Do clean and dirty cryptocurrency markets herd differently?

【Author】 Ren, Boru; Lucey, Brian

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【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.

【Keywords】Herding; Cryptocurrencies; Sustainable cryptocurrency; Bitcoin

【发表时间】2022 JUN

【收录时间】2022-07-17

【文献类型】实证性文章

【主题类别】

区块链治理-市场治理-市场分析