دانلود مقاله واکنش بازار ارز دیجیتال به احساسات صادرکنندگان
چکیده
مقدمه
بازارهای ارزهای دیجیتال و پیشینه نظارتی
بررسی ادبیات و توسعه فرضیه ها
داده ها و روش شناسی
نتایج تجربی
نتیجه
منابع
Abstract
Introduction
Cryptocurrency markets and regulatory background
Literature review and hypotheses development
Data and methodology
Empirical results
Conclusion
References
چکیده
محققان و پزشکان به طور فزاینده ای از پست های توییتر به عنوان منبع اطلاعات اضافی برای تجزیه و تحلیل حرکت قیمت ارزهای دیجیتال استفاده می کنند. مطالعات قبلی که بر بازارهای سهام متمرکز شده‌اند نشان داده‌اند که افشای احساسات شرکتی بر بازده سهام و حجم معاملات تأثیر می‌گذارد. این مطالعه واکنش بازار ارزهای دیجیتال به احساسات توییتر صادرکنندگان را بررسی می کند. مشخص شده است که قیمت ارزهای دیجیتال به احساسات توییتر واکنش مثبت نشان می دهد، در حالی که حجم معاملات به موقع (در یک دوره 24 ساعته) به ارزش مطلق احساسات توییتر واکنش مثبت نشان می دهد. تجزیه و تحلیل بیشتر در این مطالعه نشان می دهد که واکنش های بازار عمدتاً ناشی از تغییر تدریجی احساسات موجود در پست های توییتر است. این مطالعه رفتار معاملاتی سرمایه گذاران در بازارهای ارزهای دیجیتال را روشن می کند.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
Researchers and practitioners increasingly use posts on Twitter as an additional source of information to analyze cryptocurrency price movements. Previous studies that focus on the stock markets have shown that corporate sentiment disclosure impacts stock returns and trading volume. This study explores the reaction of the cryptocurrency market to the Twitter sentiments of issuers. It is found that cryptocurrency prices react positively to Twitter sentiments, while the trading volume reacts positively to the absolute value of the Twitter sentiments in a timely manner (within a period of 24 h). Further analysis in this study reveals that the market reactions are mainly driven by the incremental change in sentiments found in Twitter posts. This study sheds light on the trading behavior of investors in the cryptocurrency markets.
Introduction
Cryptocurrency, with its rise in the past ten years, has increasingly drawn significant attention from both academia and the industry. In cryptocurrency markets, Twitter is a major social media resource that currency issuers use to communicate with their investors. It is also the primary information source of investors, as most of the issuers post announcements and updates on their official Twitter accounts. Literature on cryptocurrency has explored the potential determinants of cryptocurrency prices both in the initial coin offering (ICO) markets (Benedetti and Kostovetsky, 2021) and the secondary markets (Li et al., 2021, 2019; Liu and Tsyvinski, 2021). However, the role of the issuer’s sentiments in cryptocurrency secondary markets pricing remains unclear. To address this research gap, this study explores whether the sentiments shown on the official Twitter account of a cryptocurrency play a role in determining its returns and trading volume in the secondary markets.
Conclusion
The goal of this study is to analyze the explanatory power of sentiments expressed on the official Twitter accounts of cryptocurrency issuers for abnormal returns and abnormal trading volume. Specifically, we use a lexical approach to quantify the Twitter sentiments of the issuer, in which positive words are rated to positive scores and words that imply negative sentiments are assigned negative scores. By analyzing the abnormal cryptocurrency returns and volume in different time intervals, this study provides two key findings: (1) the issuer sentiments on Twitter are positively associated with returns within the following 24 h, and (2) the absolute value of the Twitter sentiments of the issuer is positively associated with the abnormal trading volume of the cryptocurrency. Besides, we decompose the issuer sentiment score into two components: the average sentiment score in the past seven days and the incremental change in the sentiment score. The results show that the impacts of tweets sentiments on the return and trading volume are largely driven by the incremental change in sentiments.
H1. : Sentiments in the tweets posted by a cryptocurrency issuer are positively associated with the return of the cryptocurrency.
H2. : More positive or more negative tweets posted by a cryptocurrency issuer (larger absolute value of the sentiment scores) increase the trading volume of the cryptocurrency.