Abstract
The paper examines the influence of informative signals derived from exogenous factors on herding intensity in the cryptocurrency market. We propose a novel approach whereby extracted signals are endogenized in investors’ decision-making. The signals may induce investors to converge towards (depart from) the market consensus, contributing to herding amplification (dampening). The findings reveal substantial asymmetries with respect to the intensity of herding stemming from exogenous influences. We conclude that the evidenced diversity is indicative of the value that investors attach to the information embedded in the different external signals they receive.
DOI
10.1016/j.intfin.2020.101191
Publication Date
2020-03-16
Publication Title
Journal of International Financial Markets, Institutions and Money
Publisher
Elsevier BV
ISSN
1042-4431
Embargo Period
2024-11-19
First Page
101191
Last Page
101191
Recommended Citation
Philippas, D., Philippas, N., Tziogkidis, P., & Rjiba, H. (2020) 'Signal-herding in cryptocurrencies', Journal of International Financial Markets, Institutions and Money, , pp. 101191-101191. Elsevier BV: Available at: https://doi.org/10.1016/j.intfin.2020.101191
