Blockchain hysteria: Adding “blockchain” to company’s name
2019
Jain, Archana | Jain, Chinmay
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.
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