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Analysis of herd behavior across cryptocurrencies
Krouská, Kateřina ; Kukačka, Jiří (advisor) ; Fanta, Nicolas (referee)
This thesis studies herding behavior in the cryptocurrency market between 2017 and 2022. Results from the static model reveal significant imitative behavior in the up market and during the bull year 2017. In addition, this thesis ranks among the first papers that study the effect of the early stage of the war in Ukraine on the market-wide herding behavior. Furthermore, due to Bitcoin's dominant position among other coins, closer attention is devoted to studying its influence on the herding behavior in the market. However, herding seems to be present only during extreme Bitcoin movements. In response to these results, five dominant coins (Bitcoin, Ethereum, XRP, Litecoin and Dogecoin) are excluded from the sample and their influence on the rest of the market is studied. The evidence suggests strong herding behavior of the rest of the market around these five giants. Therefore, the return of smaller coins seems to be influenced by the performance of larger coins, rather by solely that of Bitcoin. JEL Classification G02, G15, G40, C22, C58 Keywords Cryptocurrencies, Herding behavior, Bitcoin, COVID-19 Title Analysis of herd behavior across cryptocurren- cies Author's e-mail 43789078@fsv.cuni.cz Supervisor's e-mail jiri.kukacka@fsv.cuni.cz
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Essays on Decision Making under Stress
Cingl, Lubomír ; Bauer, Michal (advisor) ; Skořepa, Michal (referee) ; Levínský, René (referee) ; Servátka, Maroš (referee)
Název / Title Eseje o rozhodování pod stresem / Essays on Decision Making under Stress Student PhDr. Lubomír Cingl Studijní program / Study program Ekonomické teorie Školitel / Advisor PhDr. Michal Bauer, Ph.D. Abstract This dissertation comprises three thematically connected experimental studies of human behavior under non- standard conditions: time-pressure and stress. In the Introduction section I present the argument for why it is important for economists to recognize stress research as a valid part of the research in economics and how it can contribute to the growing knowledge of human behavior in general, including several examples from the literature. The first paper presented in Chapter 2 examines the effect of time pressure on the individual propensity to herd, while the remaining two papers examine the effect of acute stress on risk-preferences and herding behavior, respectively. Herding behavior is a very important phenomenon in human decision making since social influence is very frequent in our lives and economic decisions: consider traders in financial markets, wait-and-see investors, but also purchase behavior due to fads, fashion and top-ten lists. Risk preferences are another essential factor which determines many important economic outcomes, and the assumption of their stability is a...
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