Forky a airdropy na kryptotrzích: Investiční příležitost nebo investice do vzduchu?

Hotovec, Petr

Cryptocurrencies present a relatively new field of study where not much re- search has been done on the effects of announcements on cryptocurrency re- turns. 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 cryptocur- rencies ranked by their market capitalization and the results show that average abnormal returns are not statistically significant on the day of the announce- ment 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 re- turns 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. Keywords cryptocurrency, airdrop, hard fork Title Forks and airdrops in cryptomarkets: Invest- ment opportunities or thin air? Author's e-mail hotovecpetr@gmail.com Supervisor's e-mail ladislav.kristoufek@fsv.cuni.cz

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