Publications of Igor Makarov

In this paper, we provide detailed analyses of the Bitcoin network and its main participants. We build a novel database using a large number of public...

The paper studies incentives and trading decisions of an arbitrageur who can take concentrated bets in an illiquid market and who cares about interim...

Journal of Financial Economics, 135(2), 293-319

We study the efficiency, price formation and segmentation of cryptocurrency markets. We document large, recurrent arbitrage opportunities in...

The Journal of Finance, 70 (3): 925–962. 

Review of Financial Studies, 26 (3). pp. 768-805. 

We analyze credit default swap settlement auctions theoretically and evaluate them empirically. In our theoretical analysis, we show that the current...