines the effects of accounting disclosure on credit ratings of private companies and shows that accounting information is useful for credit rating agencies. The two final pieces reflect on how banks should account for credit losses, and on how regulators are tackling this issue.

The chapters in this book were originally published as a special issue of Accounting and Business Research.

This book is a curated compilation of research articles exploring compelling issues associated with accounting and auditing in China.

China is one of the leading emerging countries in the world. It has experienced rapid growth over the past few decades and plays a key role in the global economy. Accounting information contributes to China’s economic development by facilitating the engagement of firms with investors, governmental agencies and other stakeholders. Given the changing regulatory and economic landscape in China, the experiences and challenges of Chinese accounting and auditing offer useful insights to academics, practitioners, and policymakers around the world. Against this backdrop, there is an increasingly large and continuously growing academic literature on China-related accounting and auditing. The chapters in this volume showcase how accounting information relates to a wide spectrum of important issues, including carbon emissions, international trade and the supply chain. It also considers the development of the audit market in China and highlights important future directions for accounting researchers interested in China-related studies.

This book will be relevant for students and professionals of accounting, auditing, finance, and international business. It will be particularly useful for researchers, policymakers, and practitioners seeking to understand the nuances of China''s financial practices and their broader implications.

The chapters in this book were originally published in Accounting and Business Research.