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      Riding the wave of crypto-exuberance: the potential misusage of corporate blockchain announcements

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      Embargo Lift Date: 2022-10-01
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      Author(s)
      Akyıldırım, E.
      Corbet, S.
      Cumming, D.
      Lucey, B.
      Şensoy, Ahmet
      Date
      2020
      Source Title
      Technological Forecasting and Social Change
      Print ISSN
      0040-1625
      Publisher
      Elsevier
      Volume
      159
      Pages
      120191-25 - 120191-1
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      Cryptocurrencies have been broadly scrutinised in recent times for a host of concerning regulatory and cybercriminality issues. Although steps have been taken to promote regulatory sufficiency in the near future, we examine the avenues through which this extremely high-risk industry can derive potentially devastating contagion channels, influencing both unwilling and unsuspecting investors. We focus this research on the expressions of interest by publicly traded companies across the world to utilise cryptocurrency and blockchain projects. We find evidence that there exists a substantial stock price premium and sustained increase in volatility in the aftermath of blockchain announcements, with emphasis on highly-speculative motives such as coin creation and corporate name changes. Changes in price discovery and information flows are found to be largely determined from cryptocurrency-based pricing sources in the aftermath of speculative announcements. We discuss the inherent ethical and legal issues, considering as to whether such announcements are simply an attempt to artificially manipulate share prices and take part in the current phase of crypto-exuberance.
      Keywords
      Cryptocurrencies
      Market manipulation
      ICO
      Volatility
      Price discovery
      Permalink
      http://hdl.handle.net/11693/75815
      Published Version (Please cite this version)
      https://dx.doi.org/10.1016/j.techfore.2020.120191
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