Cryptomarket discounts
研究比特币价格在不同交易所和货币对之间的相对差异（折价），发现折价持续存在，半衰期1天，分布呈尖峰右偏，标准差3.9%，且资本管制严格的国家折价波动更大。
This paper studies the efficiency of the cryptocurrency market by looking at the distribution of bitcoin prices over time and across exchange-currency pairs. We document persistent differences in relative bitcoin prices (or discounts), with a half-life of 1 day, and a distribution which is leptokurtic, skewed to the right, with a standard deviation of 3.9%. The variability of discounts is larger in countries with tighter capital controls due to the combined effect of market segmentation and local supply and demand shocks, which we relate to location-specific mining activities and investor attention.