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War and cryptocurrency markets: An empirical investigation

Author

Listed:
  • Mohamed Arouri

    (Université Côte d'Azur, GRM, 24 ave. Des diables bleus, Nice 06300, France)

  • 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)

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.

Suggested Citation

  • Mohamed Arouri & Sabrine Ayed & Mathieu Gomes & Adel Barguellil, 2023. "War and cryptocurrency markets: An empirical investigation," Economics Bulletin, AccessEcon, vol. 43(4), pages 1614-1625.
    • Handle: RePEc:ebl:ecbull:eb-23-00183
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Cryptocurrencies; War; Event Study;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • F3 - International Economics - - International Finance

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