【Author】
Yousaf, Imran; Ali, Shoaib; Bouri, Elie; Dutta, Anupam
【Abstract】We provide an empirical analysis of herding behavior in cryptocurrency markets during COVID-19 and periods of cyber-attacks, differentiating between fundamental and nonfundamental herding. The results show that herding behavior is driven by fundamental information during the full sample period and the cyber-attack days. However, herding is not prevalent during the COVID-19 outbreak, either when reacting to fundamental or nonfundamental information. This finding suggests heterogeneity in the behaviors of participants in the cryptocurrency markets during the COVID-19 period.
【Keywords】cryptocurrency markets; herding behavior; COVID-19 outbreak; cyber-attacks; fundamental; nonfundamental information
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