Showing 2025Show all
3 papers · 1 filter
q-fin.GN2025
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…
q-fin.GN2025
Corporate Finance in the Age of Fintech: Scenarios and Challenges
Nicola Borri
Blockchain is a technological innovation that has the potential to radically change our financial markets by providing an alternative management approach to the "promise market", w…
econ.EM2025
Higher-Order Asset Pricing Factors via Forward Selection Fama-MacBeth Regression
Nicola Borri, Denis Chetverikov, Yukun Liu +1
We show that the higher-order terms and interactions of the common sparse linear factors are significantly priced in the cross-section of equity returns. A higher-order model with…