Blockchain Hysteria: Adding ‘‘Blockchain’’ to Company’s Name
Posted: 11 Jun 2019
Date Written: May 25, 2019
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: Suggested Citation