Cryptocurrencies are a new emergence at the intersection of technology and finance. It is therefore of particular interest whether cryptocurrencies can form a new asset class or need to be subsumed under an existing one. We find that cryptocurrencies show characteristics of a distinct asset...

Finally, I further explore the topic of ETF competition in the context of arbitrage. Three perfectly substitutable ETFs compete on the gold market. They all adjust to the daily gold fixing price, therefore never diverging significantly from each other. This constitutes an ideal setting for a...