论文标题
在比特币中探索投资者的行为：对处置效应的研究
Exploring investor behavior in Bitcoin: a study of the disposition effect
论文作者
论文摘要
投资者通常表现出倾向效应 - 出售其获奖投资并持有损失的投资的非理性趋势。尽管在许多传统市场中都观察到了这种现象，但尚不清楚它是否也适用于诸如加密货币等非典型市场。本文使用针对加密货物交换的交易作为销售交易的代理，研究了比特币中处置效应的普遍性。我们的发现表明，比特币的投资者确实受到了倾向效应的影响，强度有所不同。他们还表明，在整个观察期间，处置效应并不始终如一。从各种技术指标证实，从2017年的繁荣和萧条年开始，其流行率更为明显。我们的研究表明，在比特币等非典型市场中也存在非理性投资者的行为。
Investors commonly exhibit the disposition effect - the irrational tendency to sell their winning investments and hold onto their losing ones. While this phenomenon has been observed in many traditional markets, it remains unclear whether it also applies to atypical markets like cryptoassets. This paper investigates the prevalence of the disposition effect in Bitcoin using transactions targeting cryptoasset exchanges as proxies for selling transactions. Our findings suggest that investors in Bitcoin were indeed subject to the disposition effect, with varying intensity. They also show that the disposition effect was not consistently present throughout the observation period. Its prevalence was more evident from the boom and bust year 2017 onwards, as confirmed by various technical indicators. Our study suggests irrational investor behavior is also present in atypical markets like Bitcoin.
