Many corporate executives believe blockchain technology is broadly scalable and will achieve mainstream adoption, yet there is little evidence of significant shareholder value creation associated with corporate adoption of blockchain technology. We collect a broad sample of firms that invest in blockchain technology and examine the stock price reaction to the “first” public revelation of this news. Initial reactions average close to +13% and are followed by reversals over the next 3 months. However, we report a striking difference based on the credibility of the investment. Blockchain investments that are at an advanced stage or are confirmed in subsequent financial statements are associated with higher initial reactions and little or no reversal. The results suggest that credible corporate strategies involving blockchain technology are viewed favorably by investors.

中文翻译：

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区块链投机还是价值创造？来自企业投资的证据

许多企业高管认为区块链技术具有广泛的可扩展性，并将实现主流采用，但几乎没有证据表明企业采用区块链技术会创造重大的股东价值。我们收集了大量投资区块链技术的公司样本，并研究了对该消息“首次”公开披露后的股价反应。初始反应平均接近 +13%，然后在接下来的 3 个月内出现逆转。然而，我们报告了基于投资可信度的显着差异。处于后期阶段或在后续财务报表中得到确认的区块链投资与较高的初始反应相关，并且很少或没有逆转。