淡江大學機構典藏:Item 987654321/122303
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    题名: The determinants of positive feedback trading behaviors in Bitcoin markets
    作者: Wang, Jying-Nan;Lee, Yen-Hsien;Liu, Hung-Chun;Lee, Ming-Chih
    关键词: Bitcoin;Positive feedback trading;COVID-19;EMVID;Moving average
    日期: 2022-03
    上传时间: 2022-03-02 12:11:38 (UTC+8)
    摘要: This study investigates the positive feedback trading behavior in Bitcoin markets and analyzes its potential determinants. Our results show significant evidence of positive feedback trading behaviors for Bitcoin and the infectious disease equity market volatility tracker index (EMVID) increases Bitcoin volatility. Combining rolling window estimations with regression analysis, we find that market uncertainty that is measured by EMVID, the distance between short- and long-term moving averages of Bitcoin's trading volumes, and Bitcoin prices exceeding their 21-day moving average are positively correlated with future positive feedback trading behaviors during the COVID-19 pandemic. Further, left-tailed risk contributes negatively to this behavioral anomaly.
    關聯: Finance Research Letters 45, 102120
    DOI: 10.1016/j.frl.2021.102120
    显示于类别:[財務金融學系暨研究所] 期刊論文

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