Research Article
Impact of Blockchain Investment on the Market Performance of Public Companies in China
@INPROCEEDINGS{10.4108/eai.19-5-2023.2334386, author={Sheng Wang}, title={Impact of Blockchain Investment on the Market Performance of Public Companies in China}, proceedings={Proceedings of the 2nd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2023, May 19--21, 2023, Hangzhou, China}, publisher={EAI}, proceedings_a={ICBBEM}, year={2023}, month={7}, keywords={blockchain investment announcements market performance event study}, doi={10.4108/eai.19-5-2023.2334386} }- Sheng Wang
Year: 2023
Impact of Blockchain Investment on the Market Performance of Public Companies in China
ICBBEM
EAI
DOI: 10.4108/eai.19-5-2023.2334386
Abstract
This paper examines the impact of blockchain investments on the market performance of Chinese listed companies. By utilizing event study methodology and data from 208 listed companies that made blockchain investment announcements between 2008 and 2023, the findings indicate that such announcements have a significant positive effect on short-term market value, but this effect diminishes over time. Furthermore, companies with greater scale and more robust innovation capabilities are able to attain higher stock prices and returns. This positive market response is evident across various industries, with industry distinctions having minimal impact on the market performance of corporate blockchain investment.
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