Choosing solitude in turmoil, herding in the decentralized finance (DeFi) token market: An international perspective

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Tarih

2022

Yazarlar

Özcan, Rasim
Khan, Asad ul Islam
Turgut, Murat
Napari, Ayuba

Dergi Başlığı

Dergi ISSN

Cilt Başlığı

Yayıncı

Korea Distribution Science Assoc

Erişim Hakkı

info:eu-repo/semantics/openAccess

Araştırma projeleri

Organizasyon Birimleri

Organizasyon Birimi
İnsan ve Toplum Bilimleri Fakültesi, İktisat Bölümü
İktisat Bölümü, başta Türkiye ve çevre ülkeler olmak üzere küresel ekonomileri anlayan, var olan sorunları analiz ederken, iktisadi kuramları ve kavramları yetkin ve özgün bir şekilde kullanma becerisine sahip bireyler yetiştirmeyi amaçlamaktadır.

Dergi sayısı

Özet

Financial markets have long been known to be prone to behavioral biases. One such behavioural bias that is consequential yet pervasive in financial markets is the herd effect. The objective of this study is to determine whether or not there exist herd behaviour in the new and bourgeoning Decentralized Finance (DeFi) Tokens market. This is accomplished by using daily returns of 22 DeFi tokens from January 29, 2017 to August 19, 2021, and the Cross-sectional Absolute Deviation (CSAD) of market returns to capture herd behavior. The results fail to provide any evidence of herding in the DeFi token market on bullish days, that is days for which the average market returns is positive. For bearish days however, that is days for which the market returns is negative, our empirical findings point to the presence of adverse herding in the DeFi token market. This phenomenon can be explained to some extent by the investor composition of the DeFi market. The DeFi token space is a growth market dominated by experts and/or enthusiasts who are insulated against the temptation and panic of negative market swings by the level of market and technical information they possess on the assets they invest.

Açıklama

Anahtar Kelimeler

Crypto Currency, DeFi Token Market, Herding, Behavioral Economics, Behavioral Finance

Kaynak

Journal of Asian Finance Economics and Business

WoS Q Değeri

Q2

Scopus Q Değeri

Cilt

9

Sayı

9

Künye

Özcan, R., Khan, A. I., Turgut, M. ve Napari, A. (2022). Choosing solitude in turmoil, herding in the decentralized finance (DeFi) token market: An international perspective. Journal of Asian Finance Economics and Business, 9(9), 105-114. https://doi.org/10.13106/jafeb.2022.vol9.no9.0105