探索情绪对加密货币市场中每日羊群和投资者关注之间关系的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-26 DOI:10.1016/j.frl.2025.107865

Jaemin Jung, Byoung Ki Seo

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引用次数: 0

摘要

本研究考察了加密货币市场中每日羊群行为与投资者注意力之间的关系，通过谷歌搜索量指数来衡量。羊群行为是用日内价格数据量化的。结果表明，较高的投资者关注度与日常放牧的减少有关，这可能反映了市场效率的提高。此外，市场情绪的调节作用进行了调查，表明在高度恐惧期间，注意力对羊群的影响减弱。这些结果表明，无论注意力水平如何，恐惧程度的提高都会促使投资者跟随他人的决定，从而突出了情绪在塑造羊群行为中的作用。

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Exploring the impact of sentiment on the relationship between daily herding and investor attention in the cryptocurrency market

This study examines the relationship between daily herding behavior and investor attention, as measured by the Google Search Volume Index, in the cryptocurrency market. Herding behavior is quantified using intra-day price data. The results suggest that higher investor attention is associated with a reduction in daily herding, which may reflect improved market efficiency. Furthermore, the moderating role of market sentiment is investigated, suggesting that during periods of heightened fear, the impact of attention on herding diminishes. These results indicate that elevated fear prompts investors to follow others’ decisions regardless of attention levels, highlighting the role of sentiment in shaping herding behavior.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance