Sharing behaviour of bitcoin investors - evidence of confirmation bias?

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en Perä, Miika 2016-08-16T11:35:52Z 2016-08-16T11:35:52Z 2015
dc.description.abstract Confirmation bias is a cognitive fallacy that can lead investors to make wrong decisions. It affects how one interprets, searches and recalls information. Yet there is lack of research on how confirmation bias influences information sharing behaviour. Do people share more readily news or information that is closer to their beliefs? I investigate the sharing (retweeting) behaviour of bitcoin media followers. I further assume that bitcoin investors belong to a subset of bitcoin media followers. I find evidence that retweeting behaviour of positive and negative sentiment news is related to bitcoin price changes on a weekly level. When price goes up bitcoin investors tend to share more positive news and when price goes down relatively more negative news are shared. I also investigate the long term sharing tendency and find that on average bitcoin investors tend to share equal amounts of positive and negative news. I argue that this sharing behaviour is a demonstration of confirmation bias influencing information sharing behaviour. en
dc.format.extent 50
dc.language.iso en en
dc.title Sharing behaviour of bitcoin investors - evidence of confirmation bias? en
dc.type G2 Pro gradu, diplomityö fi Kauppakorkeakoulu fi School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.contributor.department Department of Finance en
dc.subject.keyword confirmation bias
dc.subject.keyword information sharing
dc.subject.keyword Twitter
dc.subject.keyword bitcoin
dc.subject.keyword sentiment analysis
dc.subject.keyword cognitive bias
dc.identifier.urn URN:NBN:fi:aalto-201609083596
dc.type.dcmitype text en
dc.programme.major Rahoitus fi
dc.programme.major Finance en
dc.type.ontasot Pro gradu tutkielma fi
dc.type.ontasot Master's thesis en
dc.subject.helecon rahoitus
dc.subject.helecon financing
dc.subject.helecon sijoittajat
dc.subject.helecon investors
dc.subject.helecon käyttäytyminen
dc.subject.helecon behaviour
dc.subject.helecon behavioral finance
dc.subject.helecon behavioral finance
dc.subject.helecon päätöksenteko
dc.subject.helecon decision making
dc.subject.helecon sosiaalinen media
dc.subject.helecon social media
dc.subject.helecon tieto
dc.subject.helecon knowledge
dc.subject.helecon raha
dc.subject.helecon money
dc.subject.helecon virtuaalitodellisuus
dc.subject.helecon virtual reality
dc.subject.helecon digitaalitekniikka
dc.subject.helecon digital technology
dc.ethesisid 14560 2015-09-10
dc.location P1 I

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