HERDING BEHAVIOR IN VOLATILE MARKET REGIMES: AN IN-DEPTH ANALYSIS OF COINS, TOKENS, PANDEMIC, PENNY, AND PRICEY CRYPTOCURRENCIES

IF 0.7 Q4 BUSINESS

International Journal of Business and Society Pub Date : 2023-08-14 DOI:10.33736/ijbs.5960.2023

Rayenda Khresna Brahmana, Muhammad Arsalan Hashmi, Abdullah, Josephine Tan-Hwang Yau

引用次数: 0

Abstract

This study comprehensively analyzes herding behavior in the cryptocurrency market. First, we conduct an in-depth investigation of herding behavior in the overall cryptocurrency market. Second, we form several groups of cryptocurrencies according to their characteristics and analyze whether each group behaves similarly in volatile market regimes. Third, we investigate whether herding existed in each cryptocurrency group before and during the COVID-19 pandemic. Using a sample of 227 cryptocurrencies constituting nearly 95% of market capitalization, we reveal that herding behavior was absent in the overall sample and sub-samples comprising cryptocurrency groups. Further, the anti-herding behavior implies a contrarian response to the crowd. This anti-herding can be explained from two views: rational behavior of taking profit from market irrationality and irrational behavior due to fear or recency bias.

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波动市场制度下的羊群行为:对硬币、代币、流行病、便士和昂贵的加密货币的深入分析

本研究全面分析了加密货币市场中的羊群行为。首先，我们对整个加密货币市场的羊群行为进行了深入调查。其次，我们根据加密货币的特征形成几组加密货币，并分析每组在波动的市场制度下是否表现相似。第三，我们调查了在COVID-19大流行之前和期间每个加密货币组中是否存在羊群现象。使用占市值近95%的227种加密货币的样本，我们发现在包含加密货币组的整体样本和子样本中不存在羊群行为。此外，反羊群行为意味着对群体的反向反应。这种反羊群行为可以从两个角度来解释:从市场非理性中获利的理性行为和由于恐惧或近因偏见而产生的非理性行为。

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

International Journal of Business and Society BUSINESS-

CiteScore

1.80

自引率

10.00%

发文量

期刊介绍： International Journal of Business and Society (IJBS) is an international scholarly journal devoted in publishing high-quality papers using multidisciplinary approaches with a strong emphasis on business, economics and finance. It is a triannual journal published in April, August and December and all articles submitted are in English. Our uniqueness focus on the impact of ever-changing world towards the society based on our niche area of research. IJBS follows a double-blind peer-review process, whereby authors do not know reviewers and vice versa. The journal intends to serve as an outlet with strong theoretical and empirical research and the papers submitted to IJBS should not have been published or be under consideration for publication elsewhere.