Can Bitcoin Investors Profit from Predictions by Crypto Experts?

Autor:	Gerritsen, Dirk, Lugtigheid, Rick, Walther, Thomas, Finance, UU LEG Research UUSE Multidisciplinary Economics, UU LEG Research USE Tjalling C. Koopmans Institute
Jazyk:	angličtina
Rok vydání:	2022
Předmět:	SCI and SSCI Journals Intermediary Analysts Cryptocurrencies Profit (accounting) Forecasts Market efficiency Predictions Financial economics Economics Bitcoin Finance Experts
Zdroj:	Finance Research Letters, 46(Part A), 1. Elsevier BV
ISSN:	1544-6123
DOI:	10.1016/j.frl.2021.102266
Popis:	Using a hand-collected dataset containing bullish, neutral, and bearish predictions for Bitcoin published by crypto experts, we show that neutral and bearish predictions are followed by negative abnormal returns whereas bullish predictions are not associated with nonzero abnormal returns. Based on all outstanding predictions, we compute prediction revisions relative to (i) the latest issued prediction and (ii) the outstanding consensus prediction. Downward revisions are followed by negative abnormal returns. We conclude that crypto experts are skilled information intermediaries on the Bitcoin market.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::135cf77b3674013740b01081852799bb https://doi.org/10.1016/j.frl.2021.102266 Zobrazit plný text záznamu Full Text from ScienceDirect