{"title":"加密货币中的不对称羊群:COVID - 19的影响","authors":"Bharti, Ashish Kumar","doi":"10.3934/qfe.2022014","DOIUrl":null,"url":null,"abstract":"This paper examines the evidence of herding in the revolutionary cryptocurrency market for the period from January 2017 to December 2020. The study employs quantile regression technique for investigating herd behaviour during market asymmetries of rising and falling returns, extreme market returns, high volatility, and the exogenous event of the COVID-19 pandemic. The results provide evidence of pronounced herding during the bull phase, extreme down-markets, and high volatility. These results indicate that herd hunch is prevalent in the cryptocurrency market as investors exhibit imitation while ignoring their own knowledge and beliefs. Also, the phenomenon is more vividly observed during the panic period of COVID-19.","PeriodicalId":45226,"journal":{"name":"Quantitative Finance and Economics","volume":null,"pages":null},"PeriodicalIF":3.2000,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Asymmetrical herding in cryptocurrency: Impact of COVID 19\",\"authors\":\"Bharti, Ashish Kumar\",\"doi\":\"10.3934/qfe.2022014\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper examines the evidence of herding in the revolutionary cryptocurrency market for the period from January 2017 to December 2020. The study employs quantile regression technique for investigating herd behaviour during market asymmetries of rising and falling returns, extreme market returns, high volatility, and the exogenous event of the COVID-19 pandemic. The results provide evidence of pronounced herding during the bull phase, extreme down-markets, and high volatility. These results indicate that herd hunch is prevalent in the cryptocurrency market as investors exhibit imitation while ignoring their own knowledge and beliefs. Also, the phenomenon is more vividly observed during the panic period of COVID-19.\",\"PeriodicalId\":45226,\"journal\":{\"name\":\"Quantitative Finance and Economics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.2000,\"publicationDate\":\"2022-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Quantitative Finance and Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3934/qfe.2022014\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Quantitative Finance and Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3934/qfe.2022014","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Asymmetrical herding in cryptocurrency: Impact of COVID 19
This paper examines the evidence of herding in the revolutionary cryptocurrency market for the period from January 2017 to December 2020. The study employs quantile regression technique for investigating herd behaviour during market asymmetries of rising and falling returns, extreme market returns, high volatility, and the exogenous event of the COVID-19 pandemic. The results provide evidence of pronounced herding during the bull phase, extreme down-markets, and high volatility. These results indicate that herd hunch is prevalent in the cryptocurrency market as investors exhibit imitation while ignoring their own knowledge and beliefs. Also, the phenomenon is more vividly observed during the panic period of COVID-19.