000125822 001__ 125822 000125822 005__ 20240731103356.0 000125822 0247_ $$2doi$$a10.1016/j.iref.2023.02.013 000125822 0248_ $$2sideral$$a133177 000125822 037__ $$aART-2023-133177 000125822 041__ $$aeng 000125822 100__ $$0(orcid)0000-0001-5629-7526$$aBlasco, N.$$uUniversidad de Zaragoza 000125822 245__ $$aIs there an expiration effect in the bitcoin market? 000125822 260__ $$c2023 000125822 5060_ $$aAccess copy available to the general public$$fUnrestricted 000125822 5203_ $$aThis paper studies the monthly expiration effect in the bitcoin markets. The emergence of trading in bitcoin futures in regulated markets is an ideal occasion to test this effect on an asset with singular characteristics. Our results with intraday data show that around the time of maturity there are significant changes in the trading volume, volatility and return of bitcoin, an asset that is traded in many exchanges simultaneously. Therefore, there is a clear expiration effect related to bitcoin futures. The closer to the expiration time (shortly beforehand or afterwards), the more intense these effects are. However, in spite of these general results, the expiration effect is not homogeneous across exchanges and depends on the characteristics of the futures contract in question. Robustness tests are also applied to confirm the results. The increasing participation of institutional investors is consistent with our findings, particularly in relation to the expiration effects of cash-settled futures, as these contracts are more appealing for sophisticated investors who could be interested in arbitrage or speculative processes. 000125822 536__ $$9info:eu-repo/grantAgreement/ES/MCINN/RTI2018-093483-B-I00$$9info:eu-repo/grantAgreement/ES/MCIN/PID2019-104304GB-I00$$9info:eu-repo/grantAgreement/ES/DGA/S11-20R-CEMBE 000125822 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc-nd$$uhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/ 000125822 590__ $$a4.8$$b2023 000125822 592__ $$a1.093$$b2023 000125822 591__ $$aECONOMICS$$b57 / 597 = 0.095$$c2023$$dQ1$$eT1 000125822 593__ $$aFinance$$c2023$$dQ1 000125822 591__ $$aBUSINESS, FINANCE$$b26 / 231 = 0.113$$c2023$$dQ1$$eT1 000125822 593__ $$aEconomics and Econometrics$$c2023$$dQ1 000125822 594__ $$a7.3$$b2023 000125822 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000125822 700__ $$aCorredor, P. 000125822 700__ $$aSatrústegui, N. 000125822 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000125822 773__ $$g85 (2023), 647-663$$pINTERNATIONAL REVIEW OF ECONOMICS & FINANCE$$tINTERNATIONAL REVIEW OF ECONOMICS & FINANCE$$x1059-0560 000125822 8564_ $$s534728$$uhttps://zaguan.unizar.es/record/125822/files/texto_completo.pdf$$yVersión publicada 000125822 8564_ $$s2104229$$uhttps://zaguan.unizar.es/record/125822/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000125822 909CO $$ooai:zaguan.unizar.es:125822$$particulos$$pdriver 000125822 951__ $$a2024-07-31-09:56:55 000125822 980__ $$aARTICLE