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

Financial Innovation

Table 12 Hypotheses tests on the subsample of firms that directly acquired cryptocurrency (BTC or ETH)

Event Group	Event Window	CAAR	Test
Event Group	Event Window	CAAR	t-test	CDA	Patell	PatellADJ	Corrado- Cowan	GenSign	Wilcox
Investment—Treasury BTC or ETH acquisition (N = 13)	AAR[0]	1.993	0.07	0.06	0.05	0.04	0.88	0.34	0.65
	[− 1;1]	3.494	0.07	0.06	0.00	0.00	0.92	0.88	0.63
	[− 2;2]	1.331	0.59	0.57	0.07	0.06	0.43	0.21	0.68
	[− 5;5]	− 0.06	0.99	0.99	0.26	0.25	0.55	0.69	0.54
	[0;1]	3.321	0.04	0.03	0.00	0.00	0.97	0.88	0.57
	[0;3]	1.593	0.47	0.45	0.01	0.01	0.50	0.48	0.76

The Table shows the p-values of each hypothesis test – t-test, Crude Dependence Adjustment test (CDA), Patell test, Adjusted Pattel test, Corrado rank test, Generalized Sign test, and Wilcoxon signed-ranks test treasury cryptocurrency acquisition events (i.e., incorporation of BTC or ETH into the Balance Sheet). We highlight in bold the p values lower or equal to 0.10.
Source: authors' elaboration.