{"title":"区块链相关新闻价值几何？","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":"{\"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}","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}
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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