Precious metals play an important role in portfolio diversification and financial risk management, particularly during periods of economic uncertainty and stock market instability. However, their defensive properties may vary depending on market conditions and the intensity of financial shocks. This study aims to exami...
This study analyzes the relationship between Bitcoin returns, the decentralized finance (DeFi) sector, and traditional stock market returns, focusing on the Iraq Stock Exchange (ISX) from January 4, 2020, to March 4, 2026. Growing institutional adoption has strengthened the interconnectedness of digital assets with tra...
For centuries, gold has been widely accepted as a safe haven. However, since the rise of cryptocurrencies, Bitcoin has been a controversial investment option among market players worldwide. This research presents an empirical model that compares the two assets to determine which is the more attractive investment option...
This paper selects the data of Bitcoin, Gold, and the S&P 500 index from 2018 to 2025, utilizing GARCH(1,1) and DCC-GARCH models to depict the dynamic conditional correlations among assets. By incorporating the Global Geopolitical Risk Index, the 10-year breakeven inflation rate, and the VIX panic index, it constructs...
This study empirically analyzes the risk-adjusted performance, volatility, and interdependencies of the Magnificent 7, the S&P 500 (SPY), the Nasdaq-100 (QQQ), and gold (GLD) across distinct economic regimes from 2008 to 2025. Using daily adjusted closing prices, the analysis calculates total and annualized returns, Sh...
This study investigates the time-varying interactions between financial stress and selected financial assets within the Diebold–Yilmaz connectedness framework. Using a rolling-window VAR model combined with generalized forecast error variance decompositions, the analysis examines how shock transmission mechanisms acros...
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