This paper examines the trade-off between regulation and market efficiency in tokenized securities. The authors find that stricter compliance requirements can reduce liquidity and, beyond a point, make tokenization commercially unviable. spkl.io/60147ypBo #Tokenization

The King has approved the appointment of James Maynard as the new Regius Professor of Mathematics at Oxford University. He will take up the post in @OxUniMaths on 1 October 2026, and will also be a professorial fellow of Merton College. Congratulations, Prof Maynard 👏 ox.ac.uk/news/2026-07-02-jam…

The fact that foundational innovations have been overlooked in the past does not imply that ETH is being mis-valued now. These lazy arguments are part of why the Ethereum community is in such a difficult position now. ETH has two main problems. One is a demand issue. The other is a value capture issue. The Ethereum community has done essentially nothing to resolve these issues and ETH prices reflect that and will continue to reflect that until these issues are solved. On the demand issue, the most widely used applications on Ethereum are DeFi applications and the economic value of those applications depend on widespread usage. For example, when a given DEX has high liquidity provision, it generates low trading costs and can thereby sustain high trading volume. At the same time, the same DEX could generate low trading volume and low liquidity provision because low liquidity provision implies high trading costs which implies low trading volume that then re-enforces the low liquidity provision. This is known as multiple equilibria and it is a common feature in platforms. Crucially, platforms do not drift into the good equilibrium on their own. Someone has to build the user base that gets you there, which means actively engaging outside the crypto community. The Ethereum community has shown no sign of doing this: over one year after the end of the Gensler SEC, Ethereum remains largely unknown beyond the crypto community and that is a horrible sign. On the value capture issue, there is a gap between Ethereum the blockchain and ETH the asset. If stablecoins are widely traded on the Ethereum blockchain but the gas fees generated are too low, that does not imply meaningful ETH demand. Here, again, the Ethereum community has been largely obtuse about understanding this point and trying to resolve it. Ethereum was an excellent idea with the potential to be transformative. However, transformative ideas can fail without effective execution. In this context, effective execution means resolving the two core issues rather than pretending they do not exist.

Our paper "AI Bubbles with Large Language Models" is out. We show that AI agents participate in both rational and irrational bubbles.  papers.ssrn.com/sol3/papers.…

No words required.

ICYMI: Monday is the submission deadline for the Winter/Spring Session of The Microstructure Exchange microstructure.exchange/ webinar series. Submit here: form.jotform.com/parkandreas…

Alvaro Cartea is such a Bond villain name

Very nice to see this recognition coming her way. Well deserved. @MariaCorinaYA

@RichmanRonald @ProfAvanzi @AlvaroCartea @alejandroll10 @YuehuaTang @amin_izadyar @ShumiaoOuyang @junghochoi_ @teppofelin @marisako1 @JessicaHullman @MITSloan @StanfordGSB @SPGlobal

This paper investigates the #investment value of sell-side analyst price targets by treating analysts as #portfolio managers using their 12-month return forecasts. Read: spkl.io/6013fCwEt Subscribe: spkl.io/6016fCwEa #EconTwitter @AlvaroCartea @WhartonWRDS

This Friday @4pm, Friends of Wychwood is hosting a clothes swap! What we need: clothes (for any age, size & gender) in good condition, accessories & other small items, unopened toiletries, makeup, & shoes! All items are between 50p-£2, entrance is £1⁠, afternoon tea £3⁠! ⁠

Ever since people noticed they had hands and noses, they have been doing this puzzle. But did you nose that it is connected to an area of mathematics? Here's super Sam Howison. Thanks to everyone for watching and commenting over the past year.

RT @JulioBorges: Rodríguez Zapatero ha sido desde siempre un representante de los intereses de Maduro. Entre él y Maduro le pusieron una pi…

Listen now to Alvaro Cartea, director of the Oxford-Man Institute, as he discusses how the risk of collusion between machine learning-powered trading algos is increasing. hubs.li/Q02HMJwN0

La Academia Nacional de Ciencias Económicas se complace en anunciar que el día 6 de junio, en sesión solemne celebrada en el Palacio de la Academias, se incorporó como Individuo de Número a nuestra corporación el Dr. José Manuel Puente.

👉 ¿Quién fue Álvaro Cartea? Fue jugador de Deportivo Español y Deportivo Vasco entre 1943 y 1947. #Sud17XTLT

Manuel Arellano (@manolo_arellano) and Mónica Martínez-Bravo (@monicambravo) receive their National Research Awards cemfi.es/all_news_blog_detai…

In latest @CapAndFreedom ep, Steve Levitt talks his career & retiring as @UChicago prof while still leading RISC & Freakonomics. We talk applied economics, Chicago econ dept (price theory failure, macro success, personalities), Freakonomics origin & more podcasts.apple.com/us/podcas…

In case you haven't met, may we introduce one of the most 'high profile' members of Oxford Mathematics? We present Professor Pointyhead.

Leonardo Vera Azaf nombrado presidente de la Academia Nacional de Ciencias Económicas hispanopost.com/leonardo-ver… vía @hispanopost