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Elias Bengtsson

Senior lecturer

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Are cryptocurrencies homogeneous?

Author

  • Elias Bengtsson
  • Frida Gustafsson

Summary, in English

This article investigates if cryptocurrencies returns' are similarly affected by a selection of demand- and supply-side determinants. Homogeneity among cryptocurrencies is tested via a least absolute shrinkage and selection operator (LASSO) model where determinants of Bitcoin returns are applied to a sample of 12 cryptocurrencies. The analysis goes beyond existing research by simultaneously covering different periods and design choices of cryptocurrencies. The results show that cryptocurrencies are heterogeneous, apart from some similarities in the impact of technical determinants and cybercrime. The cryptocurrency market displays evidence of substitution effects, and design choices related explain the impact of the determinants of return.

Department/s

  • Accounting and Corporate Finance

Publishing year

2023

Language

English

Publication/Series

European Financial Management

Volume

29

Issue

1

Document type

Journal article

Publisher

Wiley-Blackwell

Topic

  • Business Administration

Status

Published

ISBN/ISSN/Other

  • ISSN: 1354-7798