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Do investors herd in cryptocurrencies – and why?

Vasileios Kallinterakis and Ying Wang

Research in International Business and Finance, 2019, vol. 50, issue C, 240-245

Abstract: We investigate herding and its possible determinants in the cryptocurrency market for the December 2013 – July 2018 period. Herding is significant (irrespective of Bitcoin’s presence and trends over time) and strongly asymmetric (appearing stronger during up-markets, low volatility and high volume days), with smaller cryptocurrencies enhancing its magnitude. Our findings suggest that the cryptocurrency market entails strong destabilizing potential, the latter being of particular relevance to the authorities entrusted with its regulatory treatment.

Keywords: Herding; Cryptocurrencies; Bitcoin (search for similar items in EconPapers)
JEL-codes: G40 G15 C58 C22 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:50:y:2019:i:c:p:240-245

DOI: 10.1016/j.ribaf.2019.05.005

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