【Author】
Hackethal, Andreas; Hanspal, Tobin; Lammer, Dominique M.; Rink, Kevin
【Source】REVIEW OF FINANCE
【Abstract】Cryptocurrencies have received growing attention from individuals, the media, and regulators. However, little is known about the investors whom these financial instruments attract. Using administrative data, we describe the investment behavior of individuals who invest in cryptocurrencies with structured retail products. We find that cryptocurrency investors are active traders who are prone to investment biases and hold risky portfolios. Cryptocurrency investors are more likely to invest in stocks with high media sentiment and more likely to employ heuristics from technical analysis. In line with attention effects and anticipatory utility, we find that the average cryptocurrency investor substantially increases account logins and trading activity after his or her first cryptocurrency purchase. Furthermore, cryptocurrency investors tend to tilt their portfolios toward even more risky securities after cryptocurrency adoption. Our results document which investors are more likely to adopt new financial products and help inform regulators about investors' vulnerability to cryptocurrency investments.
【Keywords】Bitcoin; cryptocurrencies; structured retail products; retail investors; household finance; investor behavior
【标题】比特币投资者的特征和投资组合行为：来自间接加密货币投资的证据*
【摘要】加密货币越来越受到个人、媒体和监管机构的关注。然而，人们对这些金融工具吸引的投资者知之甚少。使用管理数据，我们描述了使用结构化零售产品投资加密货币的个人的投资行为。我们发现加密货币投资者是活跃的交易者，他们容易产生投资偏见并持有高风险的投资组合。加密货币投资者更有可能投资媒体情绪高的股票，更有可能采用技术分析的启发式方法。根据注意力效应和预期效用，我们发现普通加密货币投资者在首次购买加密货币后会大幅增加账户登录和交易活动。此外，加密货币投资者在采用加密货币后倾向于将其投资组合转向风险更高的证券。我们的结果记录了哪些投资者更有可能采用新的金融产品，并帮助监管机构了解投资者对加密货币投资的脆弱性。
【关键词】比特币；加密货币；结构化零售产品；散户投资者；家庭财务；投资者行为
【文献类型】Article; Early Access
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