TY - GEN
T1 - The effect of information asymmetry on investment behavior in cryptocurrency market
AU - Park, Minjung
AU - Chai, Sangmi
N1 - Publisher Copyright:
© 2020 IEEE Computer Society. All rights reserved.
PY - 2020
Y1 - 2020
N2 - With the increase in the attention to cryptocurrency, studies on the factors affecting the price fluctuation of cryptocurrency have been actively conducted. Prior researches suggested that policy announcements (i.e., public information) related to cryptocurrency have been found to affect the price volatility in the market in particular. Privileged information, which is hard to be observable unlike public information published by the government or corporations, is hardly homogenously distributed to individual investors. However, it inevitably affects the price in any market. Therefore, this study aims to identify the information asymmetry, which is mainly formed by privileged information, in the cryptocurrency market. Moreover, this study examines whether investment sentiment, which mainly influences transaction behaviors of uninformed traders, has a significant effect on the cryptocurrency market as well. The results contribute to the understanding of the cryptocurrency market in a basis of the existing market theories.
AB - With the increase in the attention to cryptocurrency, studies on the factors affecting the price fluctuation of cryptocurrency have been actively conducted. Prior researches suggested that policy announcements (i.e., public information) related to cryptocurrency have been found to affect the price volatility in the market in particular. Privileged information, which is hard to be observable unlike public information published by the government or corporations, is hardly homogenously distributed to individual investors. However, it inevitably affects the price in any market. Therefore, this study aims to identify the information asymmetry, which is mainly formed by privileged information, in the cryptocurrency market. Moreover, this study examines whether investment sentiment, which mainly influences transaction behaviors of uninformed traders, has a significant effect on the cryptocurrency market as well. The results contribute to the understanding of the cryptocurrency market in a basis of the existing market theories.
UR - http://www.scopus.com/inward/record.url?scp=85097731846&partnerID=8YFLogxK
M3 - Conference contribution
AN - SCOPUS:85097731846
T3 - Proceedings of the Annual Hawaii International Conference on System Sciences
SP - 4043
EP - 4052
BT - Proceedings of the 53rd Annual Hawaii International Conference on System Sciences, HICSS 2020
A2 - Bui, Tung X.
PB - IEEE Computer Society
Y2 - 7 January 2020 through 10 January 2020
ER -