Emotions in the crypto market: Do photos really speak?
Finance Research Letters, ISSN: 1544-6123, Vol: 55, Page: 103945
2023
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
This study examines whether the emotions contained in new photos can affect the cryptocurrency market. Utilizing the daily data on top 100 cryptocurrencies, we find that the surge in ratio of photos comprising pessimistic tones is associated with negative coin returns. Photo sentiment positively predicts subsequent returns and trading intensity, implying the subsequent corrections. The photo sentiment also drives risks up with higher price volatilities. The predictive power is more pronounced during periods of elevated fear proxied by investors’ risk aversion. Our results remain robust with alternative sentiment proxies, risk-adjusted returns, and a battery of subsample analyses.
Bibliographic Details
http://www.sciencedirect.com/science/article/pii/S1544612323003173; http://dx.doi.org/10.1016/j.frl.2023.103945; http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=85154592374&origin=inward; https://linkinghub.elsevier.com/retrieve/pii/S1544612323003173; https://dx.doi.org/10.1016/j.frl.2023.103945
Elsevier BV
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