Table 12 Announcements selection procedures
From: Effect of blockchain technology initiatives on firms’ market value
Steps | Description | Number of announcements |
|---|---|---|
Step 1 | Announcements that matched keyword “blockchain” | 22,200 |
Step 2 | Announcements eliminated: | 21,954 |
Announcements that contain information about BC market analysis (size, growth, trends and forecast) Announcements that discuss regulation issues regarding BC adoption Announcements that contain firms’ announcements regarding awards and recognition for inventing BC-related IT solutions, appointing BC technology experts, and BC consortia Announcements that only involve private firms Announcement on cryptocurrency (e.g., Bitcoin) Other irrelevant announcements (firms’ clarification on their BC business, BC conferences and seminars, company notices on financial results, etc.) Announcements that were not the earliest if announcements having the same content were published by multiple publications | ||
Announcements retained | 246 | |
Step 3 | Announcements eliminated | 142 |
Announcements affected by confounding company news (e.g., change in CEO, increase/decrease in dividend, earnings surprises, etc.) | 40 | |
Announcements by firms missing information on CRSP/COMPUSTAT | 8 | |
Announcements involving only non-US firms | 94 | |
Announcements retained | 104 |