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Essays on market reaction and cryptocurrency

  • In the decade following the 2008 financial crisis, the coronavirus viral disease 2019 (COVID-19) pandemic and United States (US) President Trump’s Twitter account became representations of market uncertainty, attracting the financial research of (Goodell, 2020; Benton and Philips, 2020). Due to the popularity of these events and their impact on financial markets, many unanswered questions still persist, particularly, how the financial structure has changed during this unique time. The popularity of Bitcoin, one of the main cryptocurrencies, has caused a controversial topic to arise in recent academic research, namely, whether its function compares to that of conventional precious metals such as gold and platinum. This doctoral thesis aims to fill this research gap in two ways: (i) by addressing market reactions to the COVID-19 pandemic and political news by answering the question of how US legislators traded at an industry level during the ongoing COVID-19 pandemic, and how Trump’s Twitter account could shake the equity market during a trade war, and (ii) by examining the power of the gold and platinum ratio, which was first studied by (Huang and Kilic, 2019) ), in predicting Bitcoin as well as how political sentiment could drive the returns, volatility, and volume of this cryptocurrency. This thesis contributes to the empirical evidence in the areas mentioned above due to the growing attention on the financial function of cryptocurrency, the debatable effects of political news regarding the use of social media, and the eventual and unprecedented scale of the COVID-19 pandemic.

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Metadaten
Author:Toan Huynh
URN:urn:nbn:de:hbz:992-opus4-9006
Publisher:WHU - Otto Beisheim School of Management
Place of publication:Vallendar
Referee:Mei Wang, Ralf Fendel
Document Type:Doctoral Thesis
Language:English
Date of Publication (online):2022/02/17
Date of first Publication:2022/02/17
Publishing Institution:WHU - Otto Beisheim School of Management
Granting Institution:WHU - Otto Beisheim School of Management
Date of final exam:2022/01/25
Release Date:2022/02/17
Tag:Bitcoin; Marktverhalten
Cryptocurrency; Market behavior
Page Number:94
Institutes:WHU Finance & Accounting Group / Chair of Behavioral Finance
Licence (German):Copyright this PhD thesis