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Do clean and dirty cryptocurrency markets herd differently?

Boru Ren Orcid Logo, Brian Lucey Orcid Logo

Finance Research Letters, Volume: 47, Start page: 102795

Swansea University Author: Boru Ren Orcid Logo

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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...

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Published in: Finance Research Letters
ISSN: 1544-6123 1544-6131
Published: Elsevier BV 2022
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URI: https://cronfa.swan.ac.uk/Record/cronfa64717
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first_indexed 2023-10-17T17:16:28Z
last_indexed 2023-10-17T17:16:28Z
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spelling v2 64717 2023-10-11 Do clean and dirty cryptocurrency markets herd differently? 73321f2d7e2e1c7bd4be9bf6d47fd2a2 0000-0001-8647-9689 Boru Ren Boru Ren true false 2023-10-11 BAF 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. Journal Article Finance Research Letters 47 102795 Elsevier BV 1544-6123 1544-6131 Herding, Cryptocurrencies, Sustainable cryptocurrency, Bitcoin 30 6 2022 2022-06-30 10.1016/j.frl.2022.102795 http://dx.doi.org/10.1016/j.frl.2022.102795 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University Another institution paid the OA fee 2023-12-01T17:30:51.3033823 2023-10-11T14:46:38.9849615 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Boru Ren 0000-0001-8647-9689 1 Brian Lucey 0000-0002-4052-8235 2 64717__29142__7a35761aab5f4490a14fef9f936497db.pdf 64717.VOR.pdf 2023-11-28T16:45:50.1203284 Output 497485 application/pdf Version of Record true © 2022 The Author(s). Published by Elsevier Inc. Distributed under the terms of a Creative Commons Attribution 4.0 International License (CC BY 4.0). true eng https://creativecommons.org/licenses/by/4.0/
title Do clean and dirty cryptocurrency markets herd differently?
spellingShingle Do clean and dirty cryptocurrency markets herd differently?
Boru Ren
title_short Do clean and dirty cryptocurrency markets herd differently?
title_full Do clean and dirty cryptocurrency markets herd differently?
title_fullStr Do clean and dirty cryptocurrency markets herd differently?
title_full_unstemmed Do clean and dirty cryptocurrency markets herd differently?
title_sort Do clean and dirty cryptocurrency markets herd differently?
author_id_str_mv 73321f2d7e2e1c7bd4be9bf6d47fd2a2
author_id_fullname_str_mv 73321f2d7e2e1c7bd4be9bf6d47fd2a2_***_Boru Ren
author Boru Ren
author2 Boru Ren
Brian Lucey
format Journal article
container_title Finance Research Letters
container_volume 47
container_start_page 102795
publishDate 2022
institution Swansea University
issn 1544-6123
1544-6131
doi_str_mv 10.1016/j.frl.2022.102795
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.frl.2022.102795
document_store_str 1
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description 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.
published_date 2022-06-30T17:30:52Z
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score 11.013619

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