Detail práce

Forks and airdrops in cryptomarkets: Investment opportunities or thin air?

Autor: Bc. Petr Hotovec
Rok: 2019 - letní
Vedoucí: prof. PhDr. Ladislav Krištoufek Ph.D.
Typ práce: Bakalářská
Jazyk: Anglicky
Stránky: 66
Abstrakt: Cryptocurrencies present a relatively new field of study where not much research has been done on the effects of announcements on cryptocurrency returns. This thesis examines the effect of hard fork and airdrop announcements
on cryptocurrency returns using the event study methodology. Fork and airdrop
announcements are studied on 22 cryptocurrencies from the top 100 cryptocurrencies ranked by their market capitalization and the results show that average
abnormal returns are not statistically significant on the day of the announcement which is in stark contrast to most of the evidence from the stock markets
and implies market inefficiency due to a 2 day lag before average abnormal returns become statistically significant. Our interpretation of the results is that
information on cryptocurrencies are very confusing and unreliable and investors
wait for their confirmation, hence the two day delay.


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