Effect of social media messages on cryptocurrency market efficiency: An event study approach
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60076658%3A12510%2F23%3A43907032" target="_blank" >RIV/60076658:12510/23:43907032 - isvavai.cz</a>
Result on the web
<a href="https://omp.ef.jcu.cz/index.php/EF/catalog/book/88" target="_blank" >https://omp.ef.jcu.cz/index.php/EF/catalog/book/88</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.32725/978-80-7694-053-6.62" target="_blank" >10.32725/978-80-7694-053-6.62</a>
Alternative languages
Result language
angličtina
Original language name
Effect of social media messages on cryptocurrency market efficiency: An event study approach
Original language description
This paper contributes to empirical evidence of semi-strong market efficiency focused on cryptocurrency market, specifically examines the persistence of random walk in the Bitcoin and Dogecoin exchange rates. Using an event study approach and abnormal returns methodology authors verify the reaction of selected cryptocurrency exchange rates to the statements releases through social media platform during the time-period from 2020 to 2022. The results show that celebrity statements on social media can influence investor behaviour, which is especially reflected in the increased volatility of cryptocurrency rates.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
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OECD FORD branch
50206 - Finance
Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2023
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Proceedings of the 17th International Scientific Conference:Challenges and Opportunities in the Digital World.
ISBN
978-80-7694-053-6
ISSN
2336-6788
e-ISSN
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Number of pages
7
Pages from-to
403-409
Publisher name
Jihočeská univerzita v Českých Budějovicích, Ekonomická fakulta
Place of publication
České Budějovice
Event location
České Budějovice
Event date
Nov 2, 2023
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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