“…Furthermore, investigations of the financial characteristics of BTC (Brandvold et al, 2015;Bouoiyour et al, 2016, for more details) are getting the attention of scholars in the recent time, in this regards, findings of this study in particular, time frequency domain analysis and volatility would shed a light on the institutional investors and participants of stock markets in the major Asian countries. Moreover, the Asian countries are selected because business cycle in those countries may have pattern of dependence across time and frequencies (Kang et al, 2019).…”