Signal-herding in cryptocurrencies

Dionisis Philippas, Nikolaos Philippas, Panagiotis Tziogkidis () and Hatem Rjiba ()

Journal of International Financial Markets, Institutions and Money, 2020, vol. 65, issue C

Abstract: The paper examines the influence of informative signals derived from exogenous factors on herding intensity in the cryptocurrency market. We propose a novel approach whereby extracted signals are endogenized in investors’ decision-making. The signals may induce investors to converge towards (depart from) the market consensus, contributing to herding amplification (dampening). The findings reveal substantial asymmetries with respect to the intensity of herding stemming from exogenous influences. We conclude that the evidenced diversity is indicative of the value that investors attach to the information embedded in the different external signals they receive.

Keywords: Signal-herding; Conditional herding; Cryptocurrencies (search for similar items in EconPapers)
JEL-codes: G11 G15 G40 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (24)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1042443120300755
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:65:y:2020:i:c:s1042443120300755

DOI: 10.1016/j.intfin.2020.101191

Access Statistics for this article

Journal of International Financial Markets, Institutions and Money is currently edited by I. Mathur and C. J. Neely

More articles in Journal of International Financial Markets, Institutions and Money from Elsevier
Bibliographic data for series maintained by Catherine Liu ().