{"title":"Return volatility and trading volume of GameFi","authors":"Guiqiang Shi , John W. Goodell , Dehua Shen","doi":"10.1016/j.jbef.2024.100955","DOIUrl":null,"url":null,"abstract":"<div><p>Focusing on GameFi, we test theories regarding the relationship between return volatility and trading volume. These theories include the Mixture of Distribution Hypothesis (MDH) and the Sequential Information Arrival Hypothesis (SIAH). Empirical results indicate rejection of MDH and support for SIAH. These results are robust to alternative measurements of trading volume and return volatility. Subperiod analysis further reveals that SIAH is more pronounced during periods of high investor attention and low economic uncertainty. The results will be of interest to scholars interested in the robustness of established financial theories for revolutionary financial products.</p></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"43 ","pages":"Article 100955"},"PeriodicalIF":4.3000,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Behavioral and Experimental Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214635024000704","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Focusing on GameFi, we test theories regarding the relationship between return volatility and trading volume. These theories include the Mixture of Distribution Hypothesis (MDH) and the Sequential Information Arrival Hypothesis (SIAH). Empirical results indicate rejection of MDH and support for SIAH. These results are robust to alternative measurements of trading volume and return volatility. Subperiod analysis further reveals that SIAH is more pronounced during periods of high investor attention and low economic uncertainty. The results will be of interest to scholars interested in the robustness of established financial theories for revolutionary financial products.
期刊介绍：
Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments.
Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
