Are cryptocurrencies homogeneous?
用LASSO模型检验12种加密货币的回报是否受相同因素影响，发现除技术因素和网络犯罪外，加密货币是异质的，存在替代效应。
Abstract This article investigates if cryptocurrencies returns' are similarly affected by a selection of demand‐ and supply‐side determinants. Homogeneity among cryptocurrencies is tested via a least absolute shrinkage and selection operator (LASSO) model where determinants of Bitcoin returns are applied to a sample of 12 cryptocurrencies. The analysis goes beyond existing research by simultaneously covering different periods and design choices of cryptocurrencies. The results show that cryptocurrencies are heterogeneous, apart from some similarities in the impact of technical determinants and cybercrime. The cryptocurrency market displays evidence of substitution effects, and design choices related explain the impact of the determinants of return.