-
Notifications
You must be signed in to change notification settings - Fork 1
Expand file tree
/
Copy pathreferences.bib
More file actions
215 lines (209 loc) · 42.6 KB
/
Copy pathreferences.bib
File metadata and controls
215 lines (209 loc) · 42.6 KB
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
% references.bib — GENERATED by scripts/paper/build_references.py
% Source: a verified reference ledger.
% DOI entries fetched verbatim from doi.org (no hand-written metadata);
% normalisations applied (ledger year wins over online-first; ALL-CAPS
% author repairs) are logged below.
% ── normalisations applied ──
% FIX han2024: year 2022 -> 2024 (ledger wins)
% FIX boudoukh2008: year 2006 -> 2008 (ledger wins)
% FIX neuberger2021: year 2020 -> 2021 (ledger wins)
% FIX farago2023: year 2022 -> 2023 (ledger wins)
% FIX carriero2024: year 2023 -> 2024 (ledger wins)
% FIX carriero2024: ALL-CAPS authors recapitalised (review): Carriero, Andrea and Clark, Todd E. and Marcellino, Massimil
% FIX borusyak2022: year 2021 -> 2022 (ledger wins)
% FIX oecd2023: injected missing author (sourced patch)
% FIX oecd2023: injected missing title (sourced patch)
% FIX oecd2023: injected missing publisher (sourced patch)
% FIX tian2025: injected missing journal (sourced patch)
% FIX brunnermeier2009: year 2008 -> 2009 (ledger wins)
% FIX shleifer1992: ALL-CAPS authors recapitalised (review): Shleifer, Andrei and Vishny, Robert W.
% FIX liu2021: year 2020 -> 2021 (ledger wins)
% FIX koo2020: ALL-CAPS authors recapitalised (review): Koo, Chun Kwong and Semeyutin, Artur and Marco Lau, Chi Keun
% FIX karagiorgis2024: year 2023 -> 2024 (ledger wins)
% FIX jia2020: year 2021 -> 2020 (ledger wins)
% FIX osterrieder2017: ALL-CAPS authors recapitalised (review): Osterrieder, Joerg and Lorenz, Julian
% Key map (key <- ledger row <- DOI):
% han2024 Han, Jung & Lee 2024 10.1093/jjfinec/nbac026
% adrian2019 Adrian, Boyarchenko & Giannone 2019 10.1257/aer.20161923
% chernozhukov2005 Chernozhukov 2005 10.1214/009053604000001165
% chernozhukov2011 Chernozhukov & Fernández-Val 2011 10.1093/restud/rdq020
% koenker1982 Koenker & Bassett 1982 10.2307/1912528
% machado2000 Machado & Santos Silva 2000 10.1016/S0304-4076(00)00016-6
% hodrick1992 Hodrick 1992 10.1093/rfs/5.3.357
% boudoukh2008 Boudoukh, Richardson & Whitelaw 2008 10.1093/rfs/hhl042
% valkanov2003 Valkanov 2003 10.1016/S0304-405X(03)00065-5
% neuberger2021 Neuberger & Payne 2021 10.1093/rfs/hhaa099
% farago2023 Faragó & Hjalmarsson 2023 10.1093/rof/rfac021
% carriero2024 Carriero, Clark & Marcellino 2024 10.1111/jmcb.13121
% brownlees2021 Brownlees & Souza 2021 10.1016/j.jmoneco.2020.11.003
% engle2004 Engle & Manganelli 2004 10.1198/073500104000000370
% jorda2005 Jordà 2005 10.1257/0002828053828518
% koenker1978 Koenker & Bassett 1978 10.2307/1913643
% montiel2021 Montiel Olea & Plagborg-Møller 2021 10.3982/ECTA18756
% lusompa2023 Lusompa 2023 10.3982/QE1988
% gregory2018 Gregory, Lahiri & Nordman 2018 10.1214/17-AOS1580
% politis1994 Politis & Romano 1994 10.1080/01621459.1994.10476870
% fitzenberger1998 Fitzenberger 1998 10.1016/S0304-4076(97)00058-4
% borusyak2022 Borusyak, Hull & Jaravel 2022 10.1093/restud/rdab030
% cont2001 Cont 2001 10.1088/1469-7688/1/2/304
% balcilar2017 Balcilar, Bouri, Gupta & Roubaud 2017 10.1016/j.econmod.2017.03.019
% altman1995 Altman & Bland 1995 10.1136/bmj.311.7003.485
% ioannidis2017 Ioannidis, Stanley & Doucouliagos 2017 10.1111/ecoj.12461
% lakens2017 Lakens 2017 10.1177/1948550617697177
% riesthuis2024 Riesthuis 2024 10.1177/25152459241240722
% oecd2023 OECD (Sasi-Brodesky & Nassr) 2023 10.1787/0524faaf-en
% qin2021 Qin, Zhou, Gamito, Jovanovic & Gervais 2021 10.1145/3487552.3487811
% perez2021 Perez, Werner, Xu & Livshits 2021 10.1007/978-3-662-64331-0_24
% tian2025 Tian & Zhu 2025 10.34989/swp-2025-12
% moallemi2024 Moallemi & Patange 2024 10.1007/978-3-031-69231-4_8
% bertomeu2024 Bertomeu, Martin & Sall 2024 10.1016/j.frl.2024.105321
% saengchote2023 Saengchote 2023 10.1016/j.intfin.2023.101807
% klagesmundt2022 Klages-Mundt & Minca 2022 10.1111/mafi.12357
% gadzinski2025 Gadzinski & Liuzzi 2025 10.1016/j.econlet.2025.112537
% geanakoplos2010 Geanakoplos 2010 10.1086/648285
% brunnermeier2009 Brunnermeier & Pedersen 2009 10.1093/rfs/hhn098
% shleifer1992 Shleifer & Vishny 1992 10.1111/j.1540-6261.1992.tb04661.x
% adrian2016 Adrian & Brunnermeier 2016 10.1257/aer.20120555
% baur2018 Baur & Dimpfl 2018 10.1016/j.econlet.2018.10.008
% huang2022 Huang, Ni & Xu 2022 10.1016/j.pacfin.2022.101773
% ando2022 Ando, Greenwood-Nimmo & Shin 2022 10.1287/mnsc.2021.3984
% bouri2017 Bouri, Azzi & Dyhrberg 2017 10.5018/economics-ejournal.ja.2017-2
% cheikh2020 Cheikh, Zaied & Chevallier 2020 10.1016/j.frl.2019.09.008
% takaishi2021 Takaishi 2021 10.1371/journal.pone.0246209
% aharon2023 Aharon, Butt, Jaffri & Nichols 2023 10.1016/j.irfa.2023.102651
% brini2022 Brini & Lenz 2022 10.1016/j.econlet.2022.110885
% kakinaka2022 Kakinaka & Umeno 2022 10.1016/j.ribaf.2022.101754
% brini2024 Brini & Lenz 2024 10.1186/s40854-024-00646-y
% oecd2022 OECD 2022 10.1787/109084ae-en
% fry2018 Fry 2018 10.1016/j.econlet.2018.08.008
% liu2021 Liu & Tsyvinski 2021 10.1093/rfs/hhaa113
% nguyen2020 Nguyen, Chevapatrakul & Yao 2020 10.1016/j.jempfin.2020.06.006
% koo2020 Koo et al. 2020 10.1142/S0217590820470013
% liu2024 Liu & Chen 2024 10.1016/j.irfa.2024.103626
% karagiorgis2024 Karagiorgis, Ballis & Drakos 2024 10.1002/ijfe.2795
% ftiti2021 Ftiti, Louhichi & Ben Ameur 2021 10.1007/s10479-021-04116-x
% borri2019 Borri 2019 10.1016/j.jempfin.2018.11.002
% ji2019 Ji, Bouri, Lau & Roubaud 2019 10.1016/j.irfa.2018.12.002
% jia2020 Jia et al. 2020 10.1016/j.frl.2020.101536
% osterrieder2017 Osterrieder & Lorenz 2017 10.1142/S2010495217500038
% gkillas2018 Gkillas & Katsiampa 2018 10.1016/j.econlet.2018.01.020
% bouri2019 Bouri, Gupta & Roubaud 2019 10.1016/j.frl.2018.07.008
% omaneadjepong2021 Omane-Adjepong et al. 2021 10.1080/23322039.2021.1933681
% kyriazis2020 Kyriazis, Papadamou & Corbet 2020 10.1016/j.ribaf.2020.101254
% haykir2022 Haykir & Yağlı 2022 10.1186/s40854-022-00383-0
% agosto2022 Agosto, Cerchiello & Pagnottoni 2022 10.1016/j.physa.2022.128016
% hoang2024 Hoang & Vo 2024 10.1016/j.jbef.2024.100991
% wu1986 Wu 1986 10.1214/aos/1176350142
% liu1988 Liu 1988 10.1214/aos/1176351062
% davidson2008 Davidson & Flachaire 2008 10.1016/j.jeconom.2008.08.003
% diebold1995 Diebold & Mariano 1995 10.1080/07350015.1995.10524599
% caldarelli2020 Caldarelli 2020 10.3390/info11110509
% gan2022 Gan et al. 2022 10.1145/3558535.3559793
@article{han2024, title={Estimation and Inference of Quantile Impulse Response Functions by Local Projections: With Applications to VaR Dynamics}, volume={22}, ISSN={1479-8417}, url={http://dx.doi.org/10.1093/jjfinec/nbac026}, DOI={10.1093/jjfinec/nbac026}, number={1}, journal={Journal of Financial Econometrics}, publisher={Oxford University Press (OUP)}, author={Han, Heejoon and Jung, Whayoung and Lee, Ji Hyung}, year={2024}, month=jul, pages={1--29} }
@article{adrian2019, title={Vulnerable Growth}, volume={109}, ISSN={0002-8282}, url={http://dx.doi.org/10.1257/aer.20161923}, DOI={10.1257/aer.20161923}, number={4}, journal={American Economic Review}, publisher={American Economic Association}, author={Adrian, Tobias and Boyarchenko, Nina and Giannone, Domenico}, year={2019}, month=apr, pages={1263--1289} }
@article{chernozhukov2005, title={Extremal quantile regression}, volume={33}, ISSN={0090-5364}, url={http://dx.doi.org/10.1214/009053604000001165}, DOI={10.1214/009053604000001165}, number={2}, journal={The Annals of Statistics}, publisher={Institute of Mathematical Statistics}, author={Chernozhukov, Victor}, year={2005}, month=apr }
@article{chernozhukov2011, title={Inference for Extremal Conditional Quantile Models, with an Application to Market and Birthweight Risks}, volume={78}, ISSN={1467-937X}, url={http://dx.doi.org/10.1093/restud/rdq020}, DOI={10.1093/restud/rdq020}, number={2}, journal={The Review of Economic Studies}, publisher={Oxford University Press (OUP)}, author={Chernozhukov, V. and Fernandez-Val, I.}, year={2011}, month=mar, pages={559--589} }
@article{koenker1982, title={Robust Tests for Heteroscedasticity Based on Regression Quantiles}, volume={50}, ISSN={0012-9682}, url={http://dx.doi.org/10.2307/1912528}, DOI={10.2307/1912528}, number={1}, journal={Econometrica}, publisher={JSTOR}, author={Koenker, Roger and Bassett, Gilbert}, year={1982}, month=jan, pages={43} }
@article{machado2000, title={Glejser's test revisited}, volume={97}, ISSN={0304-4076}, url={http://dx.doi.org/10.1016/S0304-4076(00)00016-6}, DOI={10.1016/s0304-4076(00)00016-6}, number={1}, journal={Journal of Econometrics}, publisher={Elsevier BV}, author={Machado, José A.F and Silva, J.M.C.Santos}, year={2000}, month=jul, pages={189--202} }
@article{hodrick1992, title={Dividend Yields and Expected Stock Returns: Alternative Procedures for Inference and Measurement}, volume={5}, ISSN={1465-7368}, url={http://dx.doi.org/10.1093/rfs/5.3.351}, DOI={10.1093/rfs/5.3.351}, number={3}, journal={Review of Financial Studies}, publisher={Oxford University Press (OUP)}, author={Hodrick, Robert J.}, year={1992}, month=jul, pages={357--386} }
@article{boudoukh2008, title={The Myth of Long-Horizon Predictability}, volume={21}, ISSN={1465-7368}, url={http://dx.doi.org/10.1093/rfs/hhl042}, DOI={10.1093/rfs/hhl042}, number={4}, journal={Review of Financial Studies}, publisher={Oxford University Press (OUP)}, author={Boudoukh, Jacob and Richardson, Matthew and Whitelaw, Robert F.}, year={2008}, month=oct, pages={1577--1605} }
@article{valkanov2003, title={Long-horizon regressions: theoretical results and applications}, volume={68}, ISSN={0304-405X}, url={http://dx.doi.org/10.1016/S0304-405X(03)00065-5}, DOI={10.1016/s0304-405x(03)00065-5}, number={2}, journal={Journal of Financial Economics}, publisher={Elsevier BV}, author={Valkanov, Rossen}, year={2003}, month=may, pages={201--232} }
@article{neuberger2021, title={The Skewness of the Stock Market over Long Horizons}, volume={34}, ISSN={1465-7368}, url={http://dx.doi.org/10.1093/rfs/hhaa048}, DOI={10.1093/rfs/hhaa048}, number={3}, journal={The Review of Financial Studies}, publisher={Oxford University Press (OUP)}, author={Neuberger, Anthony and Payne, Richard}, editor={Van Nieuwerburgh, Stijn}, year={2021}, month=apr, pages={1572--1616} }
@article{farago2023, title={Long-Horizon Stock Returns Are Positively Skewed}, volume={27}, ISSN={1573-692X}, url={http://dx.doi.org/10.1093/rof/rfac021}, DOI={10.1093/rof/rfac021}, number={2}, journal={Review of Finance}, publisher={Oxford University Press (OUP)}, author={Farago, Adam and Hjalmarsson, Erik}, year={2023}, month=apr, pages={495--538} }
@article{carriero2024, title={Capturing Macro-Economic Tail Risks with Bayesian Vector Autoregressions}, volume={56}, ISSN={1538-4616}, url={http://dx.doi.org/10.1111/jmcb.13121}, DOI={10.1111/jmcb.13121}, number={5}, journal={Journal of Money, Credit and Banking}, publisher={Wiley}, author={Carriero, Andrea and Clark, Todd E. and Marcellino, Massimiliano}, year={2024}, month=dec, pages={1099--1127} }
@article{brownlees2021, title={Backtesting global Growth-at-Risk}, volume={118}, ISSN={0304-3932}, url={http://dx.doi.org/10.1016/j.jmoneco.2020.11.003}, DOI={10.1016/j.jmoneco.2020.11.003}, journal={Journal of Monetary Economics}, publisher={Elsevier BV}, author={Brownlees, Christian and Souza, André B.M.}, year={2021}, month=mar, pages={312--330} }
@article{engle2004, title={CAViaR: Conditional Autoregressive Value at Risk by Regression Quantiles}, volume={22}, ISSN={1537-2707}, url={http://dx.doi.org/10.1198/073500104000000370}, DOI={10.1198/073500104000000370}, number={4}, journal={Journal of Business \& Economic Statistics}, publisher={Informa UK Limited}, author={Engle, Robert F and Manganelli, Simone}, year={2004}, month=oct, pages={367--381} }
@article{jorda2005, title={Estimation and Inference of Impulse Responses by Local Projections}, volume={95}, ISSN={0002-8282}, url={http://dx.doi.org/10.1257/0002828053828518}, DOI={10.1257/0002828053828518}, number={1}, journal={American Economic Review}, publisher={American Economic Association}, author={Jordà, Òscar}, year={2005}, month=feb, pages={161--182} }
@article{koenker1978, title={Regression Quantiles}, volume={46}, ISSN={0012-9682}, url={http://dx.doi.org/10.2307/1913643}, DOI={10.2307/1913643}, number={1}, journal={Econometrica}, publisher={JSTOR}, author={Koenker, Roger and Bassett, Gilbert}, year={1978}, month=jan, pages={33} }
@article{montiel2021, title={Local Projection Inference Is Simpler and More Robust Than You Think}, volume={89}, ISSN={0012-9682}, url={http://dx.doi.org/10.3982/ECTA18756}, DOI={10.3982/ecta18756}, number={4}, journal={Econometrica}, publisher={The Econometric Society}, author={Montiel Olea, José Luis and Plagborg-Møller, Mikkel}, year={2021}, pages={1789--1823} }
@article{lusompa2023, title={Local projections, autocorrelation, and efficiency}, volume={14}, ISSN={1759-7323}, url={http://dx.doi.org/10.3982/QE1988}, DOI={10.3982/qe1988}, number={4}, journal={Quantitative Economics}, publisher={The Econometric Society}, author={Lusompa, Amaze}, year={2023}, pages={1199--1220} }
@article{gregory2018, title={A smooth block bootstrap for quantile regression with time series}, volume={46}, ISSN={0090-5364}, url={http://dx.doi.org/10.1214/17-AOS1580}, DOI={10.1214/17-aos1580}, number={3}, journal={The Annals of Statistics}, publisher={Institute of Mathematical Statistics}, author={Gregory, Karl B. and Lahiri, Soumendra N. and Nordman, Daniel J.}, year={2018}, month=jun }
@article{politis1994, title={The Stationary Bootstrap}, volume={89}, ISSN={1537-274X}, url={http://dx.doi.org/10.1080/01621459.1994.10476870}, DOI={10.1080/01621459.1994.10476870}, number={428}, journal={Journal of the American Statistical Association}, publisher={Informa UK Limited}, author={Politis, Dimitris N. and Romano, Joseph P.}, year={1994}, month=dec, pages={1303--1313} }
@article{fitzenberger1998, title={The moving blocks bootstrap and robust inference for linear least squares and quantile regressions}, volume={82}, ISSN={0304-4076}, url={http://dx.doi.org/10.1016/S0304-4076(97)00058-4}, DOI={10.1016/s0304-4076(97)00058-4}, number={2}, journal={Journal of Econometrics}, publisher={Elsevier BV}, author={Fitzenberger, Bernd}, year={1998}, month=feb, pages={235--287} }
@article{borusyak2022, title={Quasi-Experimental Shift-Share Research Designs}, volume={89}, ISSN={1467-937X}, url={http://dx.doi.org/10.1093/restud/rdab030}, DOI={10.1093/restud/rdab030}, number={1}, journal={The Review of Economic Studies}, publisher={Oxford University Press (OUP)}, author={Borusyak, Kirill and Hull, Peter and Jaravel, Xavier}, editor={Krueger, Dirk}, year={2022}, month=jun, pages={181--213} }
@article{cont2001, title={Empirical properties of asset returns: stylized facts and statistical issues}, volume={1}, ISSN={1469-7696}, url={http://dx.doi.org/10.1080/713665670}, DOI={10.1080/713665670}, number={2}, journal={Quantitative Finance}, publisher={Informa UK Limited}, author={Cont, R.}, year={2001}, month=feb, pages={223--236} }
@article{balcilar2017, title={Can volume predict Bitcoin returns and volatility? A quantiles-based approach}, volume={64}, ISSN={0264-9993}, url={http://dx.doi.org/10.1016/j.econmod.2017.03.019}, DOI={10.1016/j.econmod.2017.03.019}, journal={Economic Modelling}, publisher={Elsevier BV}, author={Balcilar, Mehmet and Bouri, Elie and Gupta, Rangan and Roubaud, David}, year={2017}, month=aug, pages={74--81} }
@article{altman1995, title={Statistics notes: Absence of evidence is not evidence of absence}, volume={311}, ISSN={1468-5833}, url={http://dx.doi.org/10.1136/bmj.311.7003.485}, DOI={10.1136/bmj.311.7003.485}, number={7003}, journal={BMJ}, publisher={BMJ}, author={Altman, Douglas G and Bland, J Martin}, year={1995}, month=aug, pages={485} }
@article{ioannidis2017, title={The Power of Bias in Economics Research}, volume={127}, ISSN={1468-0297}, url={http://dx.doi.org/10.1111/ecoj.12461}, DOI={10.1111/ecoj.12461}, number={605}, journal={The Economic Journal}, publisher={Oxford University Press (OUP)}, author={Ioannidis, John P. A. and Stanley, T. D. and Doucouliagos, Hristos}, year={2017}, month=oct, pages={F236--F265} }
@article{lakens2017, title={Equivalence Tests: A Practical Primer for
t
Tests, Correlations, and Meta-Analyses}, volume={8}, ISSN={1948-5514}, url={http://dx.doi.org/10.1177/1948550617697177}, DOI={10.1177/1948550617697177}, number={4}, journal={Social Psychological and Personality Science}, publisher={SAGE Publications}, author={Lakens, Daniël}, year={2017}, month=may, pages={355--362} }
@article{riesthuis2024, title={Simulation-Based Power Analyses for the Smallest Effect Size of Interest: A Confidence-Interval Approach for Minimum-Effect and Equivalence Testing}, volume={7}, ISSN={2515-2467}, url={http://dx.doi.org/10.1177/25152459241240722}, DOI={10.1177/25152459241240722}, number={2}, journal={Advances in Methods and Practices in Psychological Science}, publisher={SAGE Publications}, author={Riesthuis, Paul}, year={2024}, month=apr }
@book{oecd2023, publisher={OECD Publishing}, title={DeFi liquidations: Volatility and liquidity}, author={Sasi-Brodesky, Ana and Nassr, Iota Kaousar}, ISSN={2079-7117}, url={http://dx.doi.org/10.1787/0524faaf-en}, DOI={10.1787/0524faaf-en}, journal={OECD Working Papers on Finance, Insurance and Private Pensions}, institution={Organisation for Economic Co-Operation and Development (OECD)}, year={2023}, month=jul }
@inproceedings{qin2021, series={IMC '21}, title={An empirical study of DeFi liquidations: incentives, risks, and instabilities}, url={http://dx.doi.org/10.1145/3487552.3487811}, DOI={10.1145/3487552.3487811}, booktitle={Proceedings of the 21st ACM Internet Measurement Conference}, publisher={ACM}, author={Qin, Kaihua and Zhou, Liyi and Gamito, Pablo and Jovanovic, Philipp and Gervais, Arthur}, year={2021}, month=nov, pages={336--350}, collection={IMC '21} }
@inbook{perez2021, title={Liquidations: DeFi on a Knife-Edge}, ISBN={9783662643310}, ISSN={1611-3349}, url={http://dx.doi.org/10.1007/978-3-662-64331-0_24}, DOI={10.1007/978-3-662-64331-0_24}, booktitle={Financial Cryptography and Data Security}, publisher={Springer Berlin Heidelberg}, author={Perez, Daniel and Werner, Sam M. and Xu, Jiahua and Livshits, Benjamin}, year={2021}, pages={457--476} }
@article{tian2025, journal={Bank of Canada Staff Working Paper 2025-12},
doi = {10.34989/SWP-2025-12},
url = {https://www.bankofcanada.ca/2025/03/staff-working-paper-2025-12/},
author = {Tian, Phoebe and Zhu, Yu},
language = {en},
title = {Liquidation Mechanisms and Price Impacts in DeFi},
publisher = {Bank of Canada},
year = {2025}
}
@inbook{moallemi2024, title={An Analysis of Fixed-Spread Liquidation Lending in DeFi}, ISBN={9783031692314}, ISSN={1611-3349}, url={http://dx.doi.org/10.1007/978-3-031-69231-4_8}, DOI={10.1007/978-3-031-69231-4_8}, booktitle={Financial Cryptography and Data Security. FC 2024 International Workshops}, publisher={Springer Nature Switzerland}, author={Moallemi, Ciamac and Patange, Utkarsh}, year={2024}, month=nov, pages={105--127} }
@article{bertomeu2024, title={Measuring DeFi risk}, volume={63}, ISSN={1544-6123}, url={http://dx.doi.org/10.1016/j.frl.2024.105321}, DOI={10.1016/j.frl.2024.105321}, journal={Finance Research Letters}, publisher={Elsevier BV}, author={Bertomeu, Jeremy and Martin, Xiumin and Sall, Ibrahima}, year={2024}, month=may, pages={105321} }
@article{saengchote2023, title={Decentralized lending and its users: Insights from compound}, volume={87}, ISSN={1042-4431}, url={http://dx.doi.org/10.1016/j.intfin.2023.101807}, DOI={10.1016/j.intfin.2023.101807}, journal={Journal of International Financial Markets, Institutions and Money}, publisher={Elsevier BV}, author={Saengchote, Kanis}, year={2023}, month=sep, pages={101807} }
@article{klagesmundt2022, title={While stability lasts: A stochastic model of noncustodial stablecoins}, volume={32}, ISSN={1467-9965}, url={http://dx.doi.org/10.1111/mafi.12357}, DOI={10.1111/mafi.12357}, number={4}, journal={Mathematical Finance}, publisher={Wiley}, author={Klages-Mundt, Ariah and Minca, Andreea}, year={2022}, month=jul, pages={943--981} }
@article{gadzinski2025, title={Do liquidations discourage lending in DeFi?}, volume={255}, ISSN={0165-1765}, url={http://dx.doi.org/10.1016/j.econlet.2025.112537}, DOI={10.1016/j.econlet.2025.112537}, journal={Economics Letters}, publisher={Elsevier BV}, author={Gadzinski, Gregory and Liuzzi, Vito}, year={2025}, month=sep, pages={112537} }
@article{geanakoplos2010, title={The Leverage Cycle}, volume={24}, ISSN={1537-2642}, url={http://dx.doi.org/10.1086/648285}, DOI={10.1086/648285}, number={1}, journal={NBER Macroeconomics Annual}, publisher={University of Chicago Press}, author={Geanakoplos, John}, year={2010}, month=jan, pages={1--66} }
@article{brunnermeier2009, title={Market Liquidity and Funding Liquidity}, volume={22}, ISSN={1465-7368}, url={http://dx.doi.org/10.1093/rfs/hhn098}, DOI={10.1093/rfs/hhn098}, number={6}, journal={Review of Financial Studies}, publisher={Oxford University Press (OUP)}, author={Brunnermeier, Markus K. and Pedersen, Lasse Heje}, year={2009}, month=nov, pages={2201--2238} }
@article{shleifer1992, title={Liquidation Values and Debt Capacity: A Market Equilibrium Approach}, volume={47}, ISSN={1540-6261}, url={http://dx.doi.org/10.1111/j.1540-6261.1992.tb04661.x}, DOI={10.1111/j.1540-6261.1992.tb04661.x}, number={4}, journal={The Journal of Finance}, publisher={Wiley}, author={Shleifer, Andrei and Vishny, Robert W.}, year={1992}, month=sep, pages={1343--1366} }
@article{adrian2016, title={CoVaR}, volume={106}, ISSN={0002-8282}, url={http://dx.doi.org/10.1257/aer.20120555}, DOI={10.1257/aer.20120555}, number={7}, journal={American Economic Review}, publisher={American Economic Association}, author={Adrian, Tobias and Brunnermeier, Markus K.}, year={2016}, month=jul, pages={1705--1741} }
@article{baur2018, title={Asymmetric volatility in cryptocurrencies}, volume={173}, ISSN={0165-1765}, url={http://dx.doi.org/10.1016/j.econlet.2018.10.008}, DOI={10.1016/j.econlet.2018.10.008}, journal={Economics Letters}, publisher={Elsevier BV}, author={Baur, Dirk G. and Dimpfl, Thomas}, year={2018}, month=dec, pages={148--151} }
@article{huang2022, title={Leverage effect in cryptocurrency markets}, volume={73}, ISSN={0927-538X}, url={http://dx.doi.org/10.1016/j.pacfin.2022.101773}, DOI={10.1016/j.pacfin.2022.101773}, journal={Pacific-Basin Finance Journal}, publisher={Elsevier BV}, author={Huang, Jing-Zhi and Ni, Jun and Xu, Li}, year={2022}, month=jun, pages={101773} }
% ── industry/market-data sources for the size argument (§8), web-verified 2026-07-01 ──
@techreport{coingecko2024annual, author={{CoinGecko}}, title={2024 Annual Crypto Industry Report}, institution={CoinGecko}, type={Industry Report}, year={2025}, month=jan, note={Top-10 centralized-exchange spot trading volume USD~17.4 trillion in 2024}, url={https://www.coingecko.com/research/publications/2024-annual-crypto-report} }
@techreport{coingecko2024perps, author={{CoinGecko}}, title={State of Crypto Perpetuals Market}, institution={CoinGecko}, type={Industry Report}, year={2025}, month=mar, note={2024 data: top-10 perpetual-exchange trading volume USD~58.5 trillion; ETH 21\% of open interest}, url={https://www.coingecko.com/research/publications/state-of-crypto-perpetuals-2024} }
@techreport{coinglass2025, author={{CoinGlass}}, title={2025 Crypto Derivatives Market Annual Report}, institution={CoinGlass}, year={2026}, note={Single-day liquidations exceeded USD~19 billion on 10 October 2025, the largest on record}, url={https://www.coinglass.com/learn/2025-annual-report-en} }
@article{ando2022, title={Quantile Connectedness: Modeling Tail Behavior in the Topology of Financial Networks}, volume={68}, ISSN={1526-5501}, url={http://dx.doi.org/10.1287/mnsc.2021.3984}, DOI={10.1287/mnsc.2021.3984}, number={4}, journal={Management Science}, publisher={Institute for Operations Research and the Management Sciences (INFORMS)}, author={Ando, Tomohiro and Greenwood-Nimmo, Matthew and Shin, Yongcheol}, year={2022}, month=apr, pages={2401--2431} }
@article{bouri2017, title={On the return-volatility relationship in the Bitcoin market around the price crash of 2013}, volume={11}, ISSN={1864-6042}, url={http://dx.doi.org/10.5018/economics-ejournal.ja.2017-2}, DOI={10.5018/economics-ejournal.ja.2017-2}, number={1}, journal={Economics}, publisher={Walter de Gruyter GmbH}, author={Bouri, Elie and Azzi, Georges and Dyhrberg, Anne Haubo}, year={2017}, month=feb }
@article{cheikh2020, title={Asymmetric volatility in cryptocurrency markets: New evidence from smooth transition GARCH models}, volume={35}, ISSN={1544-6123}, url={http://dx.doi.org/10.1016/j.frl.2019.09.008}, DOI={10.1016/j.frl.2019.09.008}, journal={Finance Research Letters}, publisher={Elsevier BV}, author={Cheikh, Nidhaleddine Ben and Zaied, Younes Ben and Chevallier, Julien}, year={2020}, month=jul, pages={101293} }
@article{takaishi2021, title={Time-varying properties of asymmetric volatility and multifractality in Bitcoin}, volume={16}, ISSN={1932-6203}, url={http://dx.doi.org/10.1371/journal.pone.0246209}, DOI={10.1371/journal.pone.0246209}, number={2}, journal={PLOS ONE}, publisher={Public Library of Science (PLoS)}, author={Takaishi, Tetsuya}, editor={Trinidad Segovia, J E.}, year={2021}, month=feb, pages={e0246209} }
@article{aharon2023, title={Asymmetric volatility in the cryptocurrency market: New evidence from models with structural breaks}, volume={87}, ISSN={1057-5219}, url={http://dx.doi.org/10.1016/j.irfa.2023.102651}, DOI={10.1016/j.irfa.2023.102651}, journal={International Review of Financial Analysis}, publisher={Elsevier BV}, author={Aharon, David Y. and Butt, Hassan Anjum and Jaffri, Ali and Nichols, Brian}, year={2023}, month=may, pages={102651} }
@article{brini2022, title={Assessing the resiliency of investors against cryptocurrency market crashes through the leverage effect}, volume={220}, ISSN={0165-1765}, url={http://dx.doi.org/10.1016/j.econlet.2022.110885}, DOI={10.1016/j.econlet.2022.110885}, journal={Economics Letters}, publisher={Elsevier BV}, author={Brini, Alessio and Lenz, Jimmie}, year={2022}, month=nov, pages={110885} }
@article{kakinaka2022, title={Asymmetric volatility dynamics in cryptocurrency markets on multi-time scales}, volume={62}, ISSN={0275-5319}, url={http://dx.doi.org/10.1016/j.ribaf.2022.101754}, DOI={10.1016/j.ribaf.2022.101754}, journal={Research in International Business and Finance}, publisher={Elsevier BV}, author={Kakinaka, Shinji and Umeno, Ken}, year={2022}, month=dec, pages={101754} }
@article{brini2024, title={A comparison of cryptocurrency volatility-benchmarking new and mature asset classes}, volume={10}, ISSN={2199-4730}, url={http://dx.doi.org/10.1186/s40854-024-00646-y}, DOI={10.1186/s40854-024-00646-y}, number={1}, journal={Financial Innovation}, publisher={Springer Science and Business Media LLC}, author={Brini, Alessio and Lenz, Jimmie}, year={2024}, month=jun }
@book{oecd2022, ISBN={9789264621817}, url={http://dx.doi.org/10.1787/109084ae-en}, DOI={10.1787/109084ae-en}, publisher={OECD}, year={2022}, month=jan }
@article{fry2018, title={Booms, busts and heavy-tails: The story of Bitcoin and cryptocurrency markets?}, volume={171}, ISSN={0165-1765}, url={http://dx.doi.org/10.1016/j.econlet.2018.08.008}, DOI={10.1016/j.econlet.2018.08.008}, journal={Economics Letters}, publisher={Elsevier BV}, author={Fry, John}, year={2018}, month=oct, pages={225--229} }
@article{liu2021, title={Risks and Returns of Cryptocurrency}, volume={34}, ISSN={1465-7368}, url={http://dx.doi.org/10.1093/rfs/hhaa113}, DOI={10.1093/rfs/hhaa113}, number={6}, journal={The Review of Financial Studies}, publisher={Oxford University Press (OUP)}, author={Liu, Yukun and Tsyvinski, Aleh}, editor={Goldstein, Itay}, year={2021}, month=sep, pages={2689--2727} }
@article{nguyen2020, title={Investigating tail-risk dependence in the cryptocurrency markets: A LASSO quantile regression approach}, volume={58}, ISSN={0927-5398}, url={http://dx.doi.org/10.1016/j.jempfin.2020.06.006}, DOI={10.1016/j.jempfin.2020.06.006}, journal={Journal of Empirical Finance}, publisher={Elsevier BV}, author={Nguyen, Linh Hoang and Chevapatrakul, Thanaset and Yao, Kai}, year={2020}, month=sep, pages={333--355} }
@article{koo2020, title={An Application of Autoregressive Extreme Value Theory to Cryptocurrencies}, ISSN={1793-6837}, url={http://dx.doi.org/10.1142/S0217590820470013}, DOI={10.1142/s0217590820470013}, journal={The Singapore Economic Review}, publisher={World Scientific Pub Co Pte Ltd}, author={Koo, Chun Kwong and Semeyutin, Artur and Marco Lau, Chi Keung and Fu, Jian}, year={2020}, month=jul, pages={1--8} }
@article{liu2024, title={Skewness risk and the cross-section of cryptocurrency returns}, volume={96}, ISSN={1057-5219}, url={http://dx.doi.org/10.1016/j.irfa.2024.103626}, DOI={10.1016/j.irfa.2024.103626}, journal={International Review of Financial Analysis}, publisher={Elsevier BV}, author={Liu, Yakun and Chen, Yan}, year={2024}, month=nov, pages={103626} }
@article{karagiorgis2024, title={The Skewness-Kurtosis plane for cryptocurrencies' universe}, volume={29}, ISSN={1099-1158}, url={http://dx.doi.org/10.1002/ijfe.2795}, DOI={10.1002/ijfe.2795}, number={2}, journal={International Journal of Finance \& Economics}, publisher={Wiley}, author={Karagiorgis, Ariston and Ballis, Antonis and Drakos, Konstantinos}, year={2024}, month=feb, pages={2543--2555} }
@article{ftiti2021, title={Cryptocurrency volatility forecasting: What can we learn from the first wave of the COVID-19 outbreak?}, volume={330}, ISSN={1572-9338}, url={http://dx.doi.org/10.1007/s10479-021-04116-x}, DOI={10.1007/s10479-021-04116-x}, number={1-2}, journal={Annals of Operations Research}, publisher={Springer Science and Business Media LLC}, author={Ftiti, Zied and Louhichi, Wael and Ben Ameur, Hachmi}, year={2021}, month=jun, pages={665--690} }
@article{borri2019, title={Conditional tail-risk in cryptocurrency markets}, volume={50}, ISSN={0927-5398}, url={http://dx.doi.org/10.1016/j.jempfin.2018.11.002}, DOI={10.1016/j.jempfin.2018.11.002}, journal={Journal of Empirical Finance}, publisher={Elsevier BV}, author={Borri, Nicola}, year={2019}, month=jan, pages={1--19} }
@article{ji2019, title={Dynamic connectedness and integration in cryptocurrency markets}, volume={63}, ISSN={1057-5219}, url={http://dx.doi.org/10.1016/j.irfa.2018.12.002}, DOI={10.1016/j.irfa.2018.12.002}, journal={International Review of Financial Analysis}, publisher={Elsevier BV}, author={Ji, Qiang and Bouri, Elie and Lau, Chi Keung Marco and Roubaud, David}, year={2019}, month=may, pages={257--272} }
@article{jia2020, title={Higher moments, extreme returns, and cross--section of cryptocurrency returns}, volume={39}, ISSN={1544-6123}, url={http://dx.doi.org/10.1016/j.frl.2020.101536}, DOI={10.1016/j.frl.2020.101536}, journal={Finance Research Letters}, publisher={Elsevier BV}, author={Jia, Yuecheng and Liu, Yuzheng and Yan, Shu}, year={2020}, month=mar, pages={101536} }
@article{osterrieder2017, title={A STATISTICAL RISK ASSESSMENT OF BITCOIN AND ITS EXTREME TAIL BEHAVIOR}, volume={12}, ISSN={2010-4960}, url={http://dx.doi.org/10.1142/S2010495217500038}, DOI={10.1142/s2010495217500038}, number={01}, journal={Annals of Financial Economics}, publisher={World Scientific Pub Co Pte Lt}, author={Osterrieder, Joerg and Lorenz, Julian}, year={2017}, month=mar, pages={1750003} }
@article{gkillas2018, title={An application of extreme value theory to cryptocurrencies}, volume={164}, ISSN={0165-1765}, url={http://dx.doi.org/10.1016/j.econlet.2018.01.020}, DOI={10.1016/j.econlet.2018.01.020}, journal={Economics Letters}, publisher={Elsevier BV}, author={Gkillas, Konstantinos and Katsiampa, Paraskevi}, year={2018}, month=mar, pages={109--111} }
@article{bouri2019, title={Herding behaviour in cryptocurrencies}, volume={29}, ISSN={1544-6123}, url={http://dx.doi.org/10.1016/j.frl.2018.07.008}, DOI={10.1016/j.frl.2018.07.008}, journal={Finance Research Letters}, publisher={Elsevier BV}, author={Bouri, Elie and Gupta, Rangan and Roubaud, David}, year={2019}, month=jun, pages={216--221} }
@article{omaneadjepong2021, title={Herding behaviour in cryptocurrency and emerging financial markets}, volume={9}, ISSN={2332-2039}, url={http://dx.doi.org/10.1080/23322039.2021.1933681}, DOI={10.1080/23322039.2021.1933681}, number={1}, journal={Cogent Economics \& Finance}, publisher={Informa UK Limited}, author={Omane-Adjepong, Maurice and Paul Alagidede, Imhotep and Lyimo, Anna Gustav and Tweneboah, George}, editor={Elgammal, Mohammed M}, year={2021}, month=jan }
@article{kyriazis2020, title={A systematic review of the bubble dynamics of cryptocurrency prices}, volume={54}, ISSN={0275-5319}, url={http://dx.doi.org/10.1016/j.ribaf.2020.101254}, DOI={10.1016/j.ribaf.2020.101254}, journal={Research in International Business and Finance}, publisher={Elsevier BV}, author={Kyriazis, Nikolaos and Papadamou, Stephanos and Corbet, Shaen}, year={2020}, month=dec, pages={101254} }
@article{haykir2022, title={Speculative bubbles and herding in cryptocurrencies}, volume={8}, ISSN={2199-4730}, url={http://dx.doi.org/10.1186/s40854-022-00383-0}, DOI={10.1186/s40854-022-00383-0}, number={1}, journal={Financial Innovation}, publisher={Springer Science and Business Media LLC}, author={Haykir, Ozkan and Yagli, Ibrahim}, year={2022}, month=aug }
@article{agosto2022, title={Sentiment, Google queries and explosivity in the cryptocurrency market}, volume={605}, ISSN={0378-4371}, url={http://dx.doi.org/10.1016/j.physa.2022.128016}, DOI={10.1016/j.physa.2022.128016}, journal={Physica A: Statistical Mechanics and its Applications}, publisher={Elsevier BV}, author={Agosto, Arianna and Cerchiello, Paola and Pagnottoni, Paolo}, year={2022}, month=nov, pages={128016} }
@article{hoang2024, title={Google search and cross-section of cryptocurrency returns and trading activities}, volume={44}, ISSN={2214-6350}, url={http://dx.doi.org/10.1016/j.jbef.2024.100991}, DOI={10.1016/j.jbef.2024.100991}, journal={Journal of Behavioral and Experimental Finance}, publisher={Elsevier BV}, author={Hoang, Lai and Vo, Duc Hong}, year={2024}, month=dec, pages={100991} }
@article{wu1986, title={Jackknife, Bootstrap and Other Resampling Methods in Regression Analysis}, volume={14}, ISSN={0090-5364}, url={http://dx.doi.org/10.1214/aos/1176350142}, DOI={10.1214/aos/1176350142}, number={4}, journal={The Annals of Statistics}, publisher={Institute of Mathematical Statistics}, author={Wu, C. F. J.}, year={1986}, month=dec }
@article{liu1988, title={Bootstrap Procedures under some Non-I.I.D. Models}, volume={16}, ISSN={0090-5364}, url={http://dx.doi.org/10.1214/aos/1176351062}, DOI={10.1214/aos/1176351062}, number={4}, journal={The Annals of Statistics}, publisher={Institute of Mathematical Statistics}, author={Liu, Regina Y.}, year={1988}, month=dec }
@article{davidson2008, title={The wild bootstrap, tamed at last}, volume={146}, ISSN={0304-4076}, url={http://dx.doi.org/10.1016/j.jeconom.2008.08.003}, DOI={10.1016/j.jeconom.2008.08.003}, number={1}, journal={Journal of Econometrics}, publisher={Elsevier BV}, author={Davidson, Russell and Flachaire, Emmanuel}, year={2008}, month=sep, pages={162--169} }
@article{diebold1995, title={Comparing Predictive Accuracy}, volume={13}, ISSN={1537-2707}, url={http://dx.doi.org/10.1080/07350015.1995.10524599}, DOI={10.1080/07350015.1995.10524599}, number={3}, journal={Journal of Business \& Economic Statistics}, publisher={Informa UK Limited}, author={Diebold, Francis X. and Mariano, Roberto S.}, year={1995}, month=jul, pages={253--263} }
@article{caldarelli2020, title={Understanding the Blockchain Oracle Problem: A Call for Action}, volume={11}, ISSN={2078-2489}, url={http://dx.doi.org/10.3390/info11110509}, DOI={10.3390/info11110509}, number={11}, journal={Information}, publisher={MDPI AG}, author={Caldarelli, Giulio}, year={2020}, month=oct, pages={509} }
@inproceedings{gan2022, series={AFT '22}, title={Understanding Flash-Loan-based Wash Trading}, url={http://dx.doi.org/10.1145/3558535.3559793}, DOI={10.1145/3558535.3559793}, booktitle={Proceedings of the 4th ACM Conference on Advances in Financial Technologies}, publisher={ACM}, author={Gan, Rundong and Wang, Le and Ruan, Xiangyu and Lin, Xiaodong}, year={2022}, month=sep, pages={74--88}, collection={AFT '22} }
% ── Verified working-paper entries (no DOI; fields web-checked, see header of each) ──
% lehar2022: title verified on SSRN 2026-06-13
@techreport{lehar2022, author={Lehar, Alfred and Parlour, Christine A.}, title={Systemic Fragility in Decentralized Markets}, institution={Bank for International Settlements}, type={BIS Working Paper}, number={1062}, year={2022}, note={SSRN 4164833}, url={https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4164833} }
% fsb2023: title verified on fsb.org 2026-06-13
@techreport{fsb2023, author={{Financial Stability Board}}, title={The Financial Stability Risks of Decentralised Finance}, institution={Financial Stability Board}, year={2023}, month=feb, url={https://www.fsb.org/uploads/P160223.pdf} }
% ── §8/§9 mechanism/official-sector refs (web-verified 2026-06-18, primary pages) ──
@techreport{chaudhary2022, author={Chaudhary, Amit and Pinna, Daniele}, title={A multi-asset, agent-based approach applied to {DeFi} lending protocol modelling}, institution={arXiv}, type={Preprint}, number={arXiv:2211.08870}, year={2022}, url={https://arxiv.org/abs/2211.08870} }
@techreport{warmuz2022, author={Warmuz, Jakub and Chaudhary, Amit and Pinna, Daniele}, title={Toxic Liquidation Spirals}, institution={arXiv}, type={Preprint}, number={arXiv:2212.07306}, year={2022}, url={https://arxiv.org/abs/2212.07306} }
@article{leharparlour2025, author={Lehar, Alfred and Parlour, Christine A.}, title={Decentralized Exchange: The {Uniswap} Automated Market Maker}, journal={The Journal of Finance}, volume={80}, number={1}, pages={321--374}, year={2025}, doi={10.1111/jofi.13405}, url={https://doi.org/10.1111/jofi.13405} }
@techreport{aramonte2021, author={Aramonte, Sirio and Huang, Wenqian and Schrimpf, Andreas}, title={{DeFi} risks and the decentralisation illusion}, institution={Bank for International Settlements}, type={BIS Quarterly Review}, year={2021}, month=dec, url={https://www.bis.org/publ/qtrpdf/r_qt2112b.htm} }
@techreport{heimbach2024, author={Heimbach, Lioba and Huang, Wenqian}, title={{DeFi} leverage}, institution={Bank for International Settlements}, type={BIS Working Paper}, number={1171}, year={2024}, month=mar, url={https://www.bis.org/publ/work1171.htm} }
@techreport{imf2021, author={{International Monetary Fund}}, title={The Crypto Ecosystem and Financial Stability Challenges}, institution={International Monetary Fund}, type={Global Financial Stability Report (October 2021), Chapter 2}, year={2021}, month=oct, url={https://www.imf.org/en/Publications/GFSR/Issues/2021/10/12/global-financial-stability-report-october-2021} }
@techreport{ecb2022, author={Hermans, Lieven and Ianiro, Annalaura and Kochanska, Urszula and van der Kraaij, Anton and Vendrell Sim{\'o}n, Josep M.}, title={Decrypting financial stability risks in crypto-asset markets}, institution={European Central Bank}, type={Financial Stability Review (May 2022), Special Feature}, year={2022}, month=may, url={https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202205_02~1cc6b111b4.en.html} }
@techreport{badev2023, author={Badev, Anton I. and Watsky, Cy}, title={Interconnected {DeFi}: Ripple Effects from the Terra Collapse}, institution={Board of Governors of the Federal Reserve System}, type={Finance and Economics Discussion Series}, number={2023-044}, year={2023}, month=jun, url={https://www.federalreserve.gov/econres/feds/files/2023044pap.pdf} }
@inproceedings{liuszalachowski2021, author={Liu, Bowen and Szalachowski, Pawel and Zhou, Jianying}, title={A First Look into {DeFi} Oracles}, booktitle={2021 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPS)}, year={2021}, url={https://arxiv.org/abs/2005.04377} }
% ── microstructure theory refs (web-verified 2026-06-29, arXiv primary pages) ──
@techreport{sadeghi2026, author={Sadeghi, Agathe and Feinstein, Zachary}, title={Liquidation Dynamics in {DeFi} and the Role of Transaction Fees}, institution={arXiv}, type={Preprint}, number={arXiv:2602.12104}, year={2026}, url={https://arxiv.org/abs/2602.12104} }
@techreport{barzykin2025, author={Barzykin, Alexander and Bergault, Philippe and Gu{\'e}ant, Olivier and Lemmel, Malo}, title={Optimal Quoting under Adverse Selection and Price Reading}, institution={arXiv}, type={Preprint}, number={arXiv:2508.20225}, year={2025}, url={https://arxiv.org/abs/2508.20225} }