Does Governance Have a Role in Pricing? Cross-Country Evidence from Bitcoin Markets

Viglione, Robert

doi:10.2139/ssrn.2666243

Cited by 18 publications

(24 citation statements)

References 17 publications

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“…(2016);Noether,et,al. (2016); Viglione (2015); Stephan and Moore (2015); Eyal (2015); Garay, et,al.(2015). Whereas consistent with the findings from Brown (2016) and Heilman (2015).…”

Section: ~ 106 Tsupporting

confidence: 77%

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An Empirical Evidences on Cryptocurrencies: Emerging Digital Money in the World

Risal¹

2018

NCC Jnl

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“…(2016);Noether,et,al. (2016); Viglione (2015); Stephan and Moore (2015); Eyal (2015); Garay, et,al.(2015). Whereas consistent with the findings from Brown (2016) and Heilman (2015).…”

Section: ~ 106 Tsupporting

confidence: 77%

“…(2016) concluded that a strong desire for financial privacy in bitcoin had come as no surprise, given the community's historically libertarian leanings. Viglione (2015) had proved an inverse relationship between economic freedom and bitcoin price premiums.…”

Section: Review Of Literaturementioning

confidence: 99%

An Empirical Evidences on Cryptocurrencies: Emerging Digital Money in the World

Risal¹

2018

NCC Jnl

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“…However, the presence of inherent pricing bubbles (as found by Cheah and Fry [2015]; Corbet et al [2018a]) generate substantial rewards for those who wish to profit from such illicit tactics as cryptocurrency market hacking and theft. Growth in cybercrime also generates an immediate need for improved international regulatory alignment (Viglione [2015]), but it is also associated with the widespread banning of such financial instruments 1 In an interview with Business Insider on 27 February 2018, the chief investment officer of the Investment Strategy Group of Goldman Sachs stated that cryptocurrencies at large are in a bubble and 'when it bursts, will impact only 1 percent of global GDP' 6 ACCEPTED MANUSCRIPT…”

Section: Insert Figures 2 and 3 About Herementioning

confidence: 99%

“…Based on a rigorous analysis with extensive robustness checks the authors demonstrate that during periods identified as 'suspicious', this trading activity is found to have likely caused the unprecedented increase in te US dollar-Bitcoin (USD-BTC) exchange rate in late 2013 when it increased from around $150 to more than $1,000 in two months. Viglione [2015] investigated the effects of social technologies related to the governance on cross-country differences in Bitcoin prices as controlled for financial freedom, to which a…”

Section: Regulatory Disorientationmentioning

confidence: 99%

Cryptocurrencies as a financial asset: A systematic analysis

Corbet

Lucey

Urquhart

et al. 2019

International Review of Financial Analysis

762

228

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This paper provides a systematic review of the empirical literature based on the major topics that have been associated with the market for cryptocurrencies since their development as a financial asset in 2009. Despite astonishing price appreciation in recent years, cryptocurrencies have been subjected to accusations of pricing bubbles central to the trilemma that exists between regulatory oversight, the potential for illicit use through its anonymity within a young underdeveloped exchange system, and infrastructural breaches influenced by the growth of cybercriminality. Each influence the perception of the role of cryptocurrencies as a credible investment asset class and legitimate of value.

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“…Gandal et al [26] studied bitcoin price manipulation. Viglione [27] argues that relative bitcoin price within a country is inversely correlated with the economic freedom therein. The speculative aspect of bitcoin is studied by Bouoiyour and Selmi [28] and in [29], along with the relationship between the supply-demand fundamentals and its price.…”

Section: Literature Reviewmentioning

confidence: 99%

Seeking a Chaotic Order in the Cryptocurrency Market

Günay¹,

Kaşkaloğlu²

2019

MCA

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In this study, we investigate the existence of chaos in the global cryptocurrency market. Specifically, we analyze parameters of chaotic order, nonlinearity, sensitivity to the initial conditions, monofractality, and multifractality. For this purpose, we conduct a comprehensive series of tests, including Brock-Dechert-Scheinkman (BDS) test, largest Lyapunov exponent, box-counting, and monogram analysis for fractal dimension, and multiple tests for long-range dependence (Aggregated Variances, Peng, Higuchi, R/S Analysis, and Multifractal Detrended Fluctuation Analysis (MFDFA)). All tests are performed over a variety of major cryptocurrencies: Bitcoin, Litecoin, Ethereum, and Ripple. The empirical results support the existence of chaos in the cryptocurrency market. Accordingly, cryptocurrency returns are not random and follow a chaotic order. Therefore, long term predictions are not possible, contrary to most of the discussions ongoing in the media and the public.

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Does Governance Have a Role in Pricing? Cross-Country Evidence from Bitcoin Markets

Cited by 18 publications

References 17 publications

An Empirical Evidences on Cryptocurrencies: Emerging Digital Money in the World

An Empirical Evidences on Cryptocurrencies: Emerging Digital Money in the World

Cryptocurrencies as a financial asset: A systematic analysis

Seeking a Chaotic Order in the Cryptocurrency Market

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