Do investors feedback trade in the Bitcoin - and why?

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dc.check.date2023-03-15
dc.check.infoAccess to this article is restricted until 18 months after publication by request of the publisher.en
dc.contributor.authorKaraa, Rabaa
dc.contributor.authorSlim, Skander
dc.contributor.authorGoodell, John W.
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorKallinterakise, Vasileios
dc.date.accessioned2021-10-01T16:11:02Z
dc.date.available2021-10-01T16:11:02Z
dc.date.issued2021-09-15
dc.date.updated2021-10-01T15:56:19Z
dc.description.abstractWe empirically examine whether feedback traders are active in the Bitcoin and the extent to which their presence is affected by a series of noise-related factors (sentiment; volume; liquidity) at three different frequencies (hourly; daily; weekly) for the April 2013–July 2019 period based on Bitstamp data. Our findings suggest that positive feedback trading grows stronger for higher (hourly; daily) frequencies, with its presence manifesting itself mainly during periods of high/improving sentiment and high/rising volume/liquidity. Additional tests reveal that the significance of hourly feedback trading is identified during hours corresponding to the trading hours of major European/North American markets. Overall, our results confirm extant literature evidence on the prevalence of noise trading in cryptocurrencies, while further showcasing that the factors motivating feedback trading in other asset classes (equities; ETFs; futures) exhibit similar effects over the presence of feedback traders in the cryptocurrency market.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationKaraa, R., Slim, S., Goodell, J.W., Goyal, A. and Kallinterakise, V. (2021) 'Do investors feedback trade in the Bitcoin - and why?', European Journal of Finance. doi: 10.1080/1351847X.2021.1973054en
dc.identifier.doi10.1080/1351847X.2021.1973054en
dc.identifier.eissn1466-4364
dc.identifier.issn1351-847X
dc.identifier.journaltitleEuropean Journal of Financeen
dc.identifier.urihttps://hdl.handle.net/10468/12041
dc.language.isoenen
dc.publisherRoutledge - Taylor & Francis Groupen
dc.rights© 2021, Informa UK Limited, trading as Taylor & Francis Group. This is an Accepted Manuscript of an item published by Taylor & Francis in European Journal of Finance on 15 September 2021, available online: https://doi.org/10.1080/1351847X.2021.1973054en
dc.subjectBitcoinen
dc.subjectFeedback tradingen
dc.subjectLiquidityen
dc.subjectSentimenten
dc.subjectVolumeen
dc.titleDo investors feedback trade in the Bitcoin - and why?en
dc.typeArticle (peer-reviewed)en
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