...Manisha Yadav Purpose Using the high-frequency intraday data of the top 100 most liquid cryptocurrencies, this study aims to examine the presence of the MAX effect in the cross-sectional pricing of cryptocurrencies. Additionally, it delves into the pricing implications of idiosyncratic volatility...

... literature provides support for MAX effect in several countries, where risk seeking in the form of gambling is an acceptable form of social behavior, suggesting a preference for lottery-like stocks. This motivates the authors to investigate whether such preference for lottery-like stocks is prevalent...