In this paper, we compare the bitcoin exchange rate of the U.S. dollar against the Euro with the relevant foreign spot exchange rate and find empirical evidence of co-integration and one-way Granger-causality from the spot exchange rate to the bitcoin exchange rate. Furthermore, we find market...

This study investigates the granular hypothesis introduced by Gabaix (2011) on the stock market. We focus on explaining fluctuations in macro variables in the stock market using market capitalization. We define idiosyncratic firm-level shocks as the deviation of market capitalization from...