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作者：Barth, Andreas; Laturnus, Valerie; Mansouri, Sasan; Wagner, Alexander F.
作者单位：Goethe University Frankfurt; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); University of Zurich; European Corporate Governance Institute; Swiss Finance Institute (SFI)
摘要：This paper studies the contribution of analysts to the functioning and failure of the market for initial coin offerings (ICOs). The assessments of freelancing analysts exhibit biases because of reciprocal interactions of analysts with ICO team members. Even favorably rated ICOs tend to fail raising some capital when a greater portion of their ratings reciprocate prior ratings. Ninety days after listing on an exchange, the market capitalization relative to the initial funds raised is smaller fo...
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作者：Sockin, Michael; Xiong, Wei
作者单位：University of Texas System; University of Texas Austin; Princeton University; The Chinese University of Hong Kong, Shenzhen
摘要：We model cryptocurrencies as utility tokens used by a decentralized digital platform to facilitate transactions between users of certain goods or services. The network effect governing user participation, in conjunction with the nonneutrality of the token price, can cause the token market to break down. We show that token retradeability mitigates this risk of breakdown on younger platforms by harnessing user optimism but worsens this fragility when sentiment trading by speculators crowds out u...
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作者：Augustin, Patrick; Rubtsov, Alexey; Shin, Donghwa
作者单位：McGill University; Toronto Metropolitan University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：Cryptocurrencies provide a unique opportunity to identify how derivatives impact spot markets. They are fully fungible and trade across multiple spot exchanges at different prices, and futures contracts were selectively introduced on Bitcoin (BTC) exchange rates against the U.S. dollar (USD) in December 2017. Following the futures introduction, we find a significantly greater increase in cross-exchange price synchronicity for BTC-USD relative to other exchange rate pairs as demonstrated by an ...
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作者：Pathak, Parag A.; Rees-Jones, Alex; Sonmez, Tayfun
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Pennsylvania; Boston College
摘要：Affirmative action policies are often implemented through reserve systems. In this study, we demonstrate that reserve systems face widespread misunderstanding by the public. This misunderstanding can lead individuals to support policies that ineffectively pursue their interests. To establish these claims, we present 1,013 participants in the Understanding America Study with choices between pairs of reserve systems. Participants are members of the group receiving affirmative action and are fina...
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作者：Cong, Lin William; Li, Xi; Tang, Ke; Yang, Yang
作者单位：Cornell University; National Bureau of Economic Research; University of Reading; Tsinghua University; University of Bristol
摘要：We present the first systematic approach to detect fake transactions on cryptocurrency exchanges by exploiting robust statistical and behavioral regularities associated with authentic trading. Our sample consists of 29 centralized exchanges, among which the regulated ones feature transaction patterns consistently observed in financial markets and nature. In contrast, unregulated exchanges display abnormal first significant digit distributions, size rounding, and transaction tail distributions,...
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作者：Zhang, Wei; Jacquillat, Alexandre; Wang, Kai; Wang, Shuaian
作者单位：Tsinghua University; Hong Kong Polytechnic University; Massachusetts Institute of Technology (MIT)
摘要：In several transportation systems, vehicles can choose where to meet customers rather than stopping in fixed locations. This added flexibility, however, requires coordination between vehicles and customers that adds complexity to routing operations. This paper develops scalable algorithms to optimize these operations. First, we solve the one-stop subproblem in the l(1) space and the l(2) space by leveraging the geometric structure of operations. Second, to solve a multistop problem, we embed t...
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作者：Bradshaw, Mark; Drake, Michael; Pacelli, Joseph; Twedt, Brady
作者单位：Boston College; Harvard University; University of Oregon
摘要：We examine how brokerage firm initial public offerings (IPOs) influence the research quality of sell-side analysts employed by the brokerage. Our main results focus on earnings forecast bias and absolute forecast errors as proxies for research quality. Using a staggered difference-in-differences analysis, we document significant decreases in forecast bias and absolute forecast error during the two-year period centered on the analysts' brokerage house IPO. In additional analyses, we explore sev...
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作者：Garratt, Rodney J.; van Oordt, Maarten R. C.
作者单位：Bank for International Settlements (BIS); University of California System; University of California Santa Barbara; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：We assess how the cost structure of cryptocurrency mining affects the response of miners to exchange rate fluctuations and the immutability of cryptocurrency ledgers that rely on proof-of-work. We show that the amount of mining power supplied to currencies that rely on specialized hardware, such as Bitcoin, responds less to adverse exchange rate shocks than other currencies respond to such shocks, a fact that is instrumental to avoiding double-spending attacks. The results may change if mining...
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作者：Park, Andreas
作者单位：University of Toronto
摘要：Decentralized exchanges (DEXs) are an essential component of the nascent decentralized finance (DeFi) ecosystem. The most common DEXs are so-called automated market makers (AMMs): smart contracts that pool liquidity and process trades as atomic swaps of tokens. AMMs price transactions with a deterministic liquidity invariance rule that only uses the AMM's token deposits as inputs and that has no precedent in traditional finance. Yet, in the context of transparent and open blockchain operations...
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作者：Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza
作者单位：Bank of Canada
摘要：Many central banks are considering issuing a central bank digital currency (CBDC). How will the CBDC affect the macroeconomy? Will its design matter? To answer these questions, we theoretically and quantitatively assess the effects of a CBDC on consumption, banking, and welfare. Our model captures the competition between different means of payments and incorporates a novel general equilibrium feedback effect from transactions to deposits creation. The general equilibrium effects of a CBDC are ...
