论文标题
加密货币定价模型中的条件β和不确定性因素
Conditional beta and uncertainty factor in the cryptocurrency pricing model
论文作者
论文摘要
这项研究是与基于无条件β或固定β的先前研究相比，评估有条件β的加密货币。这是一种建立加密货币定价模型的新方法。因此，我们预计有条件β的使用将增加以前的定价模型中因素的解释能力。此外，这项研究也是将不确定性因素放置在加密货币定价模型中的先驱。早期关于加密货币定价的研究忽略了这一因素。但是，这是加密货币估值的重要因素，因为不确定性会导致投资者的情绪并影响价格。
This research is to assess cryptocurrencies with the conditional beta, compared with prior studies based on unconditional beta or fixed beta. It is a new approach to building a pricing model for cryptocurrencies. Therefore, we expect that the use of conditional beta will increase the explanatory ability of factors in previous pricing models. Besides, this research is also a pioneer in placing the uncertainty factor in the cryptocurrency pricing model. Earlier studies on cryptocurrency pricing have ignored this factor. However, it is a significant factor in the valuation of cryptocurrencies because uncertainty leads to investor sentiment and affects prices.
