{"title":"How Much Is Blockchain Related News Worth?","authors":"Xiuqing Ji, Yixiao Jiang","doi":"10.33423/jaf.v23i5.6557","DOIUrl":null,"url":null,"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.","PeriodicalId":505950,"journal":{"name":"Journal of Accounting and Finance","volume":"39 ","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting and Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.33423/jaf.v23i5.6557","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
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.
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