基地研究员任晓航副教授合作论文“Being an Emotionally Unaffected Investor: Evidence From Bitcoin”在重要学术期刊IEEE Transactions on Engineering Management发表。

IEEE Transactions on Engineering Management聚焦工业、政府及学术机构中研发与工程技术职能的管理研究，旨在为组织决策和政策制定提供理论支持。

摘要：As one of the most prominent cryptocurrencies, Bitcoin has been at the forefront of a major revolution in the financial and technological sectors. This study utilizes data from social media to extract the emotional tendencies of investors in the Bitcoin market and analyze differences in investor behavior under various emotional features. We find that when investors exhibit reluctance (such as Sadness and Fear) to buy Bitcoin, it is the opportune moment to invest and achieve returns higher than expected. Conversely, when the emotional tone of investors becomes positive (such as Joy and Love), indicating a tendency to invest, we choose to avoid investing. Our research has also revealed that such emotional cues can assist in better predicting returns in the Bitcoin market. Analyzing market emotions contributes to a deeper understanding of market fluctuations and investor behavior. Our findings help stakeholders recognize the role of subjective emotions in the market and provide them with prudent investment advice: avoid relying excessively on the feelings of others, as this may trigger investment losses.

关键词：Large Language Models, BERT, Machine Learning, Textual Analysis, Investor Behavior, Bitcoin, Return Predictio

论文链接：Being an Emotionally Unaffected Investor: Evidence From Bitcoin | IEEE Journals & Magazine | IEEE Xplore

教师简介

任晓航，中南大学商学院特聘副教授，Elsevier中国高被引学者，全球前2%顶尖科学家，主要从事能源金融、金融风险、金融计量等方面的研究，在Journal of the American Statistical Association、Transportation Research Part A、Energy Economics、Quantitative Finance、Review of Quantitative Finance and Accounting、International Review of Financial Analysis、Technological Forecasting and Social Change、Business Strategy and the Environment、Pacific-Basin Finance Journal、Applied Energy、Resources Policy、Renewable & Sustainable Energy Review、Energy、管理科学学报（英文版）、系统工程理论与实践、中国管理科学等国内外权威期刊上发表论文一百余篇，其中ESI热点文章/高被引论文三十余篇。担任Sustainable Communities(Taylor & Francis)领域主编，Humanities & Social Sciences Communications（Nature旗下唯一面向人文社会科学的子刊）等期刊副主编，Climate Change Economics, Economic Change and Restructuring等SSCI期刊客座主编。