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Table 2 Estimation results of \(\Delta (IM_{t} ) = \gamma + \delta *IM_{t - 1} + u_{t}\)

From: The explosion in cryptocurrencies: a black hole analogy

 

\(\gamma\)

\(\delta\)

Coef

2,531,778

(1,545,242)

-0.0356**

(0.013)

t-statistic

1.64

− 2.74

p value

(0.102)

(0.006)

Obs

R-squared

Adj R-squared

372

0.0199

0.0172

  1. (***), (**), (*) denotes that the coefficient is significant at the 1%, 5%, 10% level