Table 8 CAARs stratified by the degree of cryptocurrency exposure – only market-based events (direct acquisition of BTH or ETH)
Event group | Event window | CAAR | Test | ||||||
|---|---|---|---|---|---|---|---|---|---|
t-test | CDA | Patell | PatellADJ | Corrado- Cowan | GenSign | Wilcox | |||
High exposure (N = 4) | AAR[0] | 10.008 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.03 | 0.07 |
[− 1;1] | 22.959 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.23 | 0.02 | |
[− 2;2] | 17.609 | 0.00 | 0.00 | 0.00 | 0.00 | 0.09 | 0.23 | 0.16 | |
[− 5;5] | 12.666 | 0.16 | 0.12 | 0.00 | 0.00 | 0.58 | 0.03 | 0.89 | |
[0;1] | 15.335 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.23 | 0.07 | |
[0;3] | 14.447 | 0.01 | 0.00 | 0.00 | 0.00 | 0.03 | 0.03 | 0.18 | |
Medium exposure (N = 4) | AAR[0] | − 1.036 | 0.60 | 0.56 | 0.45 | 0.49 | 0.26 | 0.99 | 0.72 |
[− 1;1] | 0.78 | 0.82 | 0.80 | 0.71 | 0.73 | 0.89 | 0.31 | 0.53 | |
[− 2;2] | − 3.06 | 0.48 | 0.45 | 0.58 | 0.61 | 0.27 | 0.32 | 0.30 | |
[− 5;5] | 1.263 | 0.85 | 0.83 | 0.49 | 0.52 | 0.92 | 0.99 | 0.57 | |
[0;1] | 0.27 | 0.92 | 0.92 | 0.82 | 0.83 | 0.71 | 0.99 | 0.89 | |
[0;3] | − 2.009 | 0.61 | 0.58 | 0.41 | 0.44 | 0.31 | 0.32 | 0.53 | |
Low exposure (N = 5) | AAR[0] | − 1.995 | 0.20 | 0.16 | 0.13 | 0.12 | 0.17 | 0.66 | 0.22 |
[− 1;1] | − 9.907 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.03 | 0.04 | |
[− 2;2] | − 8.179 | 0.02 | 0.01 | 0.00 | 0.00 | 0.13 | 0.03 | 0.22 | |
[− 5;5] | − 11.299 | 0.03 | 0.02 | 0.03 | 0.03 | 0.16 | 0.18 | 0.11 | |
[0;1] | − 3.848 | 0.08 | 0.05 | 0.03 | 0.03 | 0.07 | 0.18 | 0.17 | |
[0;3] | − 5.809 | 0.06 | 0.04 | 0.01 | 0.01 | 0.06 | 0.03 | 0.10 | |