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Personal Experience Effects Across Markets : = Evidence from NFT and Cryptocurrency Investing.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Personal Experience Effects Across Markets :/
Reminder of title:	Evidence from NFT and Cryptocurrency Investing.
Author:	Sun, Chuyi.
Description:	1 online resource (73 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 85-11, Section: A.
Contained By:	Dissertations Abstracts International85-11A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798382629858

Personal Experience Effects Across Markets : = Evidence from NFT and Cryptocurrency Investing.
Sun, Chuyi.

Personal Experience Effects Across Markets :Evidence from NFT and Cryptocurrency Investing. - 1 online resource (73 pages)

Source: Dissertations Abstracts International, Volume: 85-11, Section: A.

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2024.

Includes bibliographical references

I examine how personal experiences causally impact investor behaviors and market boom-bust episodes by exploiting a unique experimental setting in the non-fungible token (NFT) market. Using blockchain transaction-level data for about 1 million wallets, I find that NFT investors who randomly receive more valuable NFTs in the primary market are more likely to participate in subsequent primary market sales and trade more NFTs in the secondary market. These experience effects spill over to the cryptocurrency market as investors who randomly receive more valuable NFTs purchase more lottery-like cryptocurrencies. I also find that personal experiences and new investor inflows have contributed to the formation of bubbles in the NFT market. A model-free reinforcement learning framework best explains the empirical results.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382629858Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

CryptocurrencyIndex Terms--Genre/Form:

554714
Electronic books.

Personal Experience Effects Across Markets : = Evidence from NFT and Cryptocurrency Investing.
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500 $a Advisor: Kuhnen, Camelia M.
502 $a Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2024.
504 $a Includes bibliographical references
520 $a I examine how personal experiences causally impact investor behaviors and market boom-bust episodes by exploiting a unique experimental setting in the non-fungible token (NFT) market. Using blockchain transaction-level data for about 1 million wallets, I find that NFT investors who randomly receive more valuable NFTs in the primary market are more likely to participate in subsequent primary market sales and trade more NFTs in the secondary market. These experience effects spill over to the cryptocurrency market as investors who randomly receive more valuable NFTs purchase more lottery-like cryptocurrencies. I also find that personal experiences and new investor inflows have contributed to the formation of bubbles in the NFT market. A model-free reinforcement learning framework best explains the empirical results.
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653 $a Investor behaviors
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