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

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dc.authorid0000-0002-5738-7563
dc.authorid0000-0002-5131-577X
dc.authorid0000-0003-1056-5737
dc.authorid0000-0002-1401-2016
dc.authorwosidGYV-0322-2022
dc.authorwosidGPQ-6495-2022
dc.authorwosidEAC-9369-2022
dc.authorwosidHGO-2553-2022
dc.contributor.authorKhan, Asad ul Islam
dc.contributor.authorÖzcan, Rasim
dc.contributor.authorTurgut, Murat
dc.contributor.authorNapari, Ayuba
dc.contributor.otherYönetim Bilimleri Fakültesi, İktisat Bölümü
dc.date.accessioned2022-12-26T11:29:41Z
dc.date.available2022-12-26T11:29:41Z
dc.date.issued2022
dc.departmentİHÜ, Yönetim Bilimleri Fakültesi, İktisat Bölümü
dc.departmentİHÜ, Lisansüstü Eğitim Enstitüsü, İktisat Ana Bilim Dalı
dc.description.abstractFinancial 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.
dc.identifier.citationÖzcan, 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
dc.identifier.doi10.13106/jafeb.2022.vol9.no9.0105
dc.identifier.endpage114
dc.identifier.issn2288-4637
dc.identifier.issn2288-4645
dc.identifier.issue9
dc.identifier.startpage105
dc.identifier.urihttps://doi.org/10.13106/jafeb.2022.vol9.no9.0105
dc.identifier.urihttps://hdl.handle.net/20.500.12154/1952
dc.identifier.volume9
dc.identifier.wosWOS:000886472200009
dc.identifier.wosqualityQ2
dc.indekslendigikaynakWeb of Science
dc.institutionauthorÖzcan, Rasim
dc.institutionauthorKhan, Asad ul Islam
dc.institutionauthorTurgut, Murat
dc.institutionauthorNapari, Ayuba
dc.institutionauthorid0000-0002-5738-7563
dc.institutionauthorid0000-0002-5131-577X
dc.institutionauthorid0000-0003-1056-5737
dc.institutionauthorid0000-0002-1401-2016
dc.language.isoen
dc.publisherKorea Distribution Science Assoc
dc.relation.ispartofJournal of Asian Finance Economics and Business
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.relation.publicationcategoryTezden Üretilmiş Yayın - Doktora Mezuniyet Şartı
dc.relation.publicationcategoryTezden Üretilmiş Yayın
dc.relation.publicationcategoryÖğrenci
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectCrypto Currency
dc.subjectDeFi Token Market
dc.subjectHerding
dc.subjectBehavioral Economics
dc.subjectBehavioral Finance
dc.titleChoosing solitude in turmoil, herding in the decentralized finance (DeFi) token market: An international perspective
dc.typeArticle
dspace.entity.typePublication
relation.isAuthorOfPublication5d56d061-267c-4b33-8b78-b50e651ee5aa
relation.isAuthorOfPublication6d8c0e0e-dd75-4202-8a3f-76230fd2a682
relation.isAuthorOfPublication.latestForDiscovery5d56d061-267c-4b33-8b78-b50e651ee5aa
relation.isOrgUnitOfPublication9d1809d1-3541-41aa-94ed-639736b7e16f
relation.isOrgUnitOfPublication.latestForDiscovery9d1809d1-3541-41aa-94ed-639736b7e16f

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