Embracing the Future or Buying Into the Bubble: Do Sophisticated Institutions Invest in Crypto Assets?

IF 3.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2025-01-13 DOI:10.1111/eufm.12542

Luke DeVault, H. J. Turtle, Kainan Wang

引用次数: 0

Abstract

We document that early institutional investors in cryptocurrencies exhibit innovation and adaptability in financial markets, despite the asset class's inherent ambiguity and risk. Investing in crypto assets signals a managerial willingness to undertake reputational and career risks. We compare the performance of institutions that engage in crypto investments with that of their non-crypto-investing peers. Our results indicate that institutional crypto investors outperform their peers by about 2.8% per year. Using propensity score matching, we find that early crypto investors outperform both followers and non-holders as crypto investments become increasingly prevalent in markets.

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拥抱未来还是买入泡沫：成熟的机构是否投资加密资产？

我们记录了加密货币的早期机构投资者在金融市场上表现出创新和适应性，尽管资产类别具有固有的模糊性和风险。投资加密资产表明管理层愿意承担声誉和职业风险。我们比较了从事加密投资的机构与非加密投资同行的表现。我们的研究结果表明，机构加密投资者每年的表现比同行高出约2.8%。使用倾向得分匹配，我们发现随着加密投资在市场上变得越来越普遍，早期加密投资者的表现优于追随者和非持有者。

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

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.