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

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buir.contributor.authorŞensoy, Ahmet
dc.citation.epage120191-1en_US
dc.citation.spage120191-25en_US
dc.citation.volumeNumber159en_US
dc.contributor.authorAkyıldırım, E.
dc.contributor.authorCorbet, S.
dc.contributor.authorCumming, D.
dc.contributor.authorLucey, B.
dc.contributor.authorŞensoy, Ahmet
dc.date.accessioned2021-03-05T07:28:43Z
dc.date.available2021-03-05T07:28:43Z
dc.date.issued2020
dc.departmentDepartment of Managementen_US
dc.description.abstractCryptocurrencies 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.en_US
dc.description.provenanceSubmitted by Zeynep Aykut (zeynepay@bilkent.edu.tr) on 2021-03-05T07:28:43Z No. of bitstreams: 1 Riding_the_wave_of_crypto_exuberance_the_potential_misusage_of_corporate_blockchain_announcements.pdf: 3532588 bytes, checksum: 20eba33481d3636c2250c86a4379e9a7 (MD5)en
dc.description.provenanceMade available in DSpace on 2021-03-05T07:28:43Z (GMT). No. of bitstreams: 1 Riding_the_wave_of_crypto_exuberance_the_potential_misusage_of_corporate_blockchain_announcements.pdf: 3532588 bytes, checksum: 20eba33481d3636c2250c86a4379e9a7 (MD5) Previous issue date: 2020en
dc.embargo.release2022-10-01
dc.identifier.doi10.1016/j.techfore.2020.120191en_US
dc.identifier.issn0040-1625
dc.identifier.urihttp://hdl.handle.net/11693/75815
dc.language.isoEnglishen_US
dc.publisherElsevieren_US
dc.relation.isversionofhttps://dx.doi.org/10.1016/j.techfore.2020.120191en_US
dc.source.titleTechnological Forecasting and Social Changeen_US
dc.subjectCryptocurrenciesen_US
dc.subjectMarket manipulationen_US
dc.subjectICOen_US
dc.subjectVolatilityen_US
dc.subjectPrice discoveryen_US
dc.titleRiding the wave of crypto-exuberance: the potential misusage of corporate blockchain announcementsen_US
dc.typeArticleen_US

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