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Financial Innovation

Table 10 Breaking down High Exposure and Low Exposure to Cryptocurrency into its components

From: Store of value or speculative investment? Market reaction to corporate announcements of cryptocurrency acquisition

Window

CARs

[0]

[− 1,1]

[− 2,2]

[− 5,5]

[0,1]

[0,3]

Panel A. High exposure to cryptocurrency

Top Tercile Acquisitions (BTC or ETH)

10.604***

22.742*

18.555*

16.453

14.999***

16.228**

 

(1.82)

(12.05)

(9.89)

(13.59)

(3.85)

(5.60)

Industry Pioneer in Accepting for Payments

− 0.820

− 5.612

− 5.656

− 4.476

− 3.519

− 3.921

 

(1.36)

(5.83)

(4.89)

(7.01)

(2.41)

(2.50)

Worldwide Noticed M&As or Partnerships

3.781***

− 2.347

− 4.300

− 3.777

0.722

0.822

 

(0.99)

(8.45)

(6.24)

(8.82)

(3.52)

(3.73)

Control variables

Yes

Yes

Yes

Yes

Yes

Yes

Obs

33

33

33

33

33

33

Adj. R-Sq

0.876

0.633

0.574

0.237

0.797

0.758

Panel B. Low exposure to cryptocurrency

Bottom Tercile Acquisitions (BTC or ETH)

− 3.793

− 17.195**

− 12.632*

− 15.500**

− 7.676**

− 8.711**

 

(2.52)

(7.38)

(6.73)

(7.09)

(3.28)

(3.28)

Only Partial Acceptance for Payments

− 1.161

0.336

1.768

2.857

− 1.040

2.182

 

(2.32)

(3.66)

(3.44)

(4.88)

(3.66)

(1.76)

Plans to Accept Cryptocurrency for Payments

− 2.802

− 4.777

0.730

1.182

− 6.981

− 0.840

 

(3.98)

(7.42)

(6.32)

(9.16)

(5.18)

(6.12)

Control variables

Yes

Yes

Yes

Yes

Yes

Yes

Obs

33

33

33

33

33

33

Adj. R-Sq

0.44

0.708

0.582

0.457

0.646

0.581

  1. This Table shows the results of OLS regressions considering the Abnormal Returns (A.R.s) on the day of the event [0] and Cumulative Abnormal Returns (CARs) estimated at different event windows ([− 1,1], [− 2,2], [− 5,5], [0,1], [0,3]) as dependent variables. The High Exposure Dummy (Panel A) is collapsed into Top Tercile Acquisitions (BTC or ETH), Industry Pioneer in Accepting Cryptocurrency for Payments, and Worldwide Noticed M&As or Partnerships. Similarly, the Low Exposure Dummy (Panel B) is separated into Bottom Tercile Acquisitions (BTC or ETH), Only Partial Acceptance for Payments, and Plans to Accept Cryptocurrency for Payments. regressions include country-fixed effects and firm, industry, and market-level controls, as reported in Table 4. Robust standard errors are reported in parentheses. ***, **, and * represent statistical significance at the 10%, 5% and 1% levels, respectively
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