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- Title
How Much Is Blockchain Related News Worth?
- Authors
Xiuqing Ji; Yixiao Jiang
- Abstract
In the blockchain frenzy, some companies announce to initiate or increase blockchain-related business and/or change their names to include "blockchain" or "bitcoin." The US market reacts with an average cumulative abnormal return of 80.96% for the 2-day window encompassing the announcement day and the very next day. The effect is an average of 9.37% cumulative abnormal return for Mainland China and Hong Kong. After a year, all the US companies remained above pre-announcement levels, yet quite some companies in Mainland China and Hong Kong revert to pre-announcement levels and sometimes even lower; such reversal indicates that previous valuation increase is temporary.
- Publication
Journal of Accounting & Finance (2158-3625), 2023, Vol 23, Issue 5, p1
- ISSN
2158-3625
- Publication type
Academic Journal
- DOI
10.33423/jaf.v23i5.6557