Does virtual currency development harm financial stocks’ value? Comparing Taiwan and China markets

References

• Antweiler, W., & Frank, M. Z. (2004). Is all that talk just noise? The information content of internet stock message boards. The Journal of Finance, 59(3), 1259–1294. doi:10.1111/j.1540-6261.2004.00662.x
   Web of Science ®Google Scholar
• Bariviera, A. F. (2017). The inefficiency of bitcoin revisited: A dynamic approach. Economics Letters, 161, 1–4. doi:10.1016/j.econlet.2017.09.013
   Web of Science ®Google Scholar
• Barson, M. (2015). Technological change and innovation in the financial sector. Speech to the Zhurch Business Club. Retrieved from Swiss Financial Markt. Supervisory Authority: https://www.finma.ch/en/∼/media/finma/dokumente/dokumentencenter/myfinma/finma-publikationen/referate-und-artikel/20150910-vortrag-fintech-bnm.pdf.
   Google Scholar
• Bernstein, P. L. (1987). Liquidity, stock markets, and market makers. Financial Management, 16(2) 54–62. doi:10.2307/3666004
   Web of Science ®Google Scholar
• Black, F. (1972). Capital market equilibrium with restricted borrowing. The Journal of Business, 45(3), 444–455. doi:10.1086/295472
   Web of Science ®Google Scholar
• Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213–238. doi:10.1257/jep.29.2.213
   Web of Science ®Google Scholar
• Bouria, E., Hussain Shahzad, S. J., & Roubaud, D. (2019). Cryptocurrencies as hedges and safe-havens for US equity sectors. The Quarterly Review of Economics and Finance. doi:10.1016/j.qref.2019.05.001
   Web of Science ®Google Scholar
• Brieske, T. D., Garlan, K., & Sielecki, M. (2016). FinTech 2.0: Creating new opportunities through strategic alliance. Deutsche Bank. https://cib.db.com/docs_new/GTB_FinTech_Whitepaper_(DB012)_A4_DIGITAL
   Google Scholar
• Chen, A., Lu, Y., Chau, P. Y., & Gupta, S. (2014). Classifying, measuring, and predicting users’ overall active behavior on social networking sites. Journal of Management Information Systems, 31(3), 213–253. doi:10.1080/07421222.2014.995557
   Web of Science ®Google Scholar
• Chen, Y., Wu, P., & Pandey, V. K. (2014). The value of Bitcoin in enhancing the efficiency of an investor's portfolio. Journal of Financial Planning, 27(9), 44–53.
   Google Scholar
• Chow, G. C., Liu, C., & Niu, L. (2011). Co-movements of Shanghai and New York stock prices by time-varying regressions. Journal of Comparative Economics, 39(4), 577–583. doi:10.1016/j.jce.2011.06.001
   Web of Science ®Google Scholar
• Chu, J., Nadarajah, S., & Chan, S. (2015). Satistical analysis of the exchange rate of Bitcoin. PloS One, 10(7), e0133678–27. doi:10.1371/journal.pone.0133678
   PubMed Web of Science ®Google Scholar
• Ciaian, P., Rajcaniova, M., & Kancs, D. (2018). Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets. Journal of International Financial Markets Institutions & Money, 52, 173–195. doi:10.1016/j.intfin.2017.11.001
   Web of Science ®Google Scholar
• Dyhrberg, A. H. (2016). Hedging capabilities of bitcoin. Is it the virtual gold? Finance Research Letters, 16(C), 139–144. doi:10.1016/j.frl.2015.10.025
   Web of Science ®Google Scholar
• Eom, C., Kaizoji, T., Kang, S. H., & Pichl, L. (2019). Bitcoin and investor sentiment: Statistical characteristics and predictability. Physica A: Statistical Mechanics and Its Applications, 514, 511–521. doi:10.1016/j.physa.2018.09.063
   Web of Science ®Google Scholar
• Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56. doi:10.1016/0304-405X(93)90023-5
   Web of Science ®Google Scholar
• French, K. R., & Poterba, J. M. (1991). Investor diversification and international equity market. American Economic Review, 81, 222–226.
   Web of Science ®Google Scholar
• Gkillas, K., & Katsiampa, P. (2018). An application of extreme value theory to cryptocurrencies. Economics Letters, 164, 109–111. doi:10.1016/j.econlet.2018.01.020
   Web of Science ®Google Scholar
• Glaser, F., Zimmermann, K., Haferkorn, M., Weber, M., & Siering, M. (2014). Bitcoin - asset or currency? Revealing users' hidden intentions. ECIS 2014, Tel Aviv.
   Google Scholar
• Guesmi, K., Saadi, S., Abid, I., & Ftiti, Z. (2019). Portfolio diversification with virtual currency: Evidence from bitcoin. International Review of Financial Analysis, 63, 431–437. doi:10.1016/j.irfa.2018.03.004
   Web of Science ®Google Scholar
• Hausman, J. A. (1978). Specification test in econometrics. Econometrica, 46(6), 1251–1271. doi:10.2307/1913827
   Web of Science ®Google Scholar
• Hileman, G. (2016, January 28). State of Bitcoin and Blockchain. New York, NY: Coin Desk. Retrieved from https://www.coindesk.com/state-of-bitcoinblockchain-2016/
   Google Scholar
• Ho, C. M. (2013). Private information, overconfidence and intraday trading behaviour: Empirical study of the Taiwan stock market. Applied Financial Economics, 23(4), 325–345. doi:10.1080/09603107.2012.720012
   Google Scholar
• Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47(1), 13–37. doi:10.2307/1924119
   Web of Science ®Google Scholar
• Liu, H., & Gao, Y.-C. (2019). The impact of corporate lifecycle on Fama–French three-factor model. Physica A: Statistical Mechanics and Its Applications, 513(1), 390–398. doi:10.1016/j.physa.2018.09.037
   Web of Science ®Google Scholar
• Lovell, A. M. (2019). Avoiding liability: Changing the regulatory structure of cryptocurrencies to better ensure legal use. Iowa Law Review, 104(2), 927–955.
   Web of Science ®Google Scholar
• Mai, F., Shan, Z., Bai, Q., Wang, X., & Chiang, R. H. L. (2018). How does social media impact bitcoin value? A test of the silent majority hypothesis. Journal of Management Information Systems, 35(1), 19–52. doi:10.1080/07421222.2018.1440774
   Web of Science ®Google Scholar
• Mayer, D. (1972). Non-marketable assets and the determination of capital market equilibrium under uncertainty. In M. Jensen (Ed.), Studies in the theory of capital markets (pp. 223–248). New York: Praeger.
   Google Scholar
• Molnár, J. (2018). What does financial intermediation theory tell us about fintechs? Vezetéstudomány / Budapest Management Review, 49(5), 38–46. doi:10.14267/VEZTUD.2018.05.04
   Google Scholar
• Olson, E., Vivian, A., & Wohar, M. (2014). The relationship between energy and equity markets: Evidence from volatility impulse response functions. Energy Economics, 43, 297–305. doi:10.1016/j.eneco.2014.01.009
   Web of Science ®Google Scholar
• Ren, S., & Culpan, T. (2017). Ethereum’s wild ride needs to slow. Bloomberg Businessweek, July 13.
   Google Scholar
• Rogers, E. M. (1995). Diffusion of innovations (4th ed.). New York, NY: The Free Press.
   Google Scholar
• Rogers, E. M. (2002). Diffusion of preventive innovations. Addictive Behaviors, 27(6), 989–993. doi:10.1016/S0306-4603(02)00300-3
   PubMed Web of Science ®Google Scholar
• Ross, S. A. (1976). The arbitrage theory of capital asset pricing. Journal of Economic Theory, 13(3), 341–360. doi:10.1016/0022-0531(76)90046-6
   Web of Science ®Google Scholar
• Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425–442. Retrieved from http://www.jstor.org/stable/2977928 doi:10.2307/2977928
   Web of Science ®Google Scholar
• Smith, C., & Kumar, A. (2018). Crypto-currencies - An introduction to not-so-funny moneys. Journal of Economic Surveys, 32(5), 1531–1559. doi:10.1111/joes.12289
   Web of Science ®Google Scholar
• Tan, M., & Teo, T. (2000). Factors influencing the adoption of internet banking. Journal of the Association for Information Systems, 1(1), 1–42. doi:10.17705/1jais.00005
   Google Scholar
• Tesar, L., & Werner, I. (1995). Home bias and high turnover. Journal of International Money and Finance, 14(4), 467–493. doi:10.1016/0261-5606(95)00023-8
   Web of Science ®Google Scholar
• Wang, J. (2018). From aperture satellite to “Internet finance”: Institutionalization of ICTs in China's financial sector since 1991. Telecommunications Policy, 42(7), 566–574. doi:10.1016/j.telpol.2018.04.004
   Web of Science ®Google Scholar
• World Economic Forum Annual Meeting. (2015). Retrieved from https://www.weforum.org/events/world-economic-forum-annual-meeting-2015
   Google Scholar
• Yermack, D. (2013). Is bitcoin a real currency? An economic appraisal. (Working Paper Series). Cambridge, MA: National Bureau of Economic Research.
   Google Scholar