This paper develops a decentralized theory that determines the fair value of the yield-to-maturity of a bond or bond portfolio based purely on the near-term dynamics of the yield itself. The theory decomposes the yield into three components: its expected change, its risk premium, and its...

This paper investigates the market reaction to large positive or negative liquidity shocks on the value of tokens traded on decentralized exchanges (DEXes) on the Ethereum blockchain. Automated market makers (AMMs) and constant product markets provide transparent and decentralized ways to...