Form Field Shape & Usability/Conversion Rates – Boxes vs Material Design Lines

enter image description hereI was wondering if there has been any usability research on the shape of form fields. I'm mainly interested if using the line form field popularized in material design introduces any usability issues.

My gut tells me older, less savvy users might not see the lines as fields and I'm curious to see if anyone has seen any effect on conversion rate?

Jonathan