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Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic

Ahmed Bouteska, Petr Hajek, Mohammad Abedin Orcid Logo, Yizhe Dong

Research in International Business and Finance, Volume: 64, Start page: 101850

Swansea University Author: Mohammad Abedin Orcid Logo

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DOI (Published version): 10.1016/j.ribaf.2022.101850

Abstract

This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor atte...

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Published in: Research in International Business and Finance
ISSN: 0275-5319 1878-3384
Published: Elsevier BV 2023
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URI: https://cronfa.swan.ac.uk/Record/cronfa64245
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spelling 2023-09-20T10:54:00.4647594 v2 64245 2023-08-31 Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic 4ed8c020eae0c9bec4f5d9495d86d415 0000-0002-4688-0619 Mohammad Abedin Mohammad Abedin true false 2023-08-31 CBAE This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor attention and engagement on Dogecoin and Ethereum returns using data from December 31, 2020, to May 12, 2021. The results provide evidence supporting the hypothesis of a strong effect of Twitter investor engagement on Dogecoin returns; however, no potential impact is identified for Ethereum. These findings add to the growing evidence regarding the effect of social media on the cryptocurrency market and have useful implications for investors and corporate investment managers concerning investment decisions and trading strategies. Journal Article Research in International Business and Finance 64 101850 Elsevier BV 0275-5319 1878-3384 Twitter, Investor engagement, Dogecoin, Ethereum, ARIMAX, COVID-19 31 1 2023 2023-01-31 10.1016/j.ribaf.2022.101850 http://dx.doi.org/10.1016/j.ribaf.2022.101850 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University This work has been supported by the scientific research project of the Czech Sciences Foundation Grant No. 22-22586S. 2023-09-20T10:54:00.4647594 2023-08-31T17:46:37.0232402 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Ahmed Bouteska 1 Petr Hajek 2 Mohammad Abedin 0000-0002-4688-0619 3 Yizhe Dong 4 64245__28583__39fb93d9e1a3448da1cb29fe45bb2b07.pdf 64245.VOR.pdf 2023-09-19T14:18:34.7450810 Output 2063801 application/pdf Version of Record true © 2022 The Authors. Published by Elsevier B.V. Distributed under the terms of a Creative Commons Attribution 4.0 License (CC BY 4.0). true eng https://creativecommons.org/licenses/by/4.0/
title Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
spellingShingle Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
Mohammad Abedin
title_short Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_full Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_fullStr Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_full_unstemmed Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
title_sort Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic
author_id_str_mv 4ed8c020eae0c9bec4f5d9495d86d415
author_id_fullname_str_mv 4ed8c020eae0c9bec4f5d9495d86d415_***_Mohammad Abedin
author Mohammad Abedin
author2 Ahmed Bouteska
Petr Hajek
Mohammad Abedin
Yizhe Dong
format Journal article
container_title Research in International Business and Finance
container_volume 64
container_start_page 101850
publishDate 2023
institution Swansea University
issn 0275-5319
1878-3384
doi_str_mv 10.1016/j.ribaf.2022.101850
publisher Elsevier BV
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
url http://dx.doi.org/10.1016/j.ribaf.2022.101850
document_store_str 1
active_str 0
description This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor attention and engagement on Dogecoin and Ethereum returns using data from December 31, 2020, to May 12, 2021. The results provide evidence supporting the hypothesis of a strong effect of Twitter investor engagement on Dogecoin returns; however, no potential impact is identified for Ethereum. These findings add to the growing evidence regarding the effect of social media on the cryptocurrency market and have useful implications for investors and corporate investment managers concerning investment decisions and trading strategies.
published_date 2023-01-31T14:27:06Z
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score 11.048042

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