加密货币中的不对称羊群:COVID - 19的影响

IF 3.2 Q1 BUSINESS, FINANCE Quantitative Finance and Economics Pub Date : 2022-01-01 DOI:10.3934/qfe.2022014
Bharti, Ashish Kumar
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引用次数: 2

摘要

本文研究了2017年1月至2020年12月期间革命性加密货币市场的羊群效应。本研究采用分位数回归技术,研究了在收益涨跌、极端市场收益、高波动性和新冠肺炎大流行外生事件等市场不对称情况下的羊群行为。结果提供了在牛市阶段、极端下跌市场和高波动性期间明显的羊群效应的证据。这些结果表明,羊群预感在加密货币市场普遍存在,因为投资者表现出模仿,而忽视了自己的知识和信念。在新冠肺炎恐慌期,这种现象更为明显。
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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.
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来源期刊
CiteScore
0.30
自引率
1.90%
发文量
14
审稿时长
12 weeks
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