Blockchain Hysteria: Adding ‘‘Blockchain’’ to Company’s Name

Posted: 11 Jun 2019

See all articles by Archana Jain

Archana Jain

Rochester Institute of Technology

Chinmay Jain

University of Ontario Institute of Technology

Date Written: May 25, 2019

Abstract

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.

Keywords: Blockchain, Bitcoin, Corporate name change, Abnormal return, Event study

JEL Classification: G10, G14, G3

Suggested Citation

Jain, Archana and Jain, Chinmay, Blockchain Hysteria: Adding ‘‘Blockchain’’ to Company’s Name (May 25, 2019). Economics Letters, Vol. 181, 2019. Available at SSRN: https://ssrn.com/abstract=3394219

Archana Jain

Rochester Institute of Technology ( email )

Rochester, NY 14623
United States

Chinmay Jain (Contact Author)

University of Ontario Institute of Technology ( email )

2000 Simcoe Street North
Oshawa, Ontario L1H 7K4
Canada

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