I’m a Ph.D. candidate at ESSEC Business School in Paris, France. My main research focus is on the emerging field of crypto-assets. Crypto-assets are based on a distributed network and can provide a wide variety of services, ranging from payment systems to distributed cloud storage by proposing a novel and innovative framework that allows for peer to peer interaction without the need of a centralized third party.

This emerging asset class constitutes two separate areas of interest. First the distributed blockchain by itself already hosts a series of research opportunities addressing issues such as consensus in distributed network, fee structures and the maintenance of decentralization. Second, the crypto-assets which rely on the distributed networks not only have a unique return profile, but also represent a large market capitalization which is completely out of reach from any regulation.

Research Interests

  • Crypto-assets and Blockchain Technology
  • Empirical Asset Pricing
  • Financial Stability
  • Alternative Investment Strategies
  • Sustainable Finance

Working Papers

Contagious Volatility [ Job Market Paper ]
B. Buchwalter [download paper]
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This paper investigates the financial stability implications of crypto-assets. A novel approach developed in this paper allows to identify and quantify two channels via which crypto-assets are linked to the traditional assets.

Decrypting Cryptoassets: Introduction to an Emerging Asset Class
B. Buchwalter [download paper] [download data]
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This survey explains the blockchain technology for a nontechnical audience and addresses misconceptions about crypto-assets. The greatest misunderstanding consists of the fact that not all crypto-assets are crypto-currencies.

Heterogeneity And Volatility Regimes of Crypto-assets
B. Buchwalter, J. Dias, S. Ramos
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This paper investigates the volatility clustering of crypto-assets. We highlight the different volatile regimes across the subcategories of crypto-assets.

Work In Progress

Tail Risk, Core Risk and Expected Stock Returns
J. Breckenfelder, B. Buchwalter and R. Tédongap
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We decompose the variance into four components: downside tail, downside core, upside core and upside tail. This approach yields better prediction than established predictors such as VIX, the price-dividend ratio, etc., and we rationalize the results in a model with disappointment aversion.

Risk Sharing in Blockchain Mining Pools
B. Buchwalter, N. Fazeli
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This paper formalizes a framework to explain why (and under which circumstances) individual miners decide to join a mining pool. The multiple agent setup endogenously determines pool size and pool fees based on the miners’ risk aversion.


2017- Ph.D. Finance
ESSEC Business School, Paris, France
2015 – 2017 M.Phil. Finance
ESSEC Business School, Paris, France
2013 – 2015 M.Sc. Quantitative Economics
Eberhard Karls University, Tübingen, Germany
2010 – 2013 B.Sc. International Economics
Eberhard Karls University, Tübingen, Germany

Curriculum Vitae

Download my CV here.