Essays on cryptocurrency

Shi, Yanghua

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URN:	urn:nbn:de:bsz:180-madoc-704260
Dokumenttyp:	Dissertation
Erscheinungsjahr:	2025
Ort der Veröffentlichung:	Mannheim
Hochschule:	Universität Mannheim
Gutachter:	Theissen, Erik
Datum der mündl. Prüfung:	2025
Sprache der Veröffentlichung:	Englisch
Einrichtung:	Fakultät für Betriebswirtschaftslehre > ABWL u. Finanzierung (Theissen 2009-)
Lizenz:	Creative Commons Namensnennung 4.0 International (CC BY 4.0)
Fachgebiet:	330 Wirtschaft
Freie Schlagwörter (Englisch):	cryptocurrency , blockchain , cryptocurrency design , LASSO , market performance , event studies , herding , investor attention , attention dispersion
Abstract:	This dissertation contributes to the ongoing discussion about cryptocurrencies by providing a comprehensive examination of various investment-related facets. It consists of four distinct chapters. The first two chapters investigate cryptocurrencies from an asset pricing perspective, focusing on which design features are relevant for market capitalization and return volatility. The third chapter explores one of these design features, which is the consensus mechanism used for transaction validation. In particular, we investigate the centralization of cryptocurrencies through an event study. The fourth chapter, situated in the field of behavioral finance, examines intraday investor herding behavior. Given the prominence of retail investors, herding is particularly relevant for cryptocurrencies as an alternative investment and potential store of value. These topics are of interest not only to cryptocurrency investors but also to regulators and developers.