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The marginal cost of mining, Metcalfe's law and cryptocurrency value formation: causal inferences from the instrumental variable approach. [Working paper] (2019)
Preprint / Working Paper
SHANAEV, S., SHARMA, S., SHURAEVA, A. and GHIMIRE, B. 2019. The marginal cost of mining, Metcalfe's law and cryptocurrency value formation: causal inferences from the instrumental variable approach. [Working paper]. SSRN [online]. Available from: https://doi.org/10.2139/ssrn.3432431

This paper is the first to rigorously test commonly cited simplistic theories of cryptocurrency pricing, namely, cost-based model and Metcalfe's law, using causal inferences from the instrumental variables approach on block-level data for six proof-o... Read More about The marginal cost of mining, Metcalfe's law and cryptocurrency value formation: causal inferences from the instrumental variable approach. [Working paper].

Taming the blockchain beast? Regulatory implications for the cryptocurrency market. [Working paper] (2019)
Preprint / Working Paper
SHANAEV, S., SHARMA, S., SHURAEVA, A. and GHIMIRE, B. 2019. Taming the blockchain beast? Regulatory implications for the cryptocurrency market. [Working paper]. SSRN [online]. Available from: https://doi.org/10.2139/ssrn.3397939

This paper uses a unique dataset of 120 regulatory events from five classes to test the relevance of the regulatory framework for cryptocurrency value. Time-series market-wide estimates and panel estimates for 300 individual coins and tokens show sta... Read More about Taming the blockchain beast? Regulatory implications for the cryptocurrency market. [Working paper].