The Influence of Cryptocurrency Bitcoin over the Romanian Capital Market

Stefan-Cosmin Danila () and Ioan-Bogdan Robu ()
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Stefan-Cosmin Danila: “Alexandru Ioan Cuza” University of Iasi, Romania
Ioan-Bogdan Robu: “Alexandru Ioan Cuza” University of Iasi, Romania

The Audit Financiar journal, 2019, vol. 17, issue 155, 507

Abstract: Within the decision-making process, investors are interested in finding the most effective solutions that will allow them to obtain short-term benefits. Current economic environment is characterized by the emergence of new financial instruments that can assist investors to diversify their investment portfolio. Crypto-currencies represents a category of financial assets that can be used by investors to reduce risk and achieve significant returns. Therefore, the study intends to analyze the financial behavior of investors in the moment of publishing the financial statements. Financial statements could have a positive or negative influence on the investment portfolio and structure. The issue analyzed by this study is represented by the ability of the cryptocurrency Bitcoin to be considered as an alternative investment asset. The study is divided into two parts. In the first part, the study presents the review of literature about value-relevance, cryptocurrency term and speculative bubble. The second part presents the research methodology and results. The results of the study validate the hypothesis of this study, cryptocurrency Bitcoin being a financial asset that can be used as an alternative investment asset for diversification of investment portfolio.

Keywords: capital market; crypto-currency; Bitcoin, financial information; value relevance; conservatism accounting (search for similar items in EconPapers)
JEL-codes: C58 M41 O16 (search for similar items in EconPapers)
Date: 2019
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