If you feel good, I feel good! The mediating effect of behavioral factors on the relationship between industry indices and Bitcoin returns
研究了投资者情绪是否在科技、能源等四个行业指数回报与比特币回报之间起中介作用，发现情绪显著增强了科技和清洁能源行业与比特币回报的关联，但未发现行业指数与比特币回报的直接关系。
Do behavioral factors mediate the relationship between industry returns and Bitcoin returns? We use four industry indices in technology, energy, clean energy, and banking, and the Sentiment index from Thomson Reuters Marketpsych Indices as a behavioral factor to investigate this question. We show that the sensitivities of technology and clean energy industry indices to Sentiment, positively and significantly, strengthen the relationship between sentiment and Bitcoin returns. By showing that behavioral factors mediate the association between the returns of industry indices and Bitcoin returns, we provide evidence that investors’ Sentiment captures the association between Bitcoin and sectors related to cryptocurrencies. Our results, however, do not support prior studies’ findings of a direct relationship between the industry indices and Bitcoin returns.