Publications

  1. Blockchain Meets Securities: A Scalable Tokenization Framework (with Reina Li, Shrisht Singh, Andreas Veneris) ACM Journal on Distributed Ledger Technologies, 2025. ACM DLT

  2. Tokenized Stocks for Trading and Capital Raising (with Katya Malinova) Research Policy, 2025. SSRN

  3. On Tokenizing Securities in Contemporary DeFi Ecosystems (with Reina Li, Shrisht Singh, Andreas Veneris) 2024 IEEE International Conference on Blockchain Research & Applications (BRAINS) — shortlisted for best paper. IEEE

  4. The Conceptual Flaws of Decentralized Automated Market Makers Management Science, 2023. SSRN

  5. Tokenomics: When Tokens Beat Equity (with Katya Malinova) Management Science, 2023. SSRN

  6. Non-Standard Errors (with 250+ scholars) Journal of Finance, 2023. SSRN

  7. Engineering Economics of the Conflux Network (with Yuxi Cai, Fan Long, Andreas Veneris) 2020 IEEE Conference on Blockchain Research & Applications (BRAINS). IEEE

  8. Regulating Dark Trading: Order Flow Segmentation and Market Quality (with Carole Comerton-Forde, Katya Malinova) Journal of Financial Economics, November 2018, 130(2), pp. 347–366. SSRN

  9. Rushes in Large Timing Games (with Axel Anderson, Lones Smith) Econometrica, May 2017, 85(3), pp. 871–913. SSRN

  10. Subsidizing Liquidity: The Impact of Make/Take Fees on Market Quality (with Katya Malinova) Journal of Finance, April 2015, 70(2). SSRN

  11. The Impact of Competition and Information on Intraday Trading (with Katya Malinova) Journal of Banking and Finance, July 2014, 44, pp. 55–71. SSRN

  12. Liquidity, Volume and Price Efficiency: The Impact of Order vs. Quote Driven Trading (with Katya Malinova) Journal of Financial Markets, February 2013, 16(1), pp. 104–126. SSRN

  13. Herding and Contrarianism in Financial Markets with Endogenous Timing of Trades (with Daniel Sgroi) European Economic Review, August 2012, 56(6), pp. 1020–1037. ScienceDirect

  14. Herding and Contrarian Behaviour in Financial Markets (with Hamid Sabourian) Econometrica, 2011, 79(4), pp. 973–1026 (lead article). DOI

  15. Experiential Learning of the Efficient Market Hypothesis: Two Trading Games Journal of Economic Education, 2010, 41(4), pp. 353–369. JSTOR

  16. Trading Volume in Dealer Markets (with Katya Malinova) Journal of Financial and Quantitative Analysis, 2010, 45(6), pp. 1447–1484. JSTOR

  17. How Syndicate Short Sales Affect the Informational Efficiency of IPO Prices and Underpricing (with Bjorn Bartling) Journal of Financial and Quantitative Analysis, 2010, 45(2), pp. 441–471. JSTOR

  18. What Determines the Level of IPO Gross Spreads? Underwriter Profits and the Cost of Going Public (with Bjorn Bartling) International Review of Economics and Finance, 2009, 18(1), pp. 81–109. DOI

  19. Caller Number Five and Related Timing Games (with Lones Smith) Theoretical Economics, June 2008, 3(2), pp. 231–256. Link

Work in Progress

  1. Automated Liquidity (with Katya Malinova) October 2025.

  2. Liquidity: Pool it or Lose it (with Katya Malinova) October 2025.

  3. Can Algorithmic Stablecoins be Stable? (with Jona Stinner) December 2023.

Current Working Papers

  1. Learning from DeFi: Would Automated Market Makers Improve Equity Trading? (with Katya Malinova) February 2023. SSRN

  2. Phantom Liquidity in Decentralized Lending (with Jona Stinner) June 2023. SSRN

  3. Do Retail Traders Suffer from High Frequency Traders? (with Katya Malinova, Ryan Riordan) April 2016. SSRN

  4. Cross-Subsidizing Liquidity (with Anqi Liu, Sean Foley, Katya Malinova, Andriy Shkilko) August 2020. TMX

  5. Did Trading Bots Resurrect the CAPM? (with Jinhua Wang) January 2020. SSRN

  6. Sniping in Fragmented Markets (with Katya Malinova) June 2020. SSRN

Older Working Papers

  1. Snowbirds in Securities Trading: Canadian Brokers U.S.-bound Order Routing (with Katya Malinova) January 2020. SSRN

  2. Market Design with Blockchain Technology (with Katya Malinova) January 2016. SSRN

  3. Dark Trading on Public Exchanges (with Sean Foley, Katya Malinova) February 2013. SSRN

  4. Do Retail Traders Benefit from Improvements in Liquidity? (with Katya Malinova, Ryan Riordan) November 2013.

  5. Herding and Contrarian Behaviour in Financial Markets: An Experimental Analysis (with Daniel Sgroi) 2019.

Presentations & Slides

All my presentation slides (research seminars, conference discussions, public lectures, and teaching) are hosted on slides.com/ap248.

I also have videos for various research papers on my YouTube channel.

Conference Discussions: slides.com/ap248/decks/conference-discussions

Research Presentations: slides.com/ap248/decks/research-presentation

Presentation Setup

Seated: Canon EOS RP · Shure SMB7 mic with Focusrite · Godox ML60 lighting · Green screen Standing: Rode / Logitech Streamcam · Amazon lighting kit · Green wall backdrop Software: OBS Studio and Streamflow

Thanks to Luke Stein (Babson College) and Andrew Lo for guidance on studio setup.