Risks, Volume 13, Issue 9
September 2025 - 23 articles
- Issues are regarded as officially published after their release is announced to the table of contents alert mailing list .
- You may sign up for email alerts to receive table of contents of newly released issues.
- PDF is the official format for papers published in both, html and pdf forms. To view the papers in pdf format, click on the "PDF Full-text" link, and use the free Adobe Reader to open them.
Cover Story: This paper investigates the dependence structure between returns and trading volumes for five major cryptocurrencies: Bitcoin, Cardano, Ethereum, Litecoin, and Ripple. Using a copula-based framework, we focus on a mixture of the Joe copula and its 90-degree rotation to capture asymmetric relationships, especially in the tails of the distribution. Our findings reveal significant upper and lower–upper tail dependencies, suggesting that extreme trading volumes are associated with both positive and negative return extremes. The results confirm a nonlinear and asymmetric volume–return relationship, which traditional linear models fail to capture. View this paper 
