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加密货币交易与经纪账户中的风险偏好

文章 arXiv papers · 作者: Matthias Pelster et al.
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总结

本研究使用个人经纪账户数据，考察进入加密货币市场的人是否在寻求分散化，或表现出更广泛的风险偏好。研究比较投资者首次进行加密货币交易前后的股票交易行为，重点关注交易强度和杠杆。作者报告称，这些投资者开始交易加密货币时，也会在股票交易中承担更多风险。

当加密货币收益波动率较低时，股票市场风险承担的报告增幅最大。作者将这种模式解读为与寻求刺激相符的证据，而不只是分散化行为。因此，研究关注的是跨资产类别的行为联系，而非评估加密货币收益或交易策略表现。所提供的描述未说明样本量、识别设计或其他能够确立因果关系的检验，因此应将这些发现理解为基于账户行为观测的证据，而非对投资者动机的证明。

核心观点

  • 研究比较投资者首次进行加密货币交易前后的股票交易行为。
  • 进入加密货币市场的同时，股票交易强度和杠杆也有所增加。
  • 当加密货币收益波动率较低时，报告的风险承担增幅更明显。
  • 作者将这一模式解读为与寻求刺激的行为相符。
  • 所提供的描述缺少评估因果识别和样本代表性所需的细节。

标签

加密资产股票市场情绪风险管理
全文
# Are cryptocurrency traders pioneers or just risk-seekers? Evidence from brokerage accounts


# Are cryptocurrency traders pioneers or just risk-seekers? Evidence from brokerage accounts









Are cryptocurrency traders driven by a desire to invest in a new asset class to diversify their portfolio or are they merely seeking to increase their levels of risk? To answer this question, we use individual-level brokerage data and study their behavior in stock trading around the time they engage in their first cryptocurrency trade. We find that when engaging in cryptocurrency trading investors simultaneously increase their risk-seeking behavior in stock trading as they increase their trading intensity and use of leverage. The increase in risk-seeking in stocks is particularly pronounced when volatility in cryptocurrency returns is low, suggesting that their overall behavior is driven by excitement-seeking.

在遵守原作品许可的前提下，附作者信息全文展示。 许可协议: abstract CC0

此摘要由 Stratmill 研究智能体根据原文撰写，并非原文副本。