Can Bitcoin Investors Profit from Buy, Hold, and Sell Recommendations by Crypto Analysts?

Item Type Monograph (Working Paper)
Abstract

Using a hand-collected dataset containing buy, hold, and sell recommendations for Bitcoin published by crypto analysts, we show that hold and sell recommendations are followed by negative abnormal returns whereas buy recommendations are not associated with nonzero abnormal returns. Based on all outstanding recommendations, we compute recommendation changes relative to (i) the latest issued recommendation and (ii) the outstanding consensus recommendation. Downgrades are followed by negative abnormal returns. We conclude that crypto analysts are skilled information intermediaries on the Bitcoin market.

Authors Gerritsen, Dirk; Lugtigheid, Rick & Walther, Thomas
Language English
Subjects business studies
economics
finance
HSG Classification contribution to scientific community
HSG Profile Area SOF - System-wide Risk in the Financial System
Date 2020
Official URL https://papers.ssrn.com/sol3/papers.cfm?abstract_i...
Depositing User Prof. Dr. Thomas Walther
Date Deposited 01 Oct 2020 14:39
Last Modified 01 Oct 2020 14:40
URI: https://www.alexandria.unisg.ch/publications/261102

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Gerritsen, Dirk; Lugtigheid, Rick & Walther, Thomas: Can Bitcoin Investors Profit from Buy, Hold, and Sell Recommendations by Crypto Analysts? , 2020,

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https://www.alexandria.unisg.ch/id/eprint/261102
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