2 papers
econ.TH2026
Trading Frictions in Dynamic Cap-and-Trade Markets
Nicola Borri, Yukun Liu, Aleh Tsyvinski +1
We develop a dynamic stochastic model of markets with an externality and multiple trading frictions, and cap-and-trade as the leading application. Slow participation, limited inter…
q-fin.GN2026
Cryptocurrency as an Investable Asset Class: Coming of Age
Nicola Borri, Yukun Liu, Aleh Tsyvinski +1
We organize existing empirical regularities of cryptocurrencies into seven stylized facts and analyze cryptocurrencies through the lens of empirical asset pricing. We find importan…