加密货币与众不同吗？来自零售交易的证据

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2024-07-06 DOI:10.1016/j.jfineco.2024.103897

Shimon Kogan , Igor Makarov , Marina Niessner , Antoinette Schoar

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引用次数: 0

摘要

过去十年中，加密货币交易增长迅速，散户投资者占主导地位。通过使用 eToro 的数据，我们发现散户交易者在股票和黄金交易中采取逆向投资策略，而在加密货币交易中则采取类似动量的策略。个人特征、投资者构成、注意力不集中、费用差异或对彩票类资产的偏好都无法解释这种差异。我们推测，散户投资者有一种模式，即加密货币的价格变化会影响未来被广泛采用的可能性，从而导致他们进一步更新其价格预期，使其朝着同一方向发展。

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Are cryptos different? Evidence from retail trading

Trading in cryptocurrencies grew rapidly over the last decade, dominated by retail investors. Using data from eToro, we show that retail traders are contrarian in stocks and gold, yet the same traders follow a momentum-like strategy in cryptocurrencies. The differences are not explained by individual characteristics, investor composition, inattention, differences in fees, or preference for lottery-like assets. We conjecture that retail investors have a model where cryptocurrency price changes affect the likelihood of future widespread adoption, which leads them to further update their price expectations in the same direction.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.