Paper - A General Fine-Grained Reduction Theory for Effect Handlers
A General Fine-Grained Reduction Theory for Effect Handlers (Sieczkowski et al. 2023) presents a theory of effect handlers that can be used for term rewriting systems, and provides a few different abstract machines for effect handlers.
A significant contribution of this paper I believe is that it provides a top down small-step semantics for effect handlers, which is a bit unusual.