Article2019

Cryptocurrency, confirmatory bias and news readability – evidence from the largest Chinese cryptocurrency exchange

Shuyu Zhang · Xuanyu Zhou · Huifeng Pan · Junyi Jia

46 citations0/0 files storedAccounting and Finance

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Financial Markets and Investment Strategies Blockchain Technology Applications and Security FinTech, Crowdfunding, Digital Finance

Abstract

Abstract We investigate whether Chinese cryptocurrency investors show confirmatory bias when processing authority‐related news. Authority‐related news is defined as news that is related to government authority (including central bank) policies or talk. By using data from the largest cryptocurrency exchange in China, we find that investors’ response to authority‐related news is negative and significant in general. Moreover, we find that the abnormal trading volume and standard deviation of abnormal trading volume are significantly higher for authority‐related news with higher readability, suggesting investors respond to the more readable authority‐related news with more trading behaviour.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 46 citations exist upstream.

References

1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency 1979Biased assimilation and attitude polarization: The effects of prior theories on subsequently considered evidence.2006Motivated Skepticism in the Evaluation of Political Beliefs 2009How does financial reporting quality relate to investment efficiency?2008Annual report readability, current earnings, and earnings persistence 2001Investor Psychology and Asset Pricing 1989Handbooks in operations research and management science 2003Overconfidence and Speculative Bubbles

Cited by

2021Down with the #Dogefather: Evidence of a Cryptocurrency Responding in Real Time to a Crypto-Tastemaker 2024Corporate fraud detection based on linguistic readability vector: Application to financial companies in China 2020Does policy uncertainty of the blockchain dampen ICO markets?2023Comprehending the Crypto-Curious: How Investors and Inexperienced Potential Investors Perceive and Practice Cryptocurrency Trading 2017Corporate governance and social norms during financial crisis: evidence from France and Saudi Arabia

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.