Beyond hype: Unveiling the herd effect in ESG and non-ESG cryptocurrency portfolios

被引：2
|
作者：
Junior, Israel Nunes de Almeida [1 ]
Palazzi, Rafael Baptista [1 ,2 ]
Klotzle, Marcelo Cabus [1 ]
Pinto, Antonio Carlos Figueiredo [1 ]
Gomes, Leonardo Lima [1 ]
机构：
[1] Pontif Catholic Univ Rio de Janeiro PUC Rio, IAG Business Sch, Rio De Janeiro, RJ, Brazil
[2] Sao Paulo Sch Business Adm, FGV EAESP, Sao Paulo, SP, Brazil
来源：
FINANCE RESEARCH LETTERS | 2024年 / 65卷
关键词：
ESG; Herding; Cryptocurrency; Asset pricing; Fundamental information; BEHAVIOR; SIZE;
D O I：
10.1016/j.frl.2024.105500
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates herding behavior in the cryptocurrency market, specifically comparing environmental, social, and governance (ESG)-designated assets and non-ESG assets. It addresses a research gap concerning investor behavior towards ESG and non-ESG cryptocurrencies. Our study reveals that investor herding behavior manifests in specific years and in response to significant events, such as El Salvador's adoption of Bitcoin. Notably, the findings suggest the presence of intentional herding behavior in 2023 data for ESG and non-ESG cryptocurrencies. These insights offer valuable guidance for investors and policymakers seeking to mitigate risks and optimize portfolio allocation strategies.
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页数：9
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