喻园管理论坛2023年第34期(总第857期)

演讲主题: Blockchain Mania without Bitcoins: Evidence from China Stock Market

主 讲 人: 徐小林，南京大学商学院教授

主 持 人: 王海军，管理学院副院长、生产运作与物流管理系教授

活动时间: 2023年4月25日（周二）16:00-17:30

活动地点: 管理大楼203教室

主讲人简介：

徐小林，南京大学商学院教授、博士生导师，案例中心主任。南京大学数学学士（1999）、经济学硕士（2002），香港中文大学系统工程博士（2006）。曾任职香港中文大学博士后研究员，澳大利亚新南威尔士大学任兼职研究员。2012年入选哈佛大学“全球案例教学培训”项目、2014年参加第六期“全国归国留学人员代表人士高研班”培训。现为国家自然科学基金和香港RGC通讯评议专家、中国管理现代化研究会管理案例研究专业委员会副秘书长、中国自动化学会经济与管理系统分会委员、中国系统工程学会青年工作委员会委员。主持国家自然科学基金青年和面上项目5项；在国际知名期刊Management Science，Production and Operations Management等发表论文多篇，并担任Operations Research等国际期刊的审稿人。

活动简介：

Blockchain mania occurs in response to the quick rise of Bitcoin price in markets with cryptocurrencies circulation. However, Chinese government policies regarding the development of blockchain are inconsistent--block access to the offerings and exchanges of cryptocurrencies such as Bitcoins, but raise the blockchain technology to a strategic position. We empirically investigate whether the government’s inconsistent policies will lead to blockchain mania and how it affects the blockchain-related firms’ activities and performance. Our results are threefold: First, the supportive policy can fully mitigate the negative effect due to the national boycott of cryptocurrencies. Second, Non-speculative firms experience a stronger and long-standing positive reaction, while the effect on Speculative firms is transient and vanishes after receiving a definitive warning ten days later. Third, the market reaction to government support appears more pronounced among firms having established blockchain technology alliances, or having blockchain-related products, or being endorsed officially.