Effects of the COVID-19 pandemic on stock price performance of blockchain-based companies

Kordestani, Arash; Pashkevich, Natallia; Oghazi, Pejvak; Sahamkhadam, Maziar; Sohrabpour, Vahid

doi:10.1080/1331677x.2021.1986676

Cited by 15 publications

(8 citation statements)

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“…The study differs from previous ones (Albuquerque, 2021;Barros et al, 2013;Barros & Rocha, 2022;Díaz et al, 2021;Ding et al, 2021;Kordestani et al, 2022;Martins et al, 2014;Santos et al, 2019;Santos & Tavares, 2023) in two points: i) the inclusion of the pandemic and ii) the inclusion of the interaction of the pandemic and VAS. Including the pandemic (dummy) allows us to understand how investors priced the shares of Brazilian companies during this period of uncertainty.…”

Section: Introductioncontrasting

confidence: 57%

“…Barros and Rocha (2022) investigated the value relevance of TVAD and ROE in Brazilian agribusiness companies. Albuquerque (2021), Díaz et al (2021), Ding et al (2021), and Kordestani et al (2022) revealed that share prices reduced significantly after the onset of the pandemic. Santos and Tavares (2023) found that the average share price in Latin American companies post-pandemic was lower and presented more significant variation.…”

Section: Introductionmentioning

confidence: 99%

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The role of total value added to be distributed to reduce the negative effects of the pandemic on the share price

Santos

2024

Rev. Cat. Cien. Cont.

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This research analyzes the relationship between the total value added to be distributed and the share price in the before, during, and post-pandemic periods. The data were collected on the Securities and Exchange Commission (CVM) website and Refinitiv Eikon®, resulting in 1,910 observations of Brazilian companies from 2010 to 2022 from all sectors, except Government Activity (due to lack of data). The data were treated using descriptive statistics and the Generalized Least Squares (GLS) regression model. The results revealed that i) the disclosure of the TVAD is relevant to explain the share price; ii) there is a negative relationship between the pandemic period and the share price; and iii) the interaction between the TVAD and the pandemic has a positive relationship with the share price. The results contribute to investors, suggesting that the Value Added Statement (VAS) information can increase the share price in periods of more significant uncertainty. With managers, it shows that the generation of more wealth can increase the price of shares, which can help them obtain better returns since part of the remuneration is usually linked to the performance of the shares. With Brazilian regulators, the results may indicate that the mandatory disclosure of VAS during the pandemic is relevant to assisting shareholders in decision-making. The gap explored in this research is the lack of analysis of the relationship between TVAD and the pandemic. The study's relevance is to highlight to the shareholders what information from the VAS contributes to an increase in the share price in periods of greater instability. Therefore, the impact of the study is that users can use the VAS information for share pricing, especially in periods of greater economic instability.

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Section: Introductioncontrasting

confidence: 57%

Section: Introductionmentioning

confidence: 99%

The role of total value added to be distributed to reduce the negative effects of the pandemic on the share price

Santos

2024

Rev. Cat. Cien. Cont.

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“…Market factors have significantly impacted investment markets (Ahmad, 2017). The investor considers the following factors when investing in any asset: change in price (Buszko et al, 2021), news related to a specific asset's price change (Kordestani et al, 2021), seasonal price cycles, past trends (Bora & Basistha, 2021), popular stocks (Topcu & Gulal 2020), and the fundamental aspects of underlying stocks (Hatmanu & Cautisanu, 2021). All these market factors influence the investor's decision-making process.…”

Section: Market Factorsmentioning

confidence: 99%

Factors Affecting Millennials' Perspective on Investment Decision Behavior during the Pandemic

Singh

2022

IJMABER

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Investor decision behavior in any pandemic, Covid-19 always goes through rationally. In reality or practically, the investment decisions made by millennials (generation Y) are not always rational. The sole purpose of the topic under study is to investigate a spectrum of millennial (generation Y) investors’ behavioral factors that affect investment decisions during a pandemic. This study adopted secondary sources for data collection. The secondary data is gathered through published research papers in peer-reviewed journals, scholarly journals, magazines, news, and books, as well as published data from the government. The major findings reveal that millennials (generation Y) financially deal with more confusion and disagreements when dealing with various patterns of informed conduct or behavior in contrast to other generations. Also, if taken a step further, the outcomes imply a much more important aspect regarding investors' behavior, financial investments, and economic growth: that they were all affected by the Covid-19 pandemic. It caused anxiety and uncertainty among players in the market. Behavioral factors and heuristics like the overconfidence and attitude effect, and herding factors are considered to have also influenced investors' decisions. Furthermore, the market behavior factors of price change, market information, past trend, customer preference, and underlying stock fundamentals have an impact on individual investor decision behavior.

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“…O estudo diferencia-se dos anteriores (Albuquerque, 2021;Barros et al, 2013;Barros & Rocha, 2022;Díaz et al, 2021;Ding et al, 2021;Kordestani et al, 2022;Martins et al, 2014;Santos et al, 2019;Santos & Tavares, 2023) em dois pontos: i) a inclusão da pandemia e ii) a inclusão da interação da pandemia e DVA. A inclusão da pandemia (dummy) permite entender como os investidores precificaram as ações das empresas brasileiras nesse período de incertezas.…”

Section: Introductionunclassified

O papel do valor adicionado total a distribuir para redução dos efeitos negativos da pandemia no preço das ações

Santos

2024

Rev. Cat. Cien. Cont.

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Esta pesquisa tem como objetivo analisar a relação entre o valor adicionado total a distribuir e o preço das ações nos períodos antes, durante e pós-pandemia. Os dados foram coletados no site da Comissão de Valores Mobiliários (CVM) e Refinitiv Eikon®, resultando em uma amostra de 1.910 observações de empresas brasileiras, no período de 2010 a 2022 de todos os setores, exceto Atividade Governamental (por falta de dados). Os dados foram tratados por meio de estatística descritiva e do modelo de regressão Generalized Least Squares (GLS). Os resultados revelaram que: i) a divulgação do VATD é relevante para explicar o preço das ações; ii) há uma relação negativa entre o período da pandemia e o preço das ações; e iii) a interação entre o VATD e a pandemia tem relação positiva com o preço das ações. Os resultados contribuem com investidores, sugerindo que as informações disponíveis na Demonstração do Valor Adicionado (DVA) podem aumentar o preço das ações em períodos de maiores incertezas. Com os gestores, evidencia que a geração de mais riqueza pode aumentar o preço das ações, podendo ajudá-los na obtenção de melhores retornos, pois normalmente têm parte da remuneração atrelada ao desempenho das ações. E com os reguladores brasileiros, os resultados podem indicar que a obrigatoriedade da divulgação DVA no período da pandemia é relevante para auxiliar os stakeholders nas tomadas de decisões. A lacuna explorada nesta pesquisa é a falta da análise entre a relação do VATD e a pandemia. A relevância do estudo é por evidenciar aos stakeholders que informações da DVA contribuem para aumento do preço das ações em períodos de maior instabilidade. Portanto, o impacto do estudo é que os usuários podem utilizar-se das informações da DVA para precificação das ações, principalmente em períodos de maior instabilidade econômica.

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Effects of the COVID-19 pandemic on stock price performance of blockchain-based companies

Cited by 15 publications

References 50 publications

The role of total value added to be distributed to reduce the negative effects of the pandemic on the share price

The role of total value added to be distributed to reduce the negative effects of the pandemic on the share price

Factors Affecting Millennials' Perspective on Investment Decision Behavior during the Pandemic

O papel do valor adicionado total a distribuir para redução dos efeitos negativos da pandemia no preço das ações

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