Angelo Ranaldo

Title

Prof. Dr.

Last Name

Ranaldo

First name

Angelo

Phone

+41 71 224 7010

Web Site

https://www.unisg.ch/en/universitaet/schools/finance/ueber-die-sof/lehrstuhl_ranaldo

RePec

http://ideas.repec.org/e/pra161.html

SSRN

http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=253421

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NFT Bubbles
(2023-03)
Barbon, Andrea
;
Ranaldo, Angelo
By investigating nonfungible tokens (NFTs), we provide the first systematic study of retail investor behavior through asset bubbles. Given that NFTs are recorded in public blockchains, we are able to track investor behavior over time, leading to the identification of numerous price run-ups and crashes. Our study reveals that agent-level variables, such as investor sophistication, heterogeneity, and wash trading, in addition to aggregate variables, such as volatility, price acceleration, and turnover, significantly predict bubble formation and price crashes. We find that sophisticated investors consistently outperform others and exhibit characteristics consistent with superior information and skills, supporting the narrative surrounding asset pricing bubbles.
Type:working paper
URL:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4384395
URI:https://www.alexandria.unisg.ch/handle/20.500.14171/117464