{"id":"https://openalex.org/W7222445708","doi":"https://doi.org/10.1016/j.iref.2026.105960","title":"The magnificent seven and bitcoin: Time-varying predictability, dynamic conditional correlation, and multi-scale co-movement","display_name":"The magnificent seven and bitcoin: Time-varying predictability, dynamic conditional correlation, and multi-scale co-movement","publication_year":2026,"publication_date":"2026-10-16","ids":{"openalex":"https://openalex.org/W7222445708","doi":"https://doi.org/10.1016/j.iref.2026.105960"},"language":"en","primary_location":{"id":"doi:10.1016/j.iref.2026.105960","doi":"https://doi.org/10.1016/j.iref.2026.105960","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.iref.2026.105960","pdf_url":null,"source":{"id":"https://openalex.org/S168273071","display_name":"International Review of Economics & Finance","issn_l":"1059-0560","issn":["1059-0560","1873-8036"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","doaj","erih-plus","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Review of Economics & Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.1016/j.iref.2026.105960","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5043157135","display_name":"Fuzuli Aliyev","orcid":"https://orcid.org/0000-0001-5851-1581","observed_orcids":["https://orcid.org/0000-0001-5851-1581"]},"institutions":[{"id":"https://openalex.org/I308136634","display_name":"ADA University","ror":"https://ror.org/053ez2v94","country_code":"AZ","type":"education","lineage":["https://openalex.org/I308136634"]}],"countries":["AZ"],"is_corresponding":true,"raw_author_name":"Fuzuli Aliyev","raw_affiliation_strings":["School of Business, ADA University, 54000, Baku, Azerbaijan"],"raw_orcid":"https://orcid.org/0000-0001-5851-1581","affiliations":[{"raw_affiliation_string":"School of Business, ADA University, 54000, Baku, Azerbaijan","institution_ids":["https://openalex.org/I308136634"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5075876462","display_name":"Neman Eylasov","orcid":"https://orcid.org/0000-0002-0087-2808","observed_orcids":["https://orcid.org/0000-0002-0087-2808"]},"institutions":[{"id":"https://openalex.org/I4210157156","display_name":"Baku Engineering University","ror":"https://ror.org/05wawjf63","country_code":"AZ","type":"education","lineage":["https://openalex.org/I4210157156"]},{"id":"https://openalex.org/I4405260623","display_name":"National Observatory on Labour Market and Social Protection Affairs","ror":"https://ror.org/041vwr251","country_code":"AZ","type":"government","lineage":["https://openalex.org/I4405260623"]}],"countries":["AZ"],"is_corresponding":false,"raw_author_name":"Neman Eylasov","raw_affiliation_strings":["Department of Economics, Baku Engineering University, AZ0101, Baku, Azerbaijan","National Observatory on Labour Market and Social Protection Affairs, AZ1005, Baku, Azerbaijan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, Baku Engineering University, AZ0101, Baku, Azerbaijan","institution_ids":["https://openalex.org/I4210157156"]},{"raw_affiliation_string":"National Observatory on Labour Market and Social Protection Affairs, AZ1005, Baku, Azerbaijan","institution_ids":["https://openalex.org/I4405260623"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5052199352","display_name":"Nijat Gasim","orcid":"https://orcid.org/0000-0002-3976-1283","observed_orcids":["https://orcid.org/0000-0002-3976-1283"]},"institutions":[{"id":"https://openalex.org/I194342707","display_name":"Baku State University","ror":"https://ror.org/054gw3b40","country_code":"AZ","type":"education","lineage":["https://openalex.org/I194342707"]},{"id":"https://openalex.org/I4405257902","display_name":"Qaraba\u011f University","ror":"https://ror.org/05sz0hh57","country_code":"AZ","type":"education","lineage":["https://openalex.org/I4405257902"]}],"countries":["AZ"],"is_corresponding":false,"raw_author_name":"Nijat Gasim","raw_affiliation_strings":["Center of Excellence for Research, Development and Innovation, Baku State University, AZ3701, Baku, Azerbaijan","Faculty of Medicine and Health Sciences, Karabakh University, Khankendi, Azerbaijan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Center of Excellence for Research, Development and Innovation, Baku State University, AZ3701, Baku, Azerbaijan","institution_ids":["https://openalex.org/I194342707"]},{"raw_affiliation_string":"Faculty of Medicine and Health Sciences, Karabakh University, Khankendi, Azerbaijan","institution_ids":["https://openalex.org/I4405257902"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5043157135"],"corresponding_institution_ids":["https://openalex.org/I308136634"],"apc_list":{"value":1930,"currency":"USD","value_usd":1930},"apc_paid":{"value":1930,"currency":"USD","value_usd":1930},"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"112","issue":null,"first_page":"105960","last_page":"105960"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.8163999915122986,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.8163999915122986,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.13369999825954437,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0272000003606081,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/bitcoin","display_name":"Bitcoin","score":0.9980000257492065},{"id":"https://openalex.org/keywords/directional-predictability","display_name":"directional predictability","score":0.9179999828338623},{"id":"https://openalex.org/keywords/conditional-correlation","display_name":"conditional correlation","score":0.7760000228881836},{"id":"https://openalex.org/keywords/wavelet-coherence","display_name":"wavelet coherence","score":0.6840000152587891},{"id":"https://openalex.org/keywords/dcc-garch","display_name":"DCC-GARCH","score":0.7910000085830688},{"id":"https://openalex.org/keywords/granger-causality","display_name":"Granger causality","score":0.8519999980926514},{"id":"https://openalex.org/keywords/nasdaq-100","display_name":"NASDAQ 100","score":0.8259999752044678},{"id":"https://openalex.org/keywords/vix","display_name":"VIX","score":0.6669999957084656},{"id":"https://openalex.org/keywords/us-dollar-index","display_name":"US dollar index","score":0.7020000219345093},{"id":"https://openalex.org/keywords/firm-heterogeneity","display_name":"firm heterogeneity","score":0.6759999990463257},{"id":"https://openalex.org/keywords/technology-stocks","display_name":"technology stocks","score":0.42399999499320984}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5457000136375427},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.3944999873638153},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3490999937057495},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.34689998626708984},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.3246999979019165},{"id":"https://openalex.org/C11413529","wikidata":"https://www.wikidata.org/wiki/Q8366","display_name":"Algorithm","level":1,"score":0.2320999950170517},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.22849999368190765},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.22579999268054962},{"id":"https://openalex.org/C2778112365","wikidata":"https://www.wikidata.org/wiki/Q3511065","display_name":"Sequence (biology)","level":2,"score":0.19670000672340393},{"id":"https://openalex.org/C186215838","wikidata":"https://www.wikidata.org/wiki/Q772232","display_name":"Conditional expectation","level":2,"score":0.18850000202655792}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1016/j.iref.2026.105960","doi":"https://doi.org/10.1016/j.iref.2026.105960","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.iref.2026.105960","pdf_url":null,"source":{"id":"https://openalex.org/S168273071","display_name":"International Review of Economics & Finance","issn_l":"1059-0560","issn":["1059-0560","1873-8036"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","doaj","erih-plus","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Review of Economics & Finance","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:75786162e36e494c83413cffc970e497","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/75786162e36e494c83413cffc970e497","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"International Review of Economics & Finance, Vol 112, Iss , Pp 105960- (2026)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1016/j.iref.2026.105960","doi":"https://doi.org/10.1016/j.iref.2026.105960","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.iref.2026.105960","pdf_url":null,"source":{"id":"https://openalex.org/S168273071","display_name":"International Review of Economics & Finance","issn_l":"1059-0560","issn":["1059-0560","1873-8036"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","doaj","erih-plus","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Review of Economics & Finance","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":47,"referenced_works":["https://openalex.org/W1727659491","https://openalex.org/W1915081868","https://openalex.org/W1975994995","https://openalex.org/W1979998331","https://openalex.org/W1991004523","https://openalex.org/W2034139177","https://openalex.org/W2078213728","https://openalex.org/W2094257787","https://openalex.org/W2095364399","https://openalex.org/W2124459709","https://openalex.org/W2143428876","https://openalex.org/W2145501956","https://openalex.org/W2162656107","https://openalex.org/W2173306896","https://openalex.org/W2178225550","https://openalex.org/W2265554768","https://openalex.org/W2465579951","https://openalex.org/W2517752132","https://openalex.org/W2526568049","https://openalex.org/W2771030840","https://openalex.org/W2783933003","https://openalex.org/W2799918576","https://openalex.org/W2910161434","https://openalex.org/W2940802932","https://openalex.org/W2949333925","https://openalex.org/W3014843328","https://openalex.org/W3022908605","https://openalex.org/W3121467893","https://openalex.org/W3121630491","https://openalex.org/W3122136669","https://openalex.org/W4230177757","https://openalex.org/W4233731957","https://openalex.org/W4281260307","https://openalex.org/W4392659010","https://openalex.org/W4403016798","https://openalex.org/W4404291694","https://openalex.org/W4405803877","https://openalex.org/W4406358304","https://openalex.org/W4407024158","https://openalex.org/W4407598310","https://openalex.org/W4408820658","https://openalex.org/W4410910954","https://openalex.org/W4413466171","https://openalex.org/W4414608371","https://openalex.org/W4414826413","https://openalex.org/W4415764583","https://openalex.org/W7122602037"],"related_works":["https://openalex.org/W7162957288","https://openalex.org/W7134920905","https://openalex.org/W2892040847","https://openalex.org/W7084154162","https://openalex.org/W3081801224","https://openalex.org/W3007629611","https://openalex.org/W3204076553","https://openalex.org/W2922906169","https://openalex.org/W4309667334","https://openalex.org/W7215082022"],"abstract_inverted_index":{"ABSTRACT":[0],"This":[1],"study":[2],"examines":[3],"the":[4,10,36,53,66,70,75,84,88,91,95,113,146,152,169,220,231,258,269,284],"dynamic":[5],"relationship":[6,287],"between":[7],"Bitcoin":[8],"and":[9,22,48,59,74,115,122,131,148,159,192,228,230,238,252,262,277,288],"Magnificent":[11],"Seven":[12],"stocks":[13],"across":[14,216],"three":[15],"distinct":[16,281],"dimensions:":[17],"conditional":[18,214,273],"correlation,":[19,274],"directional":[20,141,275],"predictability,":[21,276],"time-frequency":[23,278],"co-movement.":[24],"Using":[25],"weekly":[26],"data":[27],"from":[28,181,197],"29":[29],"January":[30],"2017":[31],"to":[32,168,183,188,199,204,211],"19":[33],"July":[34],"2026,":[35],"analysis":[37],"applies":[38],"pairwise":[39],"DCC-GARCH":[40,208],"models,":[41,56],"a":[42],"control-augmented":[43],"time-varying":[44,54],"Granger":[45],"predictability":[46,55,142,180,196],"framework,":[47],"wavelet":[49,241],"coherence":[50,242],"analysis.":[51],"In":[52,106],"common":[57],"market":[58,260],"macro-financial":[60],"conditions":[61],"are":[62,110,161],"controlled":[63],"for":[64,112,145,154,225,236],"using":[65,118],"Nasdaq-100":[67,93],"Index,":[68,73],"VIX,":[69],"U.S.":[71,77],"Dollar":[72],"10-year":[76],"Treasury":[78],"real":[79],"yield.":[80],"To":[81],"assess":[82],"whether":[83],"results":[85,153,209,243],"depend":[86],"on":[87],"choice":[89,170],"of":[90,140,171,283],"technology-oriented":[92],"benchmark,":[94],"NYSE":[96],"Composite":[97],"Index":[98],"is":[99,143,185,201,247],"employed":[100],"as":[101,293],"an":[102],"alternative":[103,119,189],"broad-market":[104,172],"control.":[105,173],"addition,":[107],"sensitivity":[108,175],"analyses":[109,176],"conducted":[111],"BTC-META":[114,149],"BTC-NVDA":[116,147],"systems":[117],"window":[120,190],"lengths":[121,191],"lag":[123,193,205],"structures.":[124],"The":[125,137,174,207,240],"findings":[126,270],"reveal":[127],"pronounced":[128],"firm-level":[129],"heterogeneity":[130],"episodic":[132],"variation":[133],"in":[134,249,263],"Bitcoin-MAG7":[135],"linkages.":[136],"strongest":[138],"evidence":[139],"obtained":[144],"systems,":[150],"whereas":[151],"AAPL,":[155],"AMZN,":[156,227],"GOOG,":[157],"MSFT,":[158,229],"TSLA":[160,237],"weaker,":[162],"more":[163,166,202],"short-lived,":[164],"or":[165],"sensitive":[167,203],"further":[177],"indicate":[178],"that":[179,245,272],"BTC":[182,200],"NVDA":[184,198],"relatively":[186],"robust":[187],"structures,":[194],"while":[195],"selection.":[206],"point":[210],"positive":[212],"average":[213,222],"correlations":[215,223],"all":[217],"pairs,":[218],"with":[219],"highest":[221],"observed":[224],"TSLA,":[226],"greatest":[232],"correlation":[233],"persistence":[234],"particularly":[235,256],"GOOG.":[239],"show":[244],"co-movement":[246,279],"concentrated":[248],"specific":[250],"time":[251],"frequency":[253],"regions,":[254],"strengthening":[255],"during":[257],"2020":[259],"disruption":[261],"selected":[264],"periods":[265],"after":[266],"2022.":[267],"Overall,":[268],"demonstrate":[271],"capture":[280],"dimensions":[282],"Bitcoin-technology":[285],"stock":[286],"should":[289],"not":[290],"be":[291],"interpreted":[292],"interchangeable":[294],"measures.":[295]},"counts_by_year":[],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2026-10-17T00:00:00"}