An Event Study on Investor Behavior in Digital Collectibles

DOI

10.2991/978-2-38476-585-0_90How to use a DOI?

Keywords

Event Study; Digital Collectibles; Behavioral Finance; Investor Behavior

Abstract

In the current financial market, the coexistence of stock volatility and the rapid development of the virtual market is evident. Still, research on the behavioral connection between traditional stock and virtual asset investment lacks clarity regarding the internal mechanisms of cross-market behavioral shifts. Thus, exploring the transformation of cross-market investor behavior is of great significance. Taking Christie’s “Basquiat Digital Collectibles Auction” as a major event, this paper applies the event study method, constructing a [-30, 30] day window, collecting stock and digital collectible investors’ trading, holdings, and other data, to reveal the characteristics and patterns of cross-market investment behaviour shifts. The study finds: when traditional stock investors participate in digital collectibles, their motivation shifts from “value-investment orientation” to being driven by “IP speculation and novelty-seeking psychology”; risk preference becomes more aggressive, decision-making speeds up, and behavioral finance phenomena such as herding and overconfidence are more prominent in the virtual asset scenario; Christie’s brand influence becomes one of the key factors driving investor cross-market behavior transformation. This study supplements the theoretical content of investment behavior in virtual assets and provides practical references for investors to adjust decision-making and for regulators to improve market governance.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Honghao Ye
PY  - 2026
DA  - 2026/06/18
TI  - An Event Study on Investor Behavior in Digital Collectibles
BT  - Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025)
PB  - Atlantis Press
SP  - 798
EP  - 806
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-2-38476-585-0_90
DO  - 10.2991/978-2-38476-585-0_90
ID  - Ye2026
ER  -