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Grandpa, Grandpa, tell Me the One About Bitcoin Being a Haven: Evidence from the COVID-19 Pandemics (Arxiv, 7-page read) A study using quantile correlations of Bitcoin against S&P500 and VIX – and comparing the currency with gold as a safe-haven asset. It finds that Bitcoin fails to function adequately as a tradition safe haven like gold.
Effects of MiFID II on Stock Price Formation (Arxiv, 26-page read) This paper compares the properties of European stocks before and after the introduction of MiFID II – turns out regulation has made stock prices more efficient.
Making Sense of a Stock Market That Doesn’t Make Any Sense (Wealth of Common Sense, 4 min read) The stock market showed substantial gains through both world wars, which were possibly the most uncertain of times. We could see new all-time highs even as the economy is experiencing the worst of the current crisis. That’s simply because economic data is backwards-looking, and the stock market is forward-looking.