We find strong evidence that imitation to the leader in an uncertain environment provides short-term early success without enhancing long-term survival. Using a unique setting in cryptocurrencies where Bitcoin has been the centre focus, we define copycats as cryptocurrencies that have a name...

There is a large literature that reports time-specific anomalies in equity markets such as the Monday effect, the January effect and the Halloween effect. This study is the first to report intra-day time-of-day, day-of-week, and month-of-year effects for Bitcoin returns and trading volume. Using...

Ben-Rephael et al. (2017) show “it depends on where you search”, highlighting a difference in retail and institutional attention. We add to this by investigating attention on the popular subreddit r/wallstreetbets, Twitter, Wikipedia page views, media, and a proxy for institutional...

Using transaction-level institutional trades and a firm's negative ESG incidents, we findthat institutional investors adjust their order flow prior to these non-financial events.First, their trading is in the same direction of post-event cumulative abnormal returnsand results in abnormal...

Using XBRL as a quasi-natural experiment, we examine whether the mandated improvement on financial information presentation attenuates the profitability of insiders' trades. We provide unique insights on how insiders profit from publicly available information. We find that XBRL adoption...