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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

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

  • OECD FORD branch

    50206 - Finance

Result continuities

  • Project

  • 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

  • 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