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Table 7 Reverse relationship between Herding and Bubble

From: Speculative bubbles and herding in cryptocurrencies

 

Dependent variable: herding

BTCt−1

−0.008 (0.831)

      

ETHt−1

 

−0.014 (0.795)

     

ADAt−1

  

0.013 (0.766)

    

DOGEt−1

   

0.105b (0.016)

   

VETt−1

    

0.122b (0.011)

  

THETAt−1

     

−0.087c (0.079)

 

TRXt-1

      

0.064 (0.313)

  1. We estimate the 30-days rolling window of Eq. (10) and defined that herding exists at a 10% significance level. The dependent variable is a dummy variable that is equal to 1 if the rolling t-statistic on \(\alpha_{2} \le - 1.645\) and 0 otherwise. The independent variables are dummy variables that are equal to 1 during the bubble period and 0 otherwise for each cryptocurrency
  2. P-values are in parentheses
  3. a, b, and c represent significance at the 1, 5, and 10 percent levels, respectively