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

IF 6.9 1区经济学 Q1 BUSINESS, FINANCE

Financial Innovation Pub Date : 2023-12-12 DOI:10.1186/s40854-023-00539-6

André D. Gimenes, Jéfferson A. Colombo, Imran Yousaf

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引用次数: 0

Abstract

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 payment. Our analysis focuses on traditional firms whose core business is unrelated to blockchain or cryptocurrency. We find that the aggregate market reaction around these events is slightly positive but statistically insignificant for most event windows. However, 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 event. Further analyses reveal that economically meaningful acquisitions of BTC or ETH (relative to firm's total assets) drive the observed effect. Our findings have important implications for managers, investors, and analysts as they shed light on the relationship between cryptocurrency adoption and firm value.

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价值存储还是投机投资？企业宣布收购加密货币后的市场反应

在本研究中，我们分析了股票市场对来自 6 个国家的 32 家上市公司宣布收购、出售或接受加密货币作为支付手段的 35 个相关事件的反应。我们的分析侧重于核心业务与区块链或加密货币无关的传统公司。我们发现，在大多数事件窗口中，围绕这些事件的总体市场反应略微积极，但在统计上并不显著。然而，当我们进行异质性分析时，我们观察到加密货币风险敞口高（CAR 较大）和风险敞口低（CAR 较小）的事件之间的市场反应存在显著差异。多变量回归结果表明，加密货币的风险敞口水平（"参与游戏的程度"）是影响事件前后异常回报的关键因素。进一步的分析表明，具有经济意义的 BTC 或 ETH 收购（相对于公司的总资产）会产生观察到的效应。我们的发现对管理者、投资者和分析师具有重要意义，因为它们揭示了加密货币的采用与公司价值之间的关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial Innovation Economics, Econometrics and Finance-Finance

CiteScore

11.40

自引率

11.90%

发文量

审稿时长

5 weeks

期刊介绍： Financial Innovation (FIN), a Springer OA journal sponsored by Southwestern University of Finance and Economics, serves as a global academic platform for sharing research findings in all aspects of financial innovation during the electronic business era. It facilitates interactions among researchers, policymakers, and practitioners, focusing on new financial instruments, technologies, markets, and institutions. Emphasizing emerging financial products enabled by disruptive technologies, FIN publishes high-quality academic and practical papers. The journal is peer-reviewed, indexed in SSCI, Scopus, Google Scholar, CNKI, CQVIP, and more.