Rationally justifying Bitcoin's immense price fluctuations has remained a persistent challenge for both investors and researchers in this field. A primary reason is our potential weakness toward robustly quantifying unquantifiable risks or ambiguity in Bitcoin returns. This paper introduces a...

The impact of sentiment on asset prices varies during periods of low and high ambiguity and risk and across countries. Examining stock market returns across twenty-nine countries, we show that the predictability of sentiment is more pronounced when ambiguity is low in Australia, Canada, Czech...