Natalia Rostova
Natalia Rostova
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Welcome to my website. I am an Assistant Professor of Finance at EDHEC Business School (Campus Nice). I obtained my PhD in Finance from the École Polytechnique Fédérale de Lausanne (EPFL) and Swiss Finance Institute (SFI) in 2025.
My main research interests are in FinTech, Decentralized Finance, and Cryptocurrency Markets. I am interested in studying emerging financial technologies and the applications of blockchain technology and decentralized finance (DeFi) in traditional financial markets. In my research, I aim to provide transparency about the risks of these technologies for market participants. I am passionate about collecting and analyzing blockchain data.
You can find my CV here.
Publications
Publications
Management Science, 71(12), 10308-10324, 2025
Abstract: Lending relationships matter for firm financing. In a model of debt dynamics, we study how lending relationships are formed and how they impact leverage and debt maturity choices, thereby rationalizing recent empirical findings and generating new testable predictions. In the model, lending relationships evolve through repeated interactions between firms and debt investors. Stronger lending relationships lead firms to adopt higher leverage ratios, issue longer term debt, and raise funds from non-relationship lenders via syndicated loans or bonds issues when relationship quality is sufficiently high. Debt contracts involving non-relationship investors have longer maturity than those exclusively issued to relationship investors.
Working Papers
Working Papers
Abstract: We examine decentralized exchanges (DEXs) like Curve that specialize in stablecoin trading, which co-exist with centralized exchanges (CEXs) like Binance. We develop a simple model of stablecoin trading in which a DEX uses a low-convexity bonding curve to determine trading prices, liquidity traders choose between the DEX and CEX conditional on trade size, and an arbitrageur trades to profit from price staleness when the stablecoin experiences a de-peg shock. Using trade-level data of stablecoins, we empirically confirm the implications of the model's main economic mechanism---the price impact is lower on the DEX than on the CEX--for liquidity traders’ venue choice, arbitrage trading volume, and deviations from the peg. Our analyses inform the market design of stablecoin trading with respect to maintaining its price peg.
Presentations: BIS Research Seminar, Blockchain Kaigi 2024 at UZH Blockchain Center, Warwick Business School - Gillmore Centre Conference on DeFi & Digital Currencies, CEPR Fintech and Digital Currencies RPN Workshop, 3rd Bonn/Mannheim Workshop on Digital Finance, the St. Gallen Financial Economics Workshop, the SNB-CIF Conference on Cryptoassets and Financial Innovation, ToDeFi--Torino Decentralized Finance Conference 2026
Economic Incentives in the Digital Art Market, 2024
Economic Incentives in the Digital Art Market, 2024
Abstract: Non-fungible tokens (NFTs) are assets on a blockchain that represent ownership of digital art and are traded on NFT marketplaces. The NFT market on the Ethereum blockchain was monopolistic until the end of 2022, when a new marketplace entered and captured a significant market share. This paper collects transactions from these marketplaces to study the effects of increased competition on the incumbent marketplace, artists, and investors. While competition had positive effects by reducing transaction costs, increasing trading volume and attracting new users, it decreased the profits of artists, discouraged them from creating new artwork, and thereby reduced the supply of new assets. I also study user migration, multi-homing behavior, and market segmentation, and compares the results with the predictions from theories of platform economics.
Presentations: FutureFinTech Federated Conference in Luxembourg 2025, EPFL/UNIL PhD Seminar 2024, SFI Job Market Workshop 2024, SFI PhD Workshop Zurich 2024, St. Gallen Financial Economics Workshop 2024, University of Utah - David Eccles School of Business, University of Calgary - Haskayne School of Business, HEC Montreal, IE University
Abstract: In May 2022, the $18.7-billion algorithmic stablecoin USD Terra (UST) and its $20-billion backing token Luna experienced a sudden and rapid collapse from $1 and $80, respectively, to nearly 0 in a matter of days. Using transaction-level data from the Terra blockchain and cryptocurrency exchanges, this paper investigates the UST-Luna price stabilization mechanism during the collapse and argues that several flaws in the design of UST impeded its price stabilization. Using a simple model, we demonstrate that a combination of these design features explains data patterns observed during the crash.
Presentations: SNB-CIF Conference on Cryptoassets and Financial Innovation 2023, the Edinburgh Economics of Financial Technology Conference 2023, SFI Research Days 2023, CEF Nice 2023
Work In Progress
Work In Progress
Crypto Market Risk
Crypto Market Risk
with Andrea Barbon and Can Gao
with Andrea Barbon and Can Gao
Discussions
Discussions
"Finance beyond Traditional Intermediaries: Trading and Lending in Tokenized Real Estate" by Wenqian Huang and Valerie Laturnus
Conference: ToDeFi -- Torino Decentralized Finance Conference 2026
"Learning Financial Innovations: Experience from Automated Market Makers" by C. Fang
"Learning Financial Innovations: Experience from Automated Market Makers" by C. Fang
Conference: SNB-CIF Conference on Cryptoassets and Financial Innovation 2025
"Mind the Gap: The Market Price of Financial (In)Flexibility" by F. Ippolito, R. Steri, C. Tebaldi, A. T. Villa
"Mind the Gap: The Market Price of Financial (In)Flexibility" by F. Ippolito, R. Steri, C. Tebaldi, A. T. Villa
Conference: St. Gallen Financial Economics Workshop 2025
"Phantom Liquidity in Decentralized Lending" by A. Park and J. Stinner
"Phantom Liquidity in Decentralized Lending" by A. Park and J. Stinner
Conference: SNB-CIF Conference on Cryptoassets and Financial Innovation 2024
"Disentangling the loan premium: The value of bank lending" by Z. Gao
"Disentangling the loan premium: The value of bank lending" by Z. Gao
Conference: SFI PhD Workshop 2024
"The Role of Tokenization in Creating New Money Standards" by G. Zvonka
"The Role of Tokenization in Creating New Money Standards" by G. Zvonka
Conference: SFI Research Days 2023
"Dividends Restrictions and Asymmetric Information" by M. Nielsen and S. Vissers
"Dividends Restrictions and Asymmetric Information" by M. Nielsen and S. Vissers
Conference: SFI Research Days 2021
References
References
Professor of Finance
Swiss Finance Institute at EPFL
Quartier UNIL Chamberonne, Extranef
1015 Lausanne, Switzerland
erwan.morellec@epfl.ch
Associate Professor of Finance
Department of Finance
London School of Economics (LSE)
Houghton Street, London WC2A 2AE
i.makarov@lse.ac.uk
Assistant Professor of Finance
Pennsylvania State University
Smeal College of Business
366 Business Building
geelen@psu.edu
Contact
Contact
EDHEC Business School (Campus Nice)
393 Promenade des Anglais
06200 Nice, France
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