Store of value or speculative investment?Market reaction to corporate announcements of cryptocurrency acquisition

作     者：AndréD.Gimenes Jéfferson A.Colombo Imran Yousaf 

作者机构：Banco Bradesco SA(NYSE:BBDB3:BBDC3)Cidade de DeusS/no Vila YaraOsascoSP 06029‑900Brazil São Paulo School of EconomicsGetulio Vargas Foundation(FGVEESPBrazil)474 Itapeva St.‑Bela VistaSão PauloSP 01332‑000Brazil College of Business and Public ManagementWenzhou-Kean UniversityWenzhouChina Adnan Kassar School of BusinessLebanese American UniversityBeirutLebanon 

出 版 物：《Financial Innovation》 (金融创新（英文）)

年 卷 期：2023年第9卷第1期

页      面：3106-3136页

核心收录：

学科分类：12[管理学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 05[文学] 0503[文学-新闻传播学] 

基　　金：National Council for Scientific and Technological Development–CNPq(Grant#313033/2022-6)and the Silicon Valley Community Foundation for providing financial support to conduct this research throughout the University Blockchain Research Initiative(UBRI) 

主　　题：Corporate cryptocurrency acquisition Bitcoin Cryptocurrency Blockchain Market reaction 

摘      要：In this study,we analyze the stock market reaction to 35 events associated with 32 publicly traded companies from six countries that have announced cryptocurrency acquisitions,selling,or acceptance as a means of *** analysis focuses on traditional firms whose core business is unrelated to blockchain or *** find that the aggregate market reaction around these events is slightly positive but statistically insignificant for most event ***,when we perform heterogeneity analyses,we observe significant differences in market reaction between events with high(larger CARs)and low cryptocurrency exposure(lower CARs).Multivariate regressions show that the level of exposure to cryptocurrency(skin in the game)is a critical factor underlying abnormal returns around the *** analyses reveal that economically meaningful acquisitions of BTC or ETH(relative to firm’s total assets)drive the observed *** findings have important implications for managers,investors,and analysts as they shed light on the relationship between cryptocurrency adoption and firm value.