Riding the Blockchain Mania: Public Firms’ Speculative 8-K Disclosures

Cheng, S. F., De Franco, G., Jiang, H., & Lin, P. (2019). Riding the blockchain mania: Public firms’ speculative 8-K disclosures. Management Science, 65(12), 5901-5913. https://doi.org/10.1287/mnsc.2019.3357
Recently, Cheng et al. (2019) has shown that publicly-traded firms that mentioned speculative blockchain-related in their 8-K disclosures enjoy a positive but transitory stock price increase. Here, we replicate their search procedure using conference call transcripts.

Define search parameters

% Search endpoint ("API")
url = "https://conferencecall.search.windows.net/indexes/earnings/docs";
% Blockchain-related conference calls contain:
search = "bitcoin OR blockchain OR cryptocurrency";
% Count results by Reuters Instrument Code up to Top-10 firms
facet = "Derived/MostRelevantRIC, count:10";
% Include only U.S.-based firms in the search
filter = "Derived/GeographyName/any(country: country eq 'United States')";

Call the search endpoint

data = webread( url, "api-key", apikey, "api-version", "2020-06-30",...
"search", search, "facet", facet, "$filter", filter);

Show RICs with the most blockchain related conference calls

T = struct2table(data.x_search_facets.Derived_MostRelevantRIC);
count value _____ _______________ 31 {'OSTK.OQ' } 17 {'BR.N' } 16 {'GROW.OQ' } 13 {'AMD.OQ' } 12 {'MA.N' } 12 {'SQ.N' } 11 {'SRTI.PK^A20'} 9 {'CME.OQ' } 9 {'NVDA.OQ' } 8 {'CBOE.Z' }