Embracing the Future or Buying Into the Bubble: Do Sophisticated Institutions Invest in Crypto Assets?
研究发现，早期投资加密货币的机构投资者在金融市场中展现出创新和适应能力，尽管该资产类别存在固有模糊性和风险。这些机构每年比同行多赚约2.8%，且早期投资者表现优于后来者和非持有者。
ABSTRACT We document that early institutional investors in cryptocurrencies exhibit innovation and adaptability in financial markets, despite the asset class's inherent ambiguity and risk. Investing in crypto assets signals a managerial willingness to undertake reputational and career risks. We compare the performance of institutions that engage in crypto investments with that of their non‐crypto‐investing peers. Our results indicate that institutional crypto investors outperform their peers by about 2.8% per year. Using propensity score matching, we find that early crypto investors outperform both followers and non‐holders as crypto investments become increasingly prevalent in markets.