Selected Publications

Blockchain Without Waste: Proof-of-Stake

Review of Financial Studies, Volume 34, 1156-1190, 2021

Evolution of Shares in a Proof-of-Stake Cryptocurrency

with Ioanid Rosu

Management Science, Volume 67, 661-672, 2021 (Lead Article)

Bitcoin's Limited Adoption Problem

with Franz Hinzen and Kose John

Journal of Financial Economics, Volume 144, 347-369, 2022

Bitcoin and Beyond

with Kose John and Maureen O'Hara 

Annual Review of Financial Economics, Volume 14, 2022

Economics of Permissioned Blockchain Adoption

with Garud Iyengar, Jay Sethuraman and Wenjun Wang

Management Science, Forthcoming

Selected Working Papers

Smart Contracts and Decentralized Finance

with Kose John and Leonid Kogan

Annual Review of Financial Economics, Invited

The Need for Fees at a DEX: How Increases in Fees Can Increase DEX Trading Volume

with Joel Hasbrouck and Thomas Rivera

Blockchain Adoption in a Supply Chain with Market Power 

with Garud Iyengar, Jay Sethuraman and Wenjun Wang

Equilibrium Staking Levels in a Proof-of-Stake Blockchain

with Kose John and Thomas Rivera 

Economic Implications of Scaling Blockchains: Why the Consensus Protocol Matters

with Kose John and Thomas Rivera