Second workshop series of the Laboratory of Financial Economics

On June 13 International Laboratory of Financial Economics (LFE) held the second series of Annual Summer Workshop in Finance at ICEF.

External financial experts and ICEF researchers took part in the workshop:

• Assistant Professor Luca Gelsomini (ICEF) - “The Quoted Spread of a Monopolist Informed Intermediary”
• Assistant Professor Vincent Fardeau (ICEF) - “Financially Constrained Arbitrage and Market Structure”
• Professor Alex Boulatov (ICEF) - “Spoofing and Liquidity in Financial Markets” with Dmitry Livdan and Terrence Hendershott
• Professor Christine Parlour (Berkeley Haas) - “Liquidity Demand and Bitcoin Transaction Fees” with Alfred Lehar

Abstract: We document a high variation of bitcoin fees not only over time but also within blocks. We also document variations in block capacity usage. Even though fees tend to be higher when blocks are fuller, the blockchain rarely runs at capacity. Fees are higher when recipients spend their funds sooner, when the payment is to and from an exchange, and during weekdays. We use a simple model of cooperative price discrimination to shed light on our findings.

 

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ICEF seminars