Intraday herding and attention around the clock

Stefan Scharnowski and Yanghua Shi

Journal of Behavioral and Experimental Finance, 2024, vol. 41, issue C

Abstract: This paper analyzes the relationship between investor herding and attention in the decentralized cryptocurrency market with its continuous, around the clock trading and large share of retail investors. Herding behavior is stronger when market returns are positive but is negatively related to both the level and cross-sectional dispersion of investor attention. Moreover, there are pronounced intraday variations: Herding exhibits similar patterns as attention and blockchain activity and is strongest during the overlap of hours when traders in major economic centers are likely awake.

Keywords: Herding; Investor attention; Attention dispersion; Cryptocurrency; Bitcoin (search for similar items in EconPapers)
JEL-codes: G10 G12 G15 G40 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:41:y:2024:i:c:s2214635024000091

DOI: 10.1016/j.jbef.2024.100894

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