Table 13 Descriptive statistics of CARs and explanatory variables used in the regression analysis

AR[0]

0.223

0.06

4.829

− 6.093

18.499

CAR[− 1,1]

1.222

− 0.072

13.009

− 36.588

61.352

CAR[− 2,2]

0.37

− 0.229

10.454

− 30.889

46.192

CAR[− 5,5]

0.24

0.929

10.776

− 42.466

34.855

CAR[0,1]

0.978

− 0.166

7.44

− 11.553

35.399

CAR[0,3]

0.407

− 0.351

7.387

− 16.508

32.085

Tech Firms Dummy

0.2

0

0.406

0

1

Financial Firms Dummy

0.286

0

0.458

0

1

Type of Event: Investment

0.6

1

0.497

0

1

Ln(Market Capitalization)

9.716

10.287

2.731

4.651

13.643

Ln(Prior Return)

− 0.026

− 0.017

0.155

− 0.436

0.316

Ln(Past BTC Return)

0.024

0.017

0.102

− 0.218

0.245

Cash/Assets

0.256

0.233

0.183

0.01

0.675

Price/Book

2.562

1.784

2.169

0

6.957