{"title":"加密货币投资行为调查","authors":"Dingli Xi, Timothy O'Brien, E. Irannezhad","doi":"10.3905/jai.2020.1.108","DOIUrl":null,"url":null,"abstract":"This article investigates the socio-demographic characteristics that individual cryptocurrency investors exhibit and the factors that go into their investment decisions in different Initial Coin Offerings (ICOs). We conducted a web-based revealed preference survey among Australian and Chinese blockchain and cryptocurrency followers, and applied a Multinomial Logit model to inferentially analyze the characteristics of cryptocurrency investors and the determinants of their choice of investment in “cryptocurrency coins” versus other types of ICO tokens. The results showed differences in the determinant of these two choices among Australian and Chinese cryptocurrency folks. The significant factors of these two choices included age, gender, education, occupation, and investment experience, and they aligned well with the behavioral literature. Furthermore, in addition to differences in how they ranked the attributes of ICOs, there was further variance between how Chinese and Australian investors ranked deterrence factors and investment strategies. TOPICS: Currency, emerging markets Key Findings • The significant factors of the choice of investment in cryptocurrency include age, gender, education, occupation, and previous investment experience. • Chinese and Australian investors rank the ICO attributes differently. • The deterrence factors and investment strategies vary between Chinese and Australians investors.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":"23 1","pages":"141 - 160"},"PeriodicalIF":0.4000,"publicationDate":"2019-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"29","resultStr":"{\"title\":\"Investigating the Investment Behaviors in Cryptocurrency\",\"authors\":\"Dingli Xi, Timothy O'Brien, E. Irannezhad\",\"doi\":\"10.3905/jai.2020.1.108\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This article investigates the socio-demographic characteristics that individual cryptocurrency investors exhibit and the factors that go into their investment decisions in different Initial Coin Offerings (ICOs). We conducted a web-based revealed preference survey among Australian and Chinese blockchain and cryptocurrency followers, and applied a Multinomial Logit model to inferentially analyze the characteristics of cryptocurrency investors and the determinants of their choice of investment in “cryptocurrency coins” versus other types of ICO tokens. The results showed differences in the determinant of these two choices among Australian and Chinese cryptocurrency folks. The significant factors of these two choices included age, gender, education, occupation, and investment experience, and they aligned well with the behavioral literature. Furthermore, in addition to differences in how they ranked the attributes of ICOs, there was further variance between how Chinese and Australian investors ranked deterrence factors and investment strategies. TOPICS: Currency, emerging markets Key Findings • The significant factors of the choice of investment in cryptocurrency include age, gender, education, occupation, and previous investment experience. • Chinese and Australian investors rank the ICO attributes differently. • The deterrence factors and investment strategies vary between Chinese and Australians investors.\",\"PeriodicalId\":45142,\"journal\":{\"name\":\"Journal of Alternative Investments\",\"volume\":\"23 1\",\"pages\":\"141 - 160\"},\"PeriodicalIF\":0.4000,\"publicationDate\":\"2019-12-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"29\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Alternative Investments\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3905/jai.2020.1.108\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Alternative Investments","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jai.2020.1.108","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Investigating the Investment Behaviors in Cryptocurrency
This article investigates the socio-demographic characteristics that individual cryptocurrency investors exhibit and the factors that go into their investment decisions in different Initial Coin Offerings (ICOs). We conducted a web-based revealed preference survey among Australian and Chinese blockchain and cryptocurrency followers, and applied a Multinomial Logit model to inferentially analyze the characteristics of cryptocurrency investors and the determinants of their choice of investment in “cryptocurrency coins” versus other types of ICO tokens. The results showed differences in the determinant of these two choices among Australian and Chinese cryptocurrency folks. The significant factors of these two choices included age, gender, education, occupation, and investment experience, and they aligned well with the behavioral literature. Furthermore, in addition to differences in how they ranked the attributes of ICOs, there was further variance between how Chinese and Australian investors ranked deterrence factors and investment strategies. TOPICS: Currency, emerging markets Key Findings • The significant factors of the choice of investment in cryptocurrency include age, gender, education, occupation, and previous investment experience. • Chinese and Australian investors rank the ICO attributes differently. • The deterrence factors and investment strategies vary between Chinese and Australians investors.
期刊介绍:
The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices