![]() Moreover, Bitcoin is independent of monetary policies and, similar to commodities such as gold, limited in quantity by mining constraints. Although not examined through a period of acute losses, Bitcoin has also been shown to correlate positively with downward markets ( Klein et al., 2018), implying that it may act as a store of value during severe market declines. We build upon the previous literature by providing an assessment of the safe haven properties of Bitcoin for a traditional asset during a period of acute price decreases in equity markets.ĭiversification benefits across assets have been shown to decrease in times of high market volatility ( Campbell et al., 2002). Goodell (2020), in particular, sets out a research agenda highlighting possible impacts of COVID-19 on financial markets and institutions. The ongoing Covid-19 pandemic and associated financial turbulence has led to a profusion of working papers, some examining cryptocurrency implications ( Alfaro, Chari, Greenland, Schott, 2020, Corbet, Hu, Lucey, Oxley, 2020, Corbet, Larkin, Lucey, 2020, Jabotinsky, Sarel, Jana, Das). ![]() In recent years, the growing popularity of cryptocurrencies has inspired numerous studies of their diversification, hedging and safe haven properties ( Urquhart, Zhang, 2019, Smales, 2019, Shahzad, Bouri, Roubaud, Kristoufek, Lucey, 2019, Kliber, Marszałek, Musiałkowska, Świerczyńska, 2019, Guesmi, Saadi, Abid, Ftiti, 2019, Aysan, Demir, Gozgor, Lau, 2019, Corbet, Meegan, Larkin, Lucey, Yarovaya, 2018, Bouri, Molnár, Azzi, Roubaud, Hagfors, 2017). Such loss aversion leads to alterations in optimal portfolio choice ( Berkelaar et al., 2004) and may prompt investors to seek out safe haven investments such as gold ( Conlon, Lucey, Uddin, 2018, Bredin, Conlon, Potì, 2015, Baur, Lucey, 2010). Investor loss aversion implies a greater sensitivity to acute losses than gains and has been demonstrated in experimental settings ( Tversky and Kahneman, 1991). Specifically, we examine whether an investor with a proportion of wealth allocated to Bitcoin can reduce their exposure to downside risk relative to a portfolio consisting only of equities. In this paper, we provide a first assessment of the safe haven properties of Bitcoin during a period of significant turmoil in financial markets, the Covid-19 bear market. While many of these arguments are compelling, empirical tests of the safe haven properties of Bitcoin have been devoid of a central component, a severe financial markets crisis. It’s a terrible thing to do to your Valentine.Bitcoin has been proposed as a safe haven for traditional assets for many reasons, including independence from monetary policy, a role as a store of value and limited correlation with traditional assets. But Hough ends every assault on Katie, be it attempted rape or murder, with a delicious crinkle of her nose that signals all traumas can be solved with the right,makeup, hair and lighting. I hate the Sixth Sense vibe that attempts to energize a film that died soon after the opening credits. I hate, to the point of despising, the friendship Katie develops with Jo (Cobie Smulders), a neighbor no one else in town seems to mention. I hate how Hallstrom arranges them like he’s shooting a spread for smallo-town Vogue. No human emotion seems to register on their perfect faces for more than a second at a time. I hate the blandness of Hough and Duhamel as actors. I hate the intolerably cutsey dialogue that draws this Ken and Barbie together. As time wears on and on, I keep ignoring Katie’s fate and wondering where she and Alex go to get their highlights. Worse then that, Katie hides out in an impossibly picturesque fishing village in North Carolina, where she right away meets Alex (Josh Duhamel), a widower with two kids and a gym-toned body no one else in town possesses. And yet Hough, an inexhaustibly perky actress, manages to keep smiling. ![]() I mean, you have to hate this story: Katie (Julianne Hough) has fled Boston by bus, with a psycho cop (David Lyons) and a first-degree murder rap nipping at her heels. I hate how nothing about Safe Haven makes sense. I hate that Lasse Hallstrom, the indisputable talent behind My Life As a Dog, What’s Eating Gilbert Grape, and The Cider House Rules, got suckered into directing this swill. You want titles? Try Dear John, The Last Song and The Lucky One. I hate the way Sparks-inspired films have gotten exponentially worse since 2004’s The Notebook. I hate the way Hollywood insults audiences by deciding a film version of a Nicholas Sparks bestseller is what audiences need for Valentine’s week. ![]() How much do I hate this movie? Let me count the ways. ![]()
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