Xiaoran Huang, Juan Lin, Peng Wang: Are institutional investors marching into the crypto market?

发表期刊：Economics Letters

发表时间：Available online: 14 September 2022

作者及单位：Xiaoran Huang^a,b, Juan Lin^a,b, Peng Wang^a,*

^a School of Economics, Xiamen University, Xiamen, 361005, China

^b WISE, Xiamen University, Xiamen, 361005, China

摘要：This study focuses on institutional investors who have added crypto securities to their portfolios. Using quarterly data over the period 2018Q1–2021Q4, we document that the number of such institutions has been increasing steadily and that both younger and larger institutions with active strategies are more likely to hold crypto securities. Furthermore, we find robust evidence that institutional investors include crypto securities in their portfolios largely for diversification.

关键词：Institutional investors; Crypto market; Diversification