Journal
ECONOMICS LETTERS
Volume 181, Issue -, Pages 178-181Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.econlet.2019.05.011
Keywords
Blockchain; Bitcoin; Corporate name change; Abnormal return; Event study
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Using a list of companies that changed their names to add blockchain or bitcoin to their names, we find that after changing the names, these firms have a significant abnormal positive return that lasts for 2 months. The abnormal return turns negative 5 months after the change. This suggests that these firms changed their names to take advantage of the hysteria surrounding the price rise of bitcoin. (C) 2019 Elsevier B.V. All rights reserved.
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