Market Economics and Efficiency

Digital markets and products like cryptocurrencies possess various special properties, partly due to the comparatively short period of existence and low lower of regulation.

The BRL looks to assess market mechanisms and efficiency arising from these markets, such as determinants of returns or signs of fraudulent or manipulative behavior. The research projects aims to analysis of market mechanisms and the derivation of corresponding recommendations for action.

Publications:

2020-05-06T18:38:25+00:00

Market Reaction to Large Transfers on the Bitcoin Blockchain – Do Size and Motive Matter?

Cryptocurrency markets are often deemed inefficient. This paper explores how the market reacts to a specific form of public information: large Bitcoin transactions. The event study examines the price effects of 2,132 transactions involving at least 500 Bitcoins...

2020-05-06T19:15:20+00:00

Effects of Initial Coin Offering Characteristics on Cross-listing Returns

This paper examines how initial coin offering (ICO) characteristics affect cross-listing returns, i.e. whether or not the available information is a valuable signal of quality. For this purpose, we analyze 250 cross-listings of 135 different tokens issued via ICOs and calculate abnormal returns for specific samples using event study methodology.

2020-05-06T19:32:00+00:00

Returns from Investing in Cryptocurrency: Evidence from German Individual Investors

We analyze a subpopulation of 225 cryptocurrency owners who classify as investors. 56% of them experienced positive returns, while 29% had negative results. The remaining respondents broke even. The average investment was €1,773 in a portfolio ...

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Project team:

Fred Steinmetz

Project lead

Dr. Ingo Fiedler

Lennart Ante

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