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کووید 19 و رفتار گله ای در بازار رمزارزها | ||
راهبرد مدیریت مالی | ||
مقاله 2، دوره 13، شماره 1 - شماره پیاپی 48، فروردین 1404، صفحه 23-48 اصل مقاله (480.88 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jfm.2025.46547.2905 | ||
نویسندگان | ||
مهدیه رضاقلی زاده* 1؛ سعید راسخی2؛ مبینا پورعلی3 | ||
1دانشیار، گروه اقتصاد، دانشگاه مازندران، بابلسر، ایران | ||
2استاد، گروه اقتصاد، دانشگاه مازندران، بابلسر، ایران | ||
3کارشناس ارشد، گروه اقتصاد، دانشگاه مازندران، بابلسر، ایران | ||
چکیده | ||
با توجه به این که شیوع کووید- 19 در کشورهای جهان، بازارهای مالی و از جمله بازار رمزارزها را تحت تاثیر قرار داده، بررسی رفتار معاملهگران در این بازار، طی همهگیری کووید-19 می تواند جالب توجه باشد. پژوهش حاضر با استفاده از روش پراکندگی مطلق مقطعی (CSAD) و تکنیک حداقل مربعات معمولی، رفتار گله ای در بازار رمزارزها را در پنج دوره زمانی مجزا (کل دوره زمانی، قبل و در طول دوره همه گیری کووید-19، بازار صعودی (گاوی) و نزولی (خرسی)) با استفاده از دادههای قیمت روزانه چهار رمزارز بزرگ بر اساس ارزش بازار (بیت کوین، اتریوم، تتر و ریپل) از ژانویه 2019 تا دسامبر 2021 مورد بررسی قرار داده است. نتایج تحقیق نشان دهنده وجود رفتار گلهای قوی در سراسر بازار طی دوره مورد مطالعه بوده و به این معنی است که در این دوره، سرمایهگذاران، عملکرد بازار را دنبال میکنند. همچنین نتایج بیانگر این است که رفتار گلهای در دوره قبل از شیوع کووید-19 در بازار مشاهده نمیشود، در حالی که همهگیری کووید- 19، رفتار گلهای در بازار رمزارزها را به دنبال دارد. بر اساس یافتههای پژوهش، رفتار گلهای، تنها در بازار صعودی (گاوی) به طور معنیداری تایید میشود و بنابراین میتوان گفت که معاملهگران در بازار رمزارزها در طول دوره همهگیری کووید- 19 و نیز در بازار صعودی، تصمیمات معاملاتی مشابهی را اتخاذ میکنند. | ||
کلیدواژهها | ||
رفتار گله ای؛ کووید- 19؛ رمزارز؛ بازار صعودی (گاوی)؛ بازار نزولی (خرسی) | ||
عنوان مقاله [English] | ||
COVID-19 and Herd Behavior in Cryptocurrency Market | ||
نویسندگان [English] | ||
Mahdieh Rezagholizadeh1؛ Saeed Rasekhi2؛ Mobina Pourali3 | ||
1Associate Professor, Department of Economics, University of Mazandaran, Babolsar, Iran | ||
2Professor, Department of Economics, University of Mazandaran, Babolsar, Iran | ||
3Master of Science, Department of Economics, University of Mazandaran, Babolsar, Iran | ||
چکیده [English] | ||
Given the global prevalence of COVID-19 affecting financial markets, including cryptocurrency markets, examining trader behavior during the pandemic is particularly intriguing. This research employs the Cross-Sectional Absolute Dispersion (CSAD) method and Ordinary Least Squares (OLS) technique to analyze herd behavior in cryptocurrency markets across five distinct periods: the overall period, pre-COVID-19, during the COVID-19 pandemic, bullish markets, and bearish markets. Daily price data for four major cryptocurrencies by market capitalization (Bitcoin, Ethereum, Tether, and Ripple) from January 2019 to December 2021 are used. The study results indicate strong herd behavior throughout the entire period, suggesting that investors tend to follow market trends during this time. Additionally, herd behavior is not observed in the pre-COVID-19 period, whereas the COVID-19 pandemic period is associated with significant herd behavior in cryptocurrency markets. The findings also reveal that herd behavior is significantly confirmed only in bullish markets, implying that traders in cryptocurrency markets during the COVID-19 pandemic and in bullish markets tend to make similar trading decisions. | ||
کلیدواژهها [English] | ||
Herd Behavior, COVID-19, Cryptocurrency, Bullish Market, Bearish Market | ||
سایر فایل های مرتبط با مقاله
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