Stock Market Reactions to Corporate Blockchain Announcements

The dissertation's central focus lies in investigating the influence of temporal, industry-specific, firm-specific, and project-specific factors on the stock market risk and return associated with corporate blockchain announcements. Structured into three chapters, the research employs theoretical frameworks and empirical analyses to uncover nuanced insights. Chapter 2, anchored in signaling theory, examines the general market impact of corporate blockchain announcements, considering temporal factors, cryptocurrency hype phases, and differences between US and EU-based companies. It reveals significant positive stock market returns associated with blockchain news, amplified by project success, business-relatedness, and cryptocurrency hype periods. Chapter 3 extends the analysis to industry-level factors, revealing that firms in the Information Technology industry benefit more from blockchain announcements. It explores additional project-level effects, such as blockchain partnerships and consortium joinings, and assesses their impact on market risk. The findings suggest that blockchain announcements do not substantially alter a firm's risk profile. Chapter 4 focuses on specific blockchain use cases, emphasizing environmental, social, and governance (ESG) issues. It uncovers significant positive market reactions to ESG-related blockchain announcements and explores shareholder returns in supply chain management and finance-related use cases. The study suggests that shareholders react more favorably to project-specific announcements and less favorably to initiatives involving external IT service providers. By thoroughly analyzing diverse factors, this dissertation contributes to the ongoing academic discourse on the valuation of blockchain technology, offering a comprehensive understanding of the dynamics shaping corporate market value and risk in the era of blockchain adoption

MARKET REACTIONS TO BIG DATA IMPLEMENTATION ANNOUNCEMENTS .

Big data implementation recently attracts public’s attentions. This study attempts to investigate market reactions to big data implementation announcement by using an event study methodology. Using a sample of 40 companies with big data implementation announcement, we show that, preliminarily, such announcement does not provide value relevant information to the capital market which result in an insignificant stock price reaction. This is the first study to gauge the impact of big data implementation announcements on the market value of firms and investigate how various contextual factors may affect the abnormal returns. Implications are discussed