War and cryptocurrency markets: An empirical investigation

Mohamed Arouri, Sabrine Ayed (), Mathieu Gomes () and Adel Barguellil ()
Additional contact information
Sabrine Ayed: Léonard de Vinci Pôle Universitaire, Research Center, 92916 Paris La Défense (France)
Mathieu Gomes: Université Clermont Auvergne, CleRMa, 11 bd Charles de Gaulle, Clermont-Ferrand 63000, France
Adel Barguellil: Université Côte d'Azur, GRM, 24 ave. Des diables bleus, Nice 06300, France

Economics Bulletin, 2023, vol. 43, issue 4, 1614 - 1625

Abstract: Using daily returns on the top ten cryptocurrencies and the event study methodology, we estimate cryptocurrency abnormal returns around the 2022 Russian invasion of Ukraine. Our findings indicate that except for Binance coin, cryptocurrencies have negatively reacted to the war, but at different scales. For Binance coin, positive abnormal returns are reported. Our findings hold over the post war announcement period and when using alternative measures of abnormal returns based on different asset pricing models.

Keywords: Cryptocurrencies; War; Event Study (search for similar items in EconPapers)
JEL-codes: F3 G1 (search for similar items in EconPapers)
Date: 2023-12-30
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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http://www.accessecon.com/Pubs/EB/2023/Volume43/EB-23-V43-I4-P140.pdf (application/pdf)

Related works:
Working Paper: War and Cryptocurrency markets: An Empirical Investigation (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-23-00183

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