Paper Title
Asymmetric Herding Effects in The Cryptocurrency Market

Abstract
This paper examines herding in the cryptocurrency market from 2016 to May 2018. To this end we employ the cross-sectional dispersion of returns approach to capture herding under extreme market conditions and under different market states. The empirical results provide evidence of herding, being more pronounced during up market and down volatility days. The empirical findings provide useful insights into a rather under explored market and have practical implications for investors and regulators. Keywords - Herding; Cross Sectional Dispersion of Returns; Cryptocurrency Market JEL Classification - G10; G14; G15