Intraday herding and attention around the clock

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2024-01-24 DOI:10.1016/j.jbef.2024.100894

Stefan Scharnowski, Yanghua Shi

引用次数: 0

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.

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日内羊群效应和全天候关注

本文分析了去中心化加密货币市场中投资者羊群行为与注意力之间的关系，该市场具有持续、全天候交易的特点，散户投资者占很大比例。当市场回报为正时，羊群行为更强，但与投资者注意力的水平和横截面离散度呈负相关。此外，日内变化也很明显：羊群行为表现出与注意力和区块链活动类似的模式，并且在主要经济中心的交易者可能清醒的时段重叠时最为强烈。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.