Journal article 336 views 79 downloads
Do clean and dirty cryptocurrency markets herd differently?
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Brian Lucey
Finance Research Letters, Volume: 47
Swansea University Author:
Boru Ren
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DOI (Published version): 10.1016/j.frl.2022.102795
Abstract
In this paper, we investigate the herding behaviour of two types of cryptocurrencies, referred to as ”black/dirty” and ”green/clean” based on their energy usage levels. Empirical results reveal that herding generally exists only in the dirty cryptocurrency market, and is more significant in down mar...
| Published in: | Finance Research Letters |
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| ISSN: | 1544-6123 1544-6131 |
| Published: |
Elsevier BV
2022
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| Online Access: |
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| URI: | https://cronfa.swan.ac.uk/Record/cronfa64717 |
| Abstract: |
In this paper, we investigate the herding behaviour of two types of cryptocurrencies, referred to as ”black/dirty” and ”green/clean” based on their energy usage levels. Empirical results reveal that herding generally exists only in the dirty cryptocurrency market, and is more significant in down markets. Moreover, we find that clean cryptocurrencies do herd, but with dirty cryptocurrencies, when the two markets are both positive. Our findings are robust across value- and equal-weighted portfolios and provide valuable insights to investors and policy makers. |
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| Keywords: |
Herding, Cryptocurrencies, Sustainable cryptocurrency, Bitcoin |
| College: |
Faculty of Humanities and Social Sciences |